Year: 1875

but AOi biAt l4lcl Tile
two causes that have been mentioned.
II this be- true, and it is so sodemoDstrably,
the farhers of the country ought to unite
their voices and votes in fayorof the con-
traction Ofthe currency till at par with
gold. II they do this they will certainly
accomplish their object, since they hold
the balance ol power and can dictate
such terms as they please. Fortunately
their interests are identical with those of
the entire country. What farmers need
all classes need, except always those who
prey upon the earnings of other people,
but farmers, above all others, SHOULD
understand that their peculiar interests
can never be promoted by the issue of
paper money. Were 100000, 600, or
81, 900, 900, 900 more in greenbaeks or
bank notes now to be put in circulation,
agricultural products would not be in
creased in value by n penny. Such an
issue, while it could not raise the price
of his products in foreign markets, would
enhance the cost of production and al
the expenses of living To all this it
may be replied, ''What you say may be
very well for the farmer, but how with
those they employ9"


reply as much better for them as for
their employers. Their wages will in
deed be lessened, but so will their ex-
penditures. Everything they purchase
will be reduced at least to as great an
extent as their wages, and what they are
able to save will be worth good deal
more than now, because it will purchase
more of every kind of property, and
thus they will be a. surely benefited as
the farmers themselves. All the indus
trial interests of the nation, in fact, will
receive essential advantage from the
restoration of sound standard of value,
while no honest occupation will be in
jured by it.


A contraction of the currency to its
normal amount (and that will be indiea-
ted by its being at par with gold will





may seem quite paradoxieal; nnverthe-
less, nothing is more true, and the most
positive evidence of the fact is before us
at this moment. Is not money more Sc
cure and the rate of interest higher than
were ever known before? And yet we
have over 500, 600, 600 of paper money
to day, against $500, 900, 600 before the
war Certainly this cannot be disputed.
Nor is this n solitary case in point.
find by careful examination for the past
forty years that whenever the currency
has been uncOmnonly redundant mon
ey has always been in extraordinary de-
mand, and the rate of interest unusually
high, though never as high as at pres
ent, and for the reason that at no previ-
Gus time has there ever been such an ex-
cess of paper circulation over the real
wants of the country; 1 do not say over
the wants of speculators and monOpo-
lists, for they can never have too much;
the greater the excess the more extended
their operations and the larger their
profits.


The question of resumption is peculi-
arly Western question, for the reason
that the West is more Interested by far
than any other section of the country in
having it brought about, and also that
hitherto the greatest opposition TO the
meas ure has been generally understood
to come from the agricultural States. 1t
is now with them to decide the matter.
II farmers can be made to see in what
way and to what extent they suffer from
a deprecated currency there will be no
danger or difficulty in securing its restOr-
alton by gradual but certain process
of contraction.


/ would, therefore, in conclusion, say
to the gentlemen Of your convention, if
you wish 10 secure fair competition
among the various industries of the ma
ton; if You would have money plenty
and the rate Of interest low; if you
would like TO make your purchases and
sales at the same standard and at Just
and equal prices, unite all your ener-
gies for the restoration of the cireulat-
ing medium to par with gold; and be
not, pray you, diverted from your pur-
poses by any of the speeious but delu
sive schemes presented for evading the
Indispensable measure OF contraction.
Hoping that your convention may be
harmonious in its deliberations, wise in
its conclusions, and successful in all
lawful efforts to secure its great object,
have the honor to DE your obedient
servant. AMAsA WALKER,


NORTH BROOKFIELn, Mass. Dee. ), '73.