The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-05-09
FINANCE CURRENCY.
Speech of Hon. Moses w Field, of
Michigan, in the u s House of
Representatives, April 3,

Representatives, April 8,
1874.
The House having under consideration the
bill III K. No. lji2j entitled IAN act tu
amend the several acts providing a national
currency aud to establish free banking, and
for other purposes
Mr. Field Nov, Mr. Speaker, owing
to the abnormal condition III our trade
with Europe gold is required for shipment
to settle foreign balances. This. together
with the demand a. settle duties ON inn
poTtatIons, Is the cause of the premium on
gold and II Congress should authorize
greenbacks % be received at our custom
houses III payment of duties policy ]
am Ill favor Of think the premium on
gold would fall SO that il would approx
mate III value To greenhacks. a good many
gentlemen who have spoken here III favor
Of speedy return to com payments do
not appear to comprehend the subject.
over one hundred acts " the British Par
lament are recorded to nix ami regulate the
price of wheat. yet the price of wheat lu
the English market continued rs unsta-
BILE as water, and the acts ri Parliament
remain upon the statutes dead letters and
=
and 50 it will be repeated ia this country
should Congress attempt, by law, "a regu-
late or reduce the price II gold com III thr
open market, or force il INTO circulation
while the demands Of our creditors III Eu-
rope exceed the production Of the precious
metals from our rich mines.
The price Of gold Is fixed by the i high
er" law Of " demand and supply. 1t Is
therefore clear to my mind that IN order
To reduce the premium nn gold and assure
specie payments two things are abso-
lutely Indispensable, t. Wit, first, u lessen
the demand tor gold coin second, tu Sc
cure large supply III the precious metals.
Our markets should ~ glutted with gold {.
and the question Is, how can that condition
be reached
If gentlemen really want " a return To
specie payments at the earliest practicable
moment, Why do not they proceed t. Sc
cure that condition IN philosophical and
practical way Pass two bills | have III
PRODUCED and specie viii become 50 redun-
dant here within two years that 1t viii be
a drug in our markets.
The first bill provides for an increase Of
the currency by the issue Of greenbacks In
exchange for interest bearing Interconvert-
lble United States bonds, and makes green
backs a legal tender for all purposes, n-
Guiding duties on imports. This act would
prevent financial panIcs emanclpate labor
and promote the prosperity Of the whole
people. The other provides for an increase
Of the duties on imports, or taxation on
foreign productions. Should tins bill be-
come Law it would turn the balance in
foreign trade III our own favor, and draw
the precious metals from Europe TO enrich
the people Of the nIted States. The
ocean steamers, instead IF taking out -,
900 600 IN gold every week, would bring
into our por 5 much larger sum, for the
balances III foreign trade regulate and con
troll the movements Of gold
Pass these two bills, and / viii give
bonds with good security that III less than
three years our gold com will fall below
the par Of greenbacks ia the open market
! suggest this scheme for the consldera-
ton Of the House. 1t will secure the OBJ
jec+ with certainty, and the people Of the
United States will not be injured III carry
ing the plan into operation.
1t Is urged by some gentlemen in this
discussion that an increase Of the currency
would promote speculation" and " over
AidAlil-s WV nAlr lpN Has II bttil III
the past In 1868, when we had over
s., 900, 5000 # circulation, the people
were in the habit Of paying down III cash
for nearly everything they bought. That
was the pr .ctice Of the country at that
time, and the credit system was almost en-
tirely wiped out aud | submit that when
people pay in cash on the spot for what
they buy there IS no speculation and no
overtrading III the operation.
1t Is asserted here, too, that an in
crease Of the currency would initiate prices
Now, sir, wish t. call the attention Of the
House and the country to the fact that in
1868, when we had over $500. 900, 600 Of
currency III circulation, the prices of
eighty-hve staple or leading commodities
IN general use were actually sold lower III
the aggregate than the prices Of the same
commodities IN September, 1873. Mean
while our circulation was contracted over
500, 900, 900 This fact is shown by the
report OF the Bureau of Statistics.
Mr.. Speaker, call attention to the fact
that the aggregate Of the elghty-hve com
modities IN 1868 is 50. 1S less than the ag-
gregate cost Of the same commodities in
1873, when our currency was 81 contracted
that there was not enough IN the country
TO pay the internal revenue and State,
county, and municipal taxation Of the
United States for single year. And the
aggregate Of the prices Of the commodities
enumerated IN the foregoing statement in
September, 1865, when the volume of the
currency was 81, Ill, 67S, $50, was only
1885 more than the aggregate cost Of the
same commodities September 1, 1873, as
will appear by the report of the Bureau Of
Statistics, meanwhile the volume Of the
currency had been contracted over 81, 300
600, 900.
Mr.. Speaker, it thus appears plain that
the quantity Of our lawful money in circu-
Iation has no effect upon the prices OF the
domestic products exchanged by the inhab-
itants shall not use the word imitation,
for it is not oer desire to initiate the cur
rency. We advocate an increase by taking
in large bonds and putting out an equal
amount of small bonds called greenbacks,
and there is no initiation in this exchange
We simply take in a certain sum of the
national credit in one form and pnt it out
in another form and We gain something
in the operation in the reduction of the
interest.
The gentleman from New York (Mr.
Cor had the deposition the other day. for
pIeasantry suppose, to offer an amend
ment 70 the bill reported by the Commit
Tee an Banking and Currency, proposing
a naks every greenback dollar now in |
s,;rcrlasion three dollars. The contraction |
lists ana 6old worshipers, failing in argu- !