Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1875-09-30
MIR. Davis on Resumption.
In hisspeech at the Galloway MO-.
Fair, Hon. Jefferson Davis said:

j. IN nlsspeech at the Galloway MO.
/, Fair, Hon. Jefferson Davis said:
g Now I am not going to enter int
r that controversy which exists in tb
+ country between the infationists anc
Il the contsactienists. but thiai -fussag
81 Yoa are svea to- hasea surplus thal
n surplus is to be increasing; that sur
4 plus must seek foreign market
> Then if you sell for the currency o
3 the world, it is we'll that you buy fol
the currency of the world also
Cheers. I do not mean that yog
now have too much currency.
: think you have too little. That's
all right. You have far less cur
, rency now in active circulation pei
| capita than either Great Britain. Ger
| many or France far less than either
and with the segregated character oi
our population, with the habit 8
preserving money for longer periods
J than those you could better bear more
rather than less. But then, on the
! other hand, I say, let US avoid any
J thing like redundant currency for
a redundant currency will destroy
industry in any country. That l
may not be consider ed here as carry
ing on any part Of the war between
the silver Or specie men and the pa
per men, for I do not intend to be a
partisan about anything, and, least OF
all, do I intend to forage for eithes
side [ [cheers] but l say, if you take
a specie currency, cite you to thf
example of Spain. Spain when shg
discovered her American colonies,
was the first of the States of Wes-
tern Europe in manufactures; tn
finest manufacturers of steel, Of silks,
of broadcloths, ard Of many of the
articles of art. After the influx o.
gold and silver, Spain determined to
have this thing that everybody want
ed in abundance; passed prohibitorg
laws so that it was not be exported
and specie accumulated in Spain ua
til it became in great excess ov4f
every other portion of the world, ar-..
the consequence was, labor became
more dear aud every article of manu-
facture was cheaper in other coun-
tries than it was in Spain. Then,
Notwithstanding the prohibitory law,
the specie flowed out to buy what
men required, and after awhile it
came to pass that the specie had
gone, the industry had gone before
the specie was lost, and Spain has
remained poor among the nations of
the earth to this day. But the ad.
vantage Of currency which is used
by the whole world, ls that it cannot
be damned up in any place. Where
ever it is in excess at any one place
it will flow over to some place where
it is wanted; and now let US see. Do
you ask me whether 7 think we can
resume specie payment on the first
of January, 1879? l say I have no
disposition the gainsay to wisdom
OF Congress /; and if Congress "
to declare that on the first day u
January, 1879, it should not be g
suppose l should have o accep; Il
Laughter and | believe that 'Seg
have just as tauch power 10 de- -
the one as the other. We ~il r.
able to resume specie payment V e"
Our exports exceed our imports -
that specie will accumulate in -.
country to pay for the exports
send abroad That's it" and never
before. Cheers.
We have now a product in specie,
gold and silver, estimated at 62,0OO,'
600. We export to pay for that which
we cannot pay in articles Of exchange
that is the products which we can
not send abroad fell short Of our i'm.
ports about 50 millions. That leaves
10 millions, and these 10 millions are
hardly enough to answer the de.
mands of the arts, so that instead Of
getting more ready, believe, under
the present circumstances, they will
be less ready in 1879 than they are
in 1875.
HOW THEN ARE WE TO BE PREPARED :?
1 say, by the very method to which
I have referred BY increasing the
facilities Of commerce, by enabling
the farmers of the valley 10 send out
twice as much as they have sent
heretofore and with three times as
much profit. The balance of trade
then accumulates the currency of
the world in the United States, and
this balance being thus accumula-
ted, you have no difficulty in resun-
ing specie payment whether it is
in July or January. Mr.. Webster
once said the 4th Of July was very
good day to do certain thing. So
The 4th Of July would be very good
day to resume specie payment, if you
had the specie. Laughter.