Year: 1873

Being in receipt of numerous inquiries
respecting my views on the subject of our
national finances and currency, and their
bearing on the industrial and commercial
interests of the nation, and particularly in
reference to the immediate cause of the
present financial and commercial derange-
ments, and as the nterrogatories pro
pounded cover most if not the whole field
of economic sci nee 1t would be impracti-
cable if not impossible 10 give separate
intelligent reply to each. | therefore take
this mode Of furnishing a general answer
more at length, and, trust, more satisfac-
torily to correspondents than would other
wise be- convenient.


1t may be proper to say at the outset that
if there be such thing as a scientific mon
etary system adapted to all forms of gov
ernment and to all conditions of society
(Which do not believe) am unacquaint-
ed with it, and shall therefore treat the
subjects from a practical business stand
point, and as applicable to our form of gov
ernment, without reference TO the systems
adopted by other forms Of government
where the rights Of the individual and con
ditions of society are totally different


There are certain fundamental principles
adapted to the different forms Of govern
ment which must be kept prominently in
view i'll treating the questions Of finance,
currency and other governing principles
There are but two pure principles Of gov
ernment, the autOcratic and democratic /;
all other forms are a modification Of the
one or the other Of these principles


The principle Of Capitalization is essen
tial to the former and that of diffusion in
dispensable to the latter.


The true object Of all good government
is to protect the individual citizen in his
natural rights, and not to confer artificial
rights or exclusive privileges on favored in
dividuals, classes or corporations. 1t can
not be denied, and | think will not be Sc
riously questioned by any one familiar
with the saying and doings of the found
ers of our institutions, that their design
was to establish government on the prin-
ciple Of inherent sovereignty in the people
This being true, it follows as a logical Sc
quence that it is the right Of the people to
legislate upon all matters and subjects in
such manner as to them may seem most
likely to effect their prosperity and happi
ness, subject only to the principles of
equity or natural justice.


The question then arises, are our laws in
conformity with the principles upon which
our government is 70 mded 1t may be
asserted without fear of successful contra
diction that they are not. There Is, de-
spite plausible appearances, some funda-
mental error in the laws governing the dis
tribution Of property, for there is not a
civilized country on the face Of the globe
where money or. r.nOnproducing capital takes
| from the wealth producing element so
large portion Of its productions, or where
the property is being 50 rapidly concentrate
ed in the hands of the few non-producers
or mere money-mongers, as in this.


In support of this assertion | will add
that labor has improved our FARMS built
our cities, constructed our ships, canals,
and railroads, erected our factories, furna-
ces and mills. All intelligent development
and moral culture are likewise the result
Of mental labor. Yet with but few excep-
tions, all those employed in any branch of
useful industry, occupation or profession,
as well as those who originate and carry
forward the enterprises that have made us
as a nation the wonder and admiration of
the world, toll day by day for a mere sub
sistance, destitute of the means and time
necessary for social and intellectual cul-
ture to make life comfortable and enloya-
BILE, while comparatively small number,
not physically, Intellectually or morally
better than the average of society, &C.
quire through means Of cunning, fiscal
contrivances, and uawise and corrupt leg.
islation in the interest of money, land and
other monopolies, the larger portion of the
property and products of labor, though
they never raise finger to perform any
useful labor or give moments thought tc
any subject for the good Of society. Be
sides this evil of the Capitalization of the
wealth in the possession of those who rem
der to society no equivalent, every few
years the country is visited with a moneta
ry crisis and commercial revulsion, pros
trating all branches of industry and legit
innate enterprise, deranging commercial
operations, retarding the development O
our natural resources, and preventing III
from becoming self sustaining and indepen
dent as a matchmaking us q nation o
gamblers.


This disparity in the conditions of soci
ETY., these monetary crises and commercia
revulsisns, are ut one time attributed tc