The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-25

How Austria stand with reference 10 the proper
ton OF circulation to population Fifteen dollars per
capita below the Others and yet Austria silver
country do not that IL has rot silver cs,
put u has got tree coinage and unlimited legal tender
OF snver and the mines OF Nevada and tho Golfers OF
Germany could roll there If something else did not
prevent their going; and YET with roc coinage and
an unlimited legal tender OF silver Austria has only
Sl5 TO the head, or, some authorities put II, $1L
And Russia, that great colossal despotism, Is also
IL s the legal tender and yet in that silver
the proportion Of circulation to population Is only
twelve dollars to one person. Now, SIR wish to DO
understood as not citing these acts TO show that
silver either In ITS presence or Absence Is tho
OF scarcity or abundance OF money. ! mean only TO
show that scarcity OF money and the presence OF
silver as legal tender and tree coinage are not
necessarily concident and they do not sustain to
each other the relation OF cause and effect The fact
Is, the proof shows. MS far al l have boon able
to consult the authorities-and | have looked
over all Of them. The great law TO be
monetIZation ana tho discovery OF new mines, aud
other causes which | cannot now 20 into, have only
served ia those countries that have thrown them
selves open for silver dow Ia there and dsplace
gold There seems to DO just much OF capacity
metallic money In these nations, and the Moving In
OF silver simply causes an outflow OF gold, without
any rise In the volume
There / another fact which will mention in this
connection. Before 1873 we had silver and legal
tender unlimited and yet tho greatest contraction Of
our currency was between 1866 and 1869 Silver was
demonetzed IN 1873 In that year our circulation
was In round numbers s7ss 900 900 In 1874 the cir
culaton rose to s779, 600, 900, and this after
the demonstration of SILVER. state this TACT
10 snow that neither tho demonstration the
monctzaton OF silver has any great elect upon tho
volume OF currency IN this country, or any other
country, in the present monetary condition OF the
world.
OF DEPRECATED PAPER.
IL Is true that England has larger volume OF cur
,cncy ,hah we nave according TO populaton that she
has S2i or $50 where have $40 per capita. Franc
is In the same condition ana Germany is in the same
condition. But II you viii look at the statistics OF
TINS country you Will find that, while they have
larger volume OF currency We have a much larger
volume OF paper circulation, we havo II much larger
lnCOnvertiblc currency. aud that
TO show tho cause Of tho memorable limitation upon
the growth OF your currency according to the needs
oil your population aud the demands OF the
people. When the currency OF country
consists OF deprecated legal tender paper
money 1t puts stop TO the inflow OF any coin from
abroad as completely al II there were prohibltory
tarin and thus II renders impossible any increase by
the laws oil trade commensurate with The growth OF
population and business. IL drives 10 foreign lands
the stable and solid currency Of tho precious metals
aud degradcs what Is retained INTO commodity by
driving II from the channels OF currency and putting
IL into the hands oil brokers' And matter what
the demand OF trade shall be- no matter what com.
MERGE shall require or how your population shall
crease you cannot add dollar to that currency
through the ordinary affairs of trade Tor the precious
metals are excluded by It,
It manifest when gold ana grceubac ks arc
at par gold VIII cease 10 DO commodity and pass
the circulation. All motive power to hoard It
THIS DO the case It will ut increase tho volume
available currency by the whole OF gold Ia tho
country, ana think that Is put AZ $3.50 600 600 Ny
some of the estimates.
THE QUESTION or PRICES.
nut u is SAID that the RECOMMENDATION OF silver will
pr'hs hgher prices OF everything, and that tins Will
give more adequate compensation TO the aboror ana
to tho farmer and increased means of paying their
ated currency do not benefit either OF these
classes. The two things which arc least
Affected by change In the commercial condition Of
country are labor and real estate. Everything else
Changes IN prices before them. during the interview
Ing period the price OF labor affected by tho cnaugc
oil price Tho laborer receives the same amount Of
pay which he received BEFORE but he receives IL in
appreciated currency, while he has to pay Tor every
.hihg ne purchases at higher price, and therefore,
Tue eXchangeabie value OF the money which
no receives for labor Is less brings
him lever comforts than it did before. Look
at tho price OF labor any OF the tables
mat have been published. and you will find IL
nrmly liked as any law that the prices OF labor OF
real estate 90 up more slowly than anything olse.
Therefore, any change which brings higher prco TO
country and unnaturally raisos the prices. az
taihiy brings apprehension and disgust upon the
laborer Tor the lime being. But especially Will
this tan TO benefit the farmers OF tho South Vest
They have nothing TO pay their debts with except tho
expenses. They must first pay the expenses
OF tho year aud then apply their surplus debts
which are now pressing upon them
The Senator from Onio in reply to question fro m
tho senator from Connecticut mr. Eatonl as 10 the
price In gold in the markets abroad, said, "what
have We to do with abroadY' Sir, we OF the South
have everything to do with abroad. Tue great
duction OF tho south has its price fixed at Liverpool
In gold Market and that dominates tho price of tue
same product with tho manufacturers of the North.
Then with the profit that they get the sale OF gold
values IN Europe they are compelled TO pay their
penses, 10 pay TOR tho necessares and comforts OF
hie at the highest rate of deprecated cur
rency. There Is no people on earth that
eminent is not like that Of individuals. Individuals
arc SUBJECT to coercion subject enforcement You
can bring execution against them garnishec them and
force them TO pay their debts according to the
OF the contract by u tribunal that Is impartial TO
either; but when government deals with the world
what security have those dealing with IT for the pcr
formance OF the contract2 Execution does not run
aga INST government You cannot enforce payment,
aud the only security and only tenure Is honor
In puuQe nf
ordinances and odlcts and DEGREES, but the
worlds beside, 1t speaks In the spirit OF unity of I'm
mortal Justice right and tho utterances OF the immor
tai gods." That, sir, ~ the condition with u.s. Why
Is 1t that England, with her Immense Indebtedness,
can put out her bonds at three por cent? The
IL simply this-hat Eneland's credit is good. The
holders OF her securities know that they will suffer
no dctrmcnt by any change OF hcr law This Is thing
mat Is strong wnen good iah and when public conl-
dence are secure, but tho moment suspicion Ut ILL.,
faiih touches 1t II is weakened and destroyed. Mr.
President, while believe that the honor oil this gov
ernment Will DO kept untarnished, there is no doubt
about tho fact that an assault upon this Donor
VIII inJurc It's credit whenever It's policy is such
run athwart oil the interest OF those who, trusting
hayo invested In It's securities.
Mr.. Lamar then referred to tho remarks OF Mr.
Randolph yesterday, and sad-
Mr. President, the odium OF reputation never at
tached 10 Mississippi In consequence OF her action
upon The Planters Bank bonds. That name was gwen
to her In consequence OF her action upon the Union
Bank bonds. The Planters Bank bonds, which catne
aftorward, Is another matter.
"i' lam" SouStuoTcu ~ RTctt ioDptu the present
relation OF the South to the government and reviewed
Its past history portion Of the federal Union and
in conclusion said:-
Mr. President, by a policy which Is n noteworthy
Iact IN the ninetecnth century We have mingc
with inc representatives from the States of this ION
in common council tor tho good of this country
We come no longer as rcpreseL OF tho capital
interests OF thc South. We come allies Of the
laDoring mon oil the North, but aborcrs ourselves
Every one oil US and ali OF constituents taught tic
stern lesson oi tho necessity of earning our
by the sweat Of faces But, SIR. we como win
our CONVICTIONS unchanged as To the necessity OF the
laDorng Class being protected IN all tner rights and
Ia all thcir intcresss Tor when they sink social
laurie oil society must sink and crumble with them,
But We come believing that thcy are honest, that
they are patent that they are selteant and to
their oOiigauons, and That what their duty 10 do
they Will feel IL 10 their interest to do We have air
Tered upon ms great question:; but OF one thing the
word may DO assurcd-that no southern senator rep.
resentlng tho southern people Will give vote upon
the one side or the other which IS not designed 10
protect the aDoring classes oil this country alike win