Year: 1866

-
from the struggle, when poverty and failure
spread over the land their withering iuanence.
/ The high price of labor always and infallibly
indicates an advanced State of financial pros
perity; and it deprecistes with every stringeu-
CT in the money market. /. Is developed Only
by encouragement. and win not work where
there is no pay. 1t has never been fostered
as 10 the United States. and could never have
been thus encouraged under any other system
! than that Of mixed currency-paper money
convertible into gold whenever required.


| Let Us, then, examine into the condition
Of the iaborlng classes III this State, and deter
mine whether it would not be altogether
improved By the adoption Of the National
Currency Under the present exclusive gold
and silver rules. our iaboriag classes are not
employed oue half OF their time. and their
wages are variable and constantly depEeciating.
Without any intention Of rejecting unjustly
upon their condition. We may truly assert that
they are poorer aud more dependent here than
IN any other portion of our country. This is
not'owing to an absence Of disposition on their
part 10 seek employment il is because there
Is no demand for their labor. With the faires,
climate 10 the world soil the most productive
mineral resources unequalled, orr laboring
population hod but uncertain employment and
variable wages Ii is better to have constant
employment at remuneratye rates, than TO be
employed but fractional part of the time
though such wages rule higher per diem on the
average. But such an alternative is inherent
only with the present financial system Of the
gold dealer. Give the people money; do
away with the metallic rule; adopt the
national banking and credit system encourage
and harmonlze the introduction OF the national
currency with our own unrestricted by invidi
ous legislation. and the laborer will obtain tha,
which he does not now enjoy-constant EMPLOY
naenf at increased trages. When money is
abundant, its rates of interest low, and the
facilities for obtaining it are made easy, the
| more active its use becomes in the
same ratio demand fer labor and conseouen,
advance in its price.


1t is, then, clearly the interest Of the laborips
man to advocate and encourage the free circu
iation OF our National Currency. Let him not
be deferred by the fear Of injury to himself from
any financial couvulsion consequent upon the
change from purely metallic to o mixed
currency. Have the same faith in it that is
reposed by the lahoring classes at the East
and the same prosperity will attend you that
nss visited and inspired them. All the injury
that can accrue to you is in the lynx eyed
vision of the money lender and gold dealer
OF the present impracticable and barbarous
financial system, which is the heaven of the
usurer and the money lender


| l will DOW more particularly give the reasons
that move me to advocate the adoption of the
National Currency in this State The currency
OF the Government is national in its character,
and should be national IN its circulation. The
stability of the system is beyond all question.
There should be nc antagonsm in the financial
system of the States; but the policy of the
Federal Government should receive the uni
versal sanction and encouragement of the
people. One nation. one eurreney, That
which is used by Government for its own
purposes should be adopted by the people in
in all their monetary transactions 1t should
be uniform in its circulation, and should be
permitted TO pass among our citizens unre.
strained by State legislative euactments. In
other words, the law OF the Federal Governmen,
should be the rule, and its declaration which
constitutes it currency, that it shall be
received as legal tender in payment of all
debts should receive the aid and encourage.
ment of State authority.


| There can be no question that the system
OF banking authorized by Congress is well
founded, and that ample guarantees are pro
vided against any possible loss TO the holders
of its issues. There can be no objection to
this currency, on the ground that it will not
be redeemed; for, complete provision is made
BY Government for the redemption of all bills
| issued, through securities required to be depos-
tied with the Secretary Of the Treasury. As
to the outstanding legal tender notes. who
doubts the ability of the Nation to insure their
! redemption? No man worthy the name of an
American" The process Of absorption has
already commenced, and as il shall continue
so more nearly will they in value approximate
to gold. But this. instead of being used as an
argument against their adoption by our people,
as 1t is, eau with great propriety be urged iu
favor of their free aud active circulation on
this coast. The advocates of the currency
ask to be permitted to accept such policy as
the Government may prescribe; to be permitted
to use 1t under such restrictions of issue, con
traction and redemption as Congress NAV
inaugurate.


| Our National banking system is the most
admirable one ever devised 1t finds universal
favor throughout our Nation. save the territory
lying upon the Pacific. The States of the
Atlantic board have prospered under its rule
tide OF substantial prosperity enequalled in
the history OF our country marks the adoption
of our National currency. Every matera
interest in that portion of the Union has
received healthy stimnlus. by its substitution
as circulating medium; and every branch
of trade and industry is thriving under its use
Ii such is the effect there, is it not fair to pre-
sumo that its introduction and unrestricted
circulation among US would produce like
results! No nation ever attained any degres
OF greatness. and no people were ever remark
ably prosperous, under pure metallic rule
! To elevate industry and TO advance trade snG
commerce. a liberal and well regulated credi,
system is essential; and to facilitate this. bank:
of issue and discount, as we'll as of deposit
easy of access to the people, are absolutely
necessary. As the authority of Mr. McCul!och
the able Secretary Of the Treasury. has lately
assumed high position among the advocate:
of the old system of things on this Coast,
take great pleasure in presenting in nv argu
meDt an extract from his letter OF the 2Stt
Of March last, addressed to Mr. Campbell
which ought to be accepted as conclusive on
this point of my subject:


NO country can prosper for any con siderable
time where money commands so high a rate O,
interest as it does in California and nothing wou ID
tend more directly TO reduce that rate of interes,
than the Introduction of q sound paper circulatiuc
| medium.


Paper money has been found to be necessit,
! in all commercial countries, and especially in the
United States; aud what is true elsewhere must be
true in California. With her splendid climate he,
fertile soil and her inexhaustioe mines her wealth
and population ought to have been more rapidly
increased than they have been for some wears past
With her great advantages, what has prevented her