, 1874-04-20

Of this city, located in tho worry shadow Of tho
Office Of tic Comptroller OF tho Currency, to
provo tho absolute wortAloasnoas Of this Govern
ment caro- and supervision over our bankih8
institutions. Wc should not supervise banking,
unleBB 1t ia proposed to supervise MI kinds Of
b11BnoBB.
Whom Congross Inns passed. sueh Currency 1awa
aa will aooaro tho bf-holdor, ita duty III dono..
for by tho bill now untlor discussion, ,wo
prvileeo nov only accorded to : fow.
% wo can FL r. % Of us obtain ss ,1uol much eur eur
We liavo something viii, wwlici to buy It:
Az I hayo before remarked, it is believed by
aorno persona TINT to make bnnking froo will bo
to flood tho country with a vast amount Of cur
r'n0y' 4h''' in ny = Judgment / ssnnsos.
There can bo no initiation Of National Bank
noteu undor thia bill. L know Of but two waya
to got money! one is to exchange something
Tho Weet and South, 1T ia claimed, want moro
money. That want, fancy, iB not confined to
those localities alono. Wo al want moro money.
We at the WoHt and South will havo banks md
aomothng for them, aud not hoforo. Banks will
bo organized where thoro Ia capital, and whore
It can be profltably employed and tho demands
q Maa th9 wGst and t1o South for money md
with by making banking froo.
NOW, much has been eatd about the character
Of our currency; has been called irrotoomablo,
y. ae.ihhoneat, broken PROMISES, aud 90 FORTH. All
charged to It, it was said before tho Committee
on Banking and Currency, by q distinguished
writer urou polttical economy, that tho price Of
labor IN Now England has adyanood sinco 1860,
operatives had boon inoroaacd from 60 10 rs her
cent, all on account Of this muoh-abusotl our.
rency; that prices woro inflated thereby greatly
IN excess Of the diHeronco hetueon gold and our
BY continuation. Further, thai. willie It would 70.
duco tho wages Of their operatives, tho prices OF
their living would bo docrcascd in creator
ratio that the increased cost Of their manufao-
tur9a had lost them thoir Ohina trade, which
currency, 30 that the articles exported to TINT
country could bo produced at d loss cost. He
alBo stntod that to farmers in this country lost,
IN tho year 1873, 775,0oo,ooo . on ,ao.
sore obliged to soil IN Europe forr
gold; thatt1c cost OF production was rail for In
currency, and that, ho said, WAS tho roaaon Of
tier l2ss; 4nd furthermore ho informed tho
tho war. wore as high, Ii not higher, in gold than
thpy arc Of this time In currency. Ho was asked
to explain how 1t was that tho New England
operatives were compollod to pay from 80 to 76
war, when these articles Of consumption we're ae
low In currency aB they were In gold before that
timo Ho repliod that he would anB,yor at some
future time. If the oo,qmittoe would give him m
Now, I affirm that there ls no dIfPorence in tho
pr1co Of cotton and woolon manufacture in ttia
country beyond the gold premium. IN making
comparison, In tat Of ai1toon articles Of cotton
apoh 9sS II msh@oTng @ the prices On tho Sd Of
pound, and tae prices Of tho Hamo article in cur.
renoy with cotton at 18A cents pound, I find
that the dfforonco ia about the difference between
gold aud currency. On two Of those articles tha
II seemB to me that this com parison shows tho
tallaey Of the poaltion assumed by tito diatira-
gutshod political economist.
A roturn to Rpocic-pnymonta
rs NOT NEoEaaAnY
to the successful prosecution Of business. Tho
past decade ta one Of tho most prosperous in our
history, and l, for one, am content to lot we'll
enough alone.
speoie-roaumptio will not bo brought about
by 1ogaBatiug about tho currency. When wo
want to pay Bpccia We must have the specie with
which to pay, We could obtain 1t by exchanging
our exports for it; aud, whom our exporta aso
not exceeded by our imports, wo shall have the
withdrawal to do 1t, and We may rosntno. We
may roHolvo as much as we ploaao, but this will
not croato coin. II our industries can bo kept
constantly and proftably employed our needs
for foreign articles will be lQsaotiod aud in fow
years we ahall grow Up to that favorable condl-
tion Of trade which will bring gold into thecoun
try and make 1t aasy to resume. We may con-
traet tho currency to meet the wishes Of those
that WY, and the result vii. be, that our reyc~
nueH will fall of. and NO ahall be compelled to
impose additional taxation to meet tho
t;|s expenses ;; 81 tho Government Liquida!lon Of
| ara to make tho dollars they own worth more.
Now, 7 suppose it is not our duty to legislnto
| for this olRaB to tho exclusion of nll otlera.
They talk about dishonest promises, but WHO
else complainsp Tho active business mon Of
tho country do not doaire to reduce their buBi-
! moss, nor do the manufacturers desire to turn
out their operatives to beg or starve Forced
contraction will produce both those results
Whom the labor Of tho country ia employed all
riots.
It IS not dontod BY tho advocates Of speedy
and forced resulnption but that tho road Is
through privation mud suffering. How often did
We hoar it said during the Into panic, "We havo
suffered this much lot ua auffor q little more,
and ne shall haye Bpocio-resumption p
spccle-rosumpdon Ia no doubt Desirable; but
We cannot pay specie
UNTIL. WE HAVE IT.
VIC cannot pay gold unless We have gold, If no
could trnnsmute clay into gold wo could ADOPT
Mr.. aroeloy's formula, "Ihe way to resume ia
II. conclusion, I. desire to say. a
eettlod policy must Boomer or later
DO adopted, SO that Congress can dismiss forever
tho subject Of the ourrellov. Until thiB is donc.
our tinanoea will bo disturbed and our businosaa
WI! bo paralyzed to q creator or less extont.
to aoe what OongreBs will do upon this sub loot,
aud 1t Is all-important TINT what wo do shall ba
done quickly. When wo Rhall havo passed a
reo-banking law, We shall have takon the tlrrt
policy.
Wien that favorable condition OF trade shall
come go that VIC shall accumulate gold, gold will
tako the place Of legal.tender notes. linen NO
can Rlre tho option to holders Of grecnbaokB to
fnnd them, by all act for that purpose, aud our
legislation will have been completed.