The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-04-01

We had in December. lS64-the fol-
lowing year-s95. 000, 900 of currency;
In December, 1865, as ,OO00Q0 dollars,
with gold at las; il Decenber, 1866,
he volume il various fornsof eireu-
lation reached l,51l.ON, go dollars,
and gold declined to l34; and in De-
scember, 1867. there vas .02, ooo, oO0
dollars In circulation, with gold at
liza decline of twenty -one cents on
gold upon au increase of circulation
of d.. IN. 90 over that in 1863, when
such fearful representations were
uttered. while the country prospered
In spite of those ominous ufterances.
The evil olnens predicted to-day, to
follow expansion, will equally prove
to be the morbid sfrcuiations of a
timid policy, and find as little fulfill
ment as they did before.
Showing the present per capita cir
eulation of New England TO be o. dol
lars. he says:
What would this per capita be for
the whole country Twenty hun
dred and eighty millions. If it is no
imitation for New England, by parity
Of reason, it should be none for the
whole country Under free banking.
If all the outstanding bonds ui the
government were held at home aud
deposited with the Secretary of the
Treasury for national currency. 90 per
cent. would be but l 40 00o, 600 dol
lars of currency, As the whole possible
volume. New England's present
quota of currency wonld for like quota
to the whole nation give volume of
2,4S0. GOO. 600. The absurdity of the
cry OF imitation is rendered more
deceptive when it is used To defeat an
increase of only 46000 dollars on the
plea of resumption.
With an expression of regret tina.
our space will not permit the puhlisa.
ten of the entire speech of Mr. EeEfy,
We give the concluding paragraphs, as
follows: s
New England is solid for resump-
ton, except the honorable Senator
from Rhode Island (Mr. Sprague),
whose mammoth business enterprises
have not been the least of his honers,
and whose wise forecast supports ex-
pansion.a New York IA seAid also.
The East, then, with its centraliza-
ton OF capital, aided by aneillary
money centers in different States, and
supported by the Golden Slope, holds
its grasp. and will not relax, eyea to
elualize the unequal supply of circala-
ton in the South ana, West. A see
ton. class, and capita ASS nay con-
spire and combine to dictate the mon
etary basis of free country; bat in
behalf of the Multitnde-the mass of
business and industrial architects OF
the eountry's fovtune-Ye shall con-
tlnue TO protest and act. If defeated
now time will add to our ranks. The
example of combination against us
of capitalists, ella s., and section will
make apt scholars ia sssasiss the re-
in this chamber and yon-
der hall OF Representatives of toilers.
classes, and sections In union, and
holding party subordinate to country.
that the interest Of che whole, above
that of a part, may be respected. fhe
people then will boldly put, as they
now quietly hint. the question; Why
If bonds are deemed good convers-
ion for currency rs a Step soSard
specie resumption, why can like bonds.
fortified by ten per cent. margin, pos
sibly ieopaTslize the needed volume of
currency for which they are pledged2
The people will need to know why the
difference Is made between the two,
and the question, though here adverse
" taken, must Yet pass the tribanal of
public Judgment, whether the moRop-
oily of banking shall still be tolerated
to enrich the few, or BE- ended BY
opening its privileges and benefits to
the many. ias. .-N-e.sT ? 5s.Ff a-a ..- &