, 1875-10-09


r:*1ee:nsle rarer demonstrating tho principle.
sr r h.. rr"baSIy hc.rl Of thas. .hlnR. hi. thcf.
unarrstsa,i'nH'y on thta .nfjce.
1lo .taues sl.o thst Tia quantity It irret'cmat1e
en #, anpert Il te thsory ~ hu qnoses ,oha stusr
s on n"ls'ical economy. anrre'.enaL a. .lat bank
Ill ;a sss 4: :. 1i ne;. !" " 1s %
aver shAna Rirrn, and whether 1t gtse- rtes In airy
tr1naftrahu Instruments capable nj is'ssng sno cir
Then Mr. +. quotes rrof. I,onamy Prize In eoutrm.
su Of t,n sane ,ortslnc tannHt, Il pscins, expect
d es m Il IL not inow ts John stn.1t W s H. IN IN tha
I'aagc gnntt tnen int efosk Of an rrcdcen1ahfo 1a
currency At ~ but 'I9H srenk Of ant nutos eon
ence between IN irte,censt'e tai,er money and pa
per currency convertible into con7 II wontd ac.ru
ventod him fran tItltnRk sentence from htI1l re-
| fers!na to ans ~ sef.rfi'a ~ saa other.
4. Mf T. dtslrrs to k!ow wl,n NJ s,,il Thought Of
wonl refer him o iages slps ,o!ttlcai Economy"
,e:nrd ;aame: ND .e1tst only pa.,.aa, 4 Iar-
rescy II permitted ~ Law. Tiers is NJ chctx. Tho
I*suts may add to /. indefinitely lowrrlns III value.
.o1i., isprssiste .he st,!Fsasy ~lthoa Is%ii AZ. +
h. evidently not .t'd|sd !nI'n gusss NIL stra9 70
Unfostun,!siy." hsss % nat his eeok a q
80" ~: Phillips anl all ti.ose who ero stAf ;'is.sa e
With the MISUNDERSTANDING llfatemraf. knn"
lrof 1sonshy rr:e we'll and have pcrson.ny r,nJ W.
eusse. il h, hs ,ory qsson fesl ,sr iora
nanamJ rrlee that tlo o1p.nson of ,sredeem.l!o
paper e,lrrcney hryond tho .mon ",en te cn, o5
not uoato prietr lis Irofeaaor would anztouay H.
quro after Ills health. so mnrli Tor the eeeona point
7hrd-I argued In my apeeeh ~ 's r esGa .,M u
1nnte s.traraaacc and rruptiosiy historical raIIng
veil u NY own observations ot thlne' "a slis ,tn
~ = ~. tast .s@ - fs1 a sem
tas at,.s sss * %r .1 T. Comes ito .!
ha panor idol ls fcfeIs to Grsat 1lraln. telling
,ru ftrcfccnn1lG England could
nat have conquered fapolcon; that p"rr no!ea
sa Sn 's H.. I'll. ' hs q .as .sf; M sS r.
undoubteIy splendid decsmer, but hnance does not
acaln to 10 hH stroug point. The Question IA mt
rssourrts were cIhauasel or whether ]. fought tho
~hsher Will an emission Of tho quantities. of rreeeabio IL
ps,sr THs,sney w rFoess w, sssssyaEanse md so.s
Of wseee e ~ ps' pes % a1:aa y
ssna"t tn ss T. sassy rIs.n y S' |, s9H
indeed fought tho i,ats Of Waterloo bnt that thin feat
dsd not prevent it rrornoina e1sraraaance and sor.
l,'ws, he will surely mt deny that t!s country leila
,ha aame .sory. ie might aleo ssndy tq hssto,s of
liz o.,rs9aRsnea proeae, s IN ~
extraordinary degree will rcst lruu po1i,y such
hayo discussed. II IL tho policy Of spendins money
ar. r. one Illustration which IN intensely 1ui-
cEoua lie rcfors sne to Germany and FEance.-oer-
condition Of rrorrerity,-anl this from genttenan
ad;ocanG 81 an M s.pausoa of % to- currency Pee. NJ
want Of money, for after The Frcnch War an alum
dance VI loate Into tie country. Tho sauss Of COL
ss ss II r.
ten'. which is always 70 bo excited ~
product sn spy .a @0ss sass.s l.
proaI rated by sweeping chnnge III tho monetary sys-
ar fflrb
tend that thu bnH,nets crisis in Germany won4 mt
hase occur;ed had The currency Of thn country been
there must DO some Limit TO hunnn folly:
Now, ~ 70 ffanse what is # t..t ll,' rrodacsl
n's .asn as ''n' Il he ware %ss sns' dst 'n Wi
gaid Fsan,e began .nas contraction o. hcr srte,
possible 70 return - the ssmo system Of rrocia pay
ncnts WHICH air. rips wants to r,n away FROM aud
aassp p' er sssss s
industry: n L s tho bcnenccnt Influence Of moro
er.kngiy unfortuna,c in a Illustration in euputry
s"yersna tsotn seyvre buninr'+a depression nfttr
IN e1latlsion. and another country III condition
| Of growing PROSPERITY arising from contrnc.lnl
order tLst Mr. p!llipx might engLsen l.ts judgment
point.
tourh-s1r. r. attacks 1ny Assertion that no other
system than specie payments will rrmoro current val
other can giro to current values that stability without
xhel, M safo basneao caoulatio,, can be made. Nj
other se.toro that confidence which Ia o nrns PR
r, with an air of triumph, points
% the 1mn!ca from time e tltne ,vhie,. hayt
ndenee docs not necessarily and alwasa acco1ppsny
apoclo eyateu, wha aaya auythIus ot tle ktud: MOI
which ~ need to Induce the Capitalist 10 trust hts
Hnnoy t1to the bands Of enterprise will mt grow ur
eeuntsy 10 hayu Is .. bu arbitrary sfcy Of oonsrss
| whose action may At atty time chanRn ali the
,,n,s rss tn bs eor aS s'S'4as M
retnrl long he prospect that - Wild .ehemas
national finances hanes the business worll lin
| threatening sntu.cloud. tiomonstratel ly tho his
1,ss s
until by thu elimination Of uo elouent of luctuatol
and nnotrtalnty eouutit!ng III nn unsata currency,
system I = lassd N specis, tho merchant va:
made to, t. fsel ar1n g.o1nd :a.tn =. nador IT. If
rhtlpa' letter not ovcn attempt to conrosert II
Indeed. hs med only look around in The business
to S e n dgs a Th
fayorts argument Of the lnlatlouiats know as vel
others they return ut almost regRlar intaryala.
that monetary system has been invented Ia proven
thc; bnt thu infc.cnco IL drawn t.t tho specie ays
te,n q worth uohng. u would ba ~ wise to say thu
Interrupted by Ee4ncss. rho tnilatonlsta aso ala
fond Of trtiug that sca pautcs esd Ron.etinea to
suspension q apocle.,ay ymenh M " tls hank.. THIS
that. aga!n md asutrl, specie baHs. In EnKlis]
history. Tue roruusaIon given ly tho dovernment +
aalratton Of tho busiucss community 10 asf1uRly bs
trayn the groasest ignorance Of dnsuc1at aatary,
deI'Iorabte dirregsN of tho truth. In charity N
must accept thu fornor. Eycsy weli.infornsd msl
knows that, slneo tho resumption OF specie
paymenta in lsn. stecis-,sya,snts haye noyo
evidently sonewhat casrloEs reading, found that
ana then, In nes of panlc something as suspended
aud he Jumped ut the conclusion TINT It spacla
payments. It ia perhaps well to Inform him that, III
stead OF the suspension of tpecie-pa}mcs, It th
Suspension OF tile Eank act Of lB&l, authorizing til
l1a1ik Of England u ikus notes teyond the aspoun
prescribed by law. That permission tAs been Riye
several times but speeiepaymcnta stoadJ conttnut<
all tho whln. IT il urgeEtly reeoiGHeadel to Mr.
To con.ncnco bis historical reading at the|begnntng.
Mr.. lhilllrs talk tmp4en,ng iuy statemens that
sEsde husI will give atzhity To curront values.
his assertion that triug our rebe!lion gold rose
price .nore than any aftc!s Of 1strchandise e1cal
cotton a4sun1ta that our lttuat!n8 paper currenc
really thu fl.ed anil arul standard Of ya!nes
scarecy leseryea not!ee. A. Mr. T. IL quoting Joh
Stuart Atl would Eefrr hiau to the follpHinR COL
earning Tue stability Of sslae Of precious metals
In orter that tho value Ut curTaucy may be Berug
from bsiua stterClt by design, hru may he ~ tlc