Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-06-27
SPEECHO HON. II. ST. G. TUCKER.

Representatives, Hon. Fl. st. &. Tucker
made an able speech on the question
of the repeal of the 10 per cent tax on
State banks. AS it is too long for pub :
lrcation in Our columns, we can give
only portion of it, in the extracts
below.
We regret that we cannot give what
precedes and what Immediately fol-
lows the first extract, for the omission !
of those portions breaks the connection
and does injustice to the close argu-
ment and happy illustrations of this
able speech.
After defining what money is as dis
tngushed from its functions, he says
Exchange and commerce are the
life Of any country. Transportation
facilities and the great Increase i'll rail-
roads have shown what may be done
to increase the commerce of the world
by that one means. But however good
the facilities Of commerce may be, II
the medium of exchange be wanting,
the cars may be prepared and ready to
carry our produce from one section to
another, steam aud electricity may be
at our command, but the moving force,
the medium of exchange, money-if
that be lacking, transportation facill-
ties are but delusion and a snare.
Now, it must be admitted that the
chief function of money is to facilitate
the exchange of commodities. This
function necessarily presupposes the
prior existence of something to ex-
change, that is property. Money is
the outgrowth of property, and prop
erty may well be termed the father Of
money. If property had never existed
(if such thing can be imagined), there
would be no occasion for any medium
of exchange for that which has no eX
istence. This idea should he constant
| ly borne in mind in the consideration
of this subject. 1t is the foundation,
| in my judgment, of all true and correct
notions of money. For money does
not create property; it merely operates
upon property after it has been
created. It's province is to increase,
not wealth, but the productireness of
| wealth.
Wealth is produced by labor Money
| operates to exchange it after it is pro-
| duced We have heretofore iikened
money in it's relations to trade and
| commerce to the wheels of a wagon
liken it to the wagon itself. That is,
money bears the same relation to trade
and barter that the wagon does to the
produce of the farmer in moving and
disposing of his crops; and as the
wagon is the vehicle by which the
crop of the farmer is moved, SO money
is the vehicle by which the commerce
of the world is moved. The inability
to exchange property depends upon
several considerations, and following
the above analogy and for the pur-
poses of simplification they may be
stated under three heads in this con-
nection. | will take three classes Of
farmers as illustrations of my mean
ing.
First. Farmer A has no crop to move
or sell, owing either to his failure to
SOW and reap, or to the subsequent de-
struction of that which had already
been sown. To him the possession of
wagons or other vehicles with which
to move his crop is a matter of no con-
Germ. OF what advantage would
wagons be to him if he possessed no
crops to be conveyed in the wagons
SO to him the abundance or scarcity of
money in making sale of his crop is Il
matter of Indifference. He is I'M
fortunate it is true, but as there can
be no trade or barter except based on
| commodities OF value, so there can be
no advantage to him to be told that
| there is abundance of money, the
vehicle of exchange, if he has nothing
to exchange for it.
Second. Farmer b is somewhat diff
ferently situated. His barns are burst
ing with plenty and full of cereals Of
all kinds. Wagons and other means of
| transportation are abundant. And
yet ne can not sell or exchange his
products. or if at all at "a clearly made
Quate price, sometimes below the cost
OF production. This case presents itself
very often. it is the case of ample
harvests, plenty of money, but low
prices or no sales. because either there
is no one to buy or the parties who
wish to buy can not be reached. Its
solution can only be partially sug-
gested.
| The idea of barter and sale OF farm
products presupposes the idea that one
| party possesses commodities of value,
| that the means of transportation are
at hand, and that when they reach the
| market he finds another ready and
willing to buy. His inability to sell,
| therefore, in this case is reduced to
two causes: first, that the merchant
possesses as much of the commodity
which the farmer desires to sell as he
wants. And this may be on account
of overproduction, not only locally but
| throughout the world, of the article
which the farmer desires to sell, and
! therefore the merchant can not use it;
| for the local merchant really represents
the market of the world, as he resells
| to the city merchant, and the city
merchant on the coast ships it abroad,
and therefore if the world has as much
| of that commodity as it can use the
| farmers labor is lost and his profit
| curtailed. Or, second. there may not
| be an overproduction of the article in
the world but the merchant fails to
buy or buys sparingly of the farmer
because he in turn is unable TO dispose
of it, because the markets of the world
are closed by commercial restrictions
and tariff laws.
The world is ready to receive these
commodities, but by the artificial re
strictions put upon our trade with
foreign countries our commerce Ian
guishes and our farmers are deprived
of that market which nature and due
regard for their rights would give to
them. The case of Overproduction
can not be met, the restrictions upon
commerce can be partially relieved.
and this House has recently shown by
| large majority that it is in earnest in
abolishing tariff restrictions upon the
| farmer.
The case of third farmer, G, still
| remains to be considered. We will
suppose that he has an abundant
harvest, that the merchant desires it,
| and yet he has no wagons or vehicles
| by which he can have it conveyed to
market. OF what use is it to him to
| have thousand bushels of wheat in
his barn or so hogsheads of tobacco
stored away if the means OF transport
ing them to market are lacking? This
is a case of inadequate supply OF the
vehicle of exchange, or the lack of
money in community to effect ex-
changes.
| While, therefore, an increase of cur
rency can be of no value to farmer A,
| and while we are unable to help farmer
b except by the abolition of CONNER
cial restrictions, this bill may be of
great value to farmer G. 1t will tend
| to DrOVide in times of manic and com