, 1874-03-02
might aay he hnth tho Bcorc Of alchemy In rerfccso.
md you ".,'la bo rtghtl Fur llo makoa fills money

plIEHE HCpulcN Dy hHAT Ht1lEAIN tuC
inir'iate 10 him with yernilio, an1 inprcasca OH
sao paper, 30 TINT tho form Of tho zeal reT1atns |
1hnpsa ppn Il n rcd The + on @
md tho Kaal caacs every year 10 DO alo hch yast
quantity of ha monoy, whle costa him nothing. llat
he caBcs l1 ayncnts oil hta account to DO mndc
ali la ingdons md provinces aud territories, md
whitlersoovar his power aud sovereignty extends.
asfss ass L 1si%ss 5 s paa af ea 5 think him
10 you 500 they understood ,thnn tho nrt Of |
how to mako
PAPER MONEY A LEaAL-rENnEn
Ard, indeed, everybody takes them readtly; for |
whoresoover pcrson n,uy 80 throughout tho GREAT
Kaans do,ninions ho ala mud thcae pieces Of paper
ehaso u goods BY means ans oftcn .. ~ we rs W II hey
were colns Of pure gold And a tito while thoy aro 20
light tha ton bozants' worth doea not weigh ono gold
Now ho Coca on to aiow how tho Kaan Is ab1o !
with tlliB money to buy MI precious things alld
how Ills trcasury is gradually being filed, and
thon concludes
Now you hayo heard tho ways md nranB whereby
than all Tho kings In tho world; aud you know a
about 1t aud the reaaon why.-Irarels qf areo Polo,
Voluinc !, rngcs 378, $40.
Yes, wo do know tho reason why; and know
something Of IL from our own experience. Now,
Blr,
THE r1nsr ISSUES OF TAPER MONEY.
Us thoY aro traced in tho history Of Chinn BY tho
learned editor of this work. aro as old aa Tho be-
ginning of tue ninth century Of this era; somo-
Thing over q Thousand years. Whom tho sysom
bad prevailed coitatn period, 1t WAS found TINT
tho paper money became moro aud moro WORTH
less; thon new isst,cs woro nado to take up old
onos, and one piece Of the new insuo was ex-
changed for five Of tito old onoe; thus mnng
settlement ou tho basis Of 20 per cont tho people
losing 80 per cont. We arc informed tbat such
proceeding waH twice Iepeatel, and probably o
number Of such Hottlcments wero made, Of
iH11 Inr USHH nNrf11 &Ituf
whilo tho Great Kaan grow rich, the people
grew poorer and poorer.
THEN UNDER THE sl1NoK DYNASTY
the Government found still another method Of
moro efficiently turning the system to the nd
vantage OF tho ruler; for tho Goyornmeut pnid
metals; md ho who would not oboy its behosts
WAS put to death. Tho papcr money depreclntod
to almost nothing; and tho whole progressive"
system finally broke down. Aa Afa1co Polo
would say, You know tho reason Why"
III 1904 n Persian monarch initiated similar
system, which produced great distress, greatly
iimpoyerlbhing the people, and he waH murdered
in u popular rov1lsion.
papor money in Asia to chow that tho progress
Biye idea Of supersodlng tho precious metals
With paper money, and especially with an irrc-
tloenablc paper money. was discovered and tried
roitorlto the zane idoa as d now discovery aro rs
progressive rs the Chinese wore oyor thousand
years ago.
But, sir, the samo progressive idea which
was tried aud exploded thore was discovered by
tho
GREAT scoTou F1NASo1En, LAW,
once moro, Mt the begiun,ng OF tho eighteenth
century, with tho san1e Hsiccess. Law Carried it
to the tull extent Of its progressiveness and had
to tlce for hs life after tic bubble had collapsed
Tried aud exploded again Then we Ind tho
Trench assi9nats. Tho country was made inl-
mcnEoly rich; thoro wore pieces Of paper
money enough to cover oil tho land and to wrap
up NIL tho articles bought aud cold. Then tho
Wallpaper covering the cottages Of French peas.
antB, to nerve III warning examples. Tried and
exploded once moro
OTHER EXPERIMENTS.
Wo Ind our own Continental money, tho his
tory Of which is familiar to you. Tried aud OK
ploded again!
Tho theory Of tho progressive system WAS dis
cussod with moro thnn ordinary tlloroughncss in
the British Parliament in tho debates on tho ro-
port Of tho Bullion Committee. Tried aud ex-
plodod again!
And nov, nftor all those toachings Of history,
tho same progressive ideas appear rs something
now in tho Senate Of tho United States. Bnt
Dir, when tloao sumo falsacios, SO loary with ago
experience. are still repeated again and again in
the Senate OF tho United Statos, IN spite Of OYER
wlelming rcfntatton on tho spot; when thoy
still seem to bo beloved in by some; aud when,
finally, tho yeucrable 6enator from Pennsylvania
{Mr. Catnoron) rises mud tells uB TINT tho worry
fact Of tho abundance OF money III the Ereat cen
tres ut tho present moment is conclusive proof
that there is not enough Of it in thu country; and
when the Banlo Senator tries to mako t1a holieye
that by voting for initiation We shall, with him,
make war upon the monopoligts aud tho wicked
speouatorB and money -changorH.- Sir, I
may DO pardoned if, at this late stnge Of the do
butte, como forward onco more to speak Of ticst
principles.
Of tho relnarliB mn going to mako will be dis
tinctly this: 1 desire to show, trat, that the
gontlomen who favor
AN EXPANSION OF THE CURRENCY
labor under MI ossontially crrolools conception
Of tho nature Of the di1licultioa for whlcl, they
want to provide; md, Hocondly, that tho reunc-
dies which they propose will not effect care at
ail, but will rathor aggrNvato tho eyil.
An imitation Of our paper monoy la demanded
Of ua III my form, tho form OF gseenbaeks, tho
binod, but an imitation in any event upon ono
single grouud-tllat there ia ut present M In
sufficient supply Of currency in this land to I'LL
the
LEGITIMATE REQUIREMENTS OF TUE nua1xrgs
Of tho country. No other reason IL given; and
upon tint ground tho American people aro to bo
nut through tho ea1no experience which llaa cost
ourselves and other nntiols which ltavo tried it
10 dearly, and u gratuitoua repetition OF which
will be Justly looked upon by every sensible nan
in lle world III little short Of HI act of mall
noHH.
Tho assumption that the volume OF our cur.
rency fulls saort Of the actual requirements OF
tho legitimate business of tho country forms tho
basis, aud tho ol!y baats, OF all the arguments
that arc made hero III favor Of expansion. u
TINT assumption correct? I deny ts oorroct-
! noss. In the first speech that ! made ou this
subject, stated principle which furnishes 4
tcat: l said, asAuniag that tho people hove
confidence In the Government Issuing an rre-
leenlnplo currency, that currency will not
necessarily doprooiate or stand at @ discount aa
to gold, long M 1t simply suporsceos and docs
| not exceod in volume tlle gold aud Hilfor,. and
tho bank currency based upon gold ana nllvor,
! which formally sulilced to tranaact tho business
of that county; but, tho condition Of coni'doneo
ronlainnsg the Hanlo tho =, lroteemablo
| currency will delreelatc, will bo at D.
discount aB to gold, AZ soon as
| its volume axecola that quantity, When auot
! depreciation ateadtly continues under tho samo
conditions Of oonildonco, IL IL b suro sign tl'at
| the volume Of currency IL IN oxocss of tho roal
| requirements Of tho logittnato enslioHa Of tho