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Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., peuvent §tre filmds d des taux de reduction diffdrents. Lorsque le document est trop grand pour dtre reproduit en un seul cliche, il est fiim6 d partir de Tangle sup6rieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants illustrent la m^thode. 1 2 3 1 2 3 4 5 6 M GE <« ! 7n [A CoNTBinrrioN to thk Chicago and otukh Suffkkbrs.] MONETARY MEASURE BY COISJ^GRESS, FITTED TO CREATE GENERAL AND PERMANENT CONFIDKNCE IX THE UNITED STATES. ' A SPEEDY AND EFFECTUAL MEANS OF * AND AKFORDIXO IMMEDIATE ASSISTANCE TO THE OTHER FIRE LOCALITIES. «' He that hath not usurped the name of man, Does all, and deems too little, all he can. To assuage the throhhings of the festered part. And staunch the bleedings of the broken heart." HAMILTON, ONT : Spectator Steam Printing House, C_orner of James and Main Streets. . 1871. i I ' I Remarks, Introductory and Explanatory. The object of this Brochure is to suggest, to the minds of Americans, the consideration of a mode of immediately rebuilding Chictjo, and giving relief to t!io other localities distressed by the recent calamitous tiros— a mode which would cost the United States nothing, but which, on the contrai^y, would con- fer on the whole country and its Industry and Tlevcnuo the greatest and most lasting benelit. The writer's view (as originally communicated to an American friend in a conversation) is, that the present occasion should be availed of to attain and secure permanent conjidence, in the money matters of the United States, both at home and abroad, the absence of tchich is one of the chief aggravations of the distress in Chicago and other places. This, ho thinks, could, easily bo attained bv a certain course in monetary legislation, which would be the permanent, a^ well as present, interest of the whole country, and of every section of the American people. Firstly — Ho thinks that there should be some public expression of the de- termination, of t'.io pocplo of the United States, to retain, for the benelit of themselves and their posterity,thc magnificent system of pajior money, which the necessities of the war has secured to their country — comprehending, as ifc does, not only a vast increase of the Instrument of 2)"ynie7it, but the only possible .security a.f^ainst any recurrence of the periodical overthrows of tho money market, which necessarily are tho fruit of a hard money system. Secondly — Ho thinks that to enable tho people to continue to pay their Qnormous taxes, a still farther issue of tho Instrument of payment (pi-obably confined to the araount of one year's taxation), is loudly called for by tho circumstances — th:; weight of taxation being well nigh unbearable, even with the incalculable assistance of a paper money system, and being such as could not have been borne for one year, under the old system of hard money and contracted currency Ho thinks that the new issue of Greenbacks referred to (or as much of it as is necessar}'), should bo directly laid out, in giving assistance for the re- building of Chicago, and for saving the sufferers in this and other devastated localities ; and that, oven if the wisdom of Congress should not decide on go- ing so far as direct assistance, there would bo very substantial alleviation to the distress in Chicago and the other places, by a general restoration of con- fidence, and by a general increased issue of the Instrument of payment, or even by one of these blessings, being secured to the country. The long explanations (no doubt too long for the general reader), about the present and past eruel experience of England, are gone into,to show the utter folly of America attempting a hard money system, if oven England (with all the world owing her money, which is continually returning to redress her money market) has scarcely been able to bear up under it, and could not have continued so long to do this, except for the providential discoveries of gold in California and Australia. Every one should know, that, either in her monetary or industrial principles, England is the last country from which to take an example, England, in a word, is in the awkward position of the fox, who, having unfortunately lost his tail in a trap, tried to make the want of tails fashionable 1 REMAUKS — INTUOnUCTORV AND EXPLANATORY. It was in the spirit of tho lines which form the motto of tho Title pa^e, that the following oxplanalions were made, and aro now published under tho fooling that if tho su/ beromini/ iiiualeihle and coiii/i in.lUoclij V(tl:iclc-cann',n of a roKirn to specie pay- ments; so that in consequence, ho (the President) felt it his duty to discountenance tho discussion of that subject, till tho Governnnnt imblicly intimates its being in a ji'j-ition to weft il< nae< in, tall with gold.; as after all — theim- p{)rtant question — which kind of money or legal tender is tor tlie best interest of the country — must ho carefully c.insidered, even after tho government is Iinancially prepared • for any course which public oi)inion may choose — the (jovernment having no interest or wish in this matter,ivpart I'ro/n the interest of tho Country's industr}', and great internal interests — the interest, in a woid, of the peo- ple of the United States alone, without ref- ei'i'iico to those of any other country, or to any abstract theories, of politiial economy, — every backwoodsman in America being, for his own purpose, and that of the country, a better political economist than John Stuart Jlill, in the proportion that cxoerienco in better than inexperience, and that he knows, by experiences, that the greater the issue of safe money that can be made, the better will be tho market for his produce, as nlso, that the greatest amount of circulation cannot be enjoyed by tho country, unless the legal ten- der is local, or not capable of being re- removed out of the country, to jiay debts abroad, as before the war, — tho failure of writers on political economy having been, tliat they have omitted the money element of the question in their consideration, and have made their political economy to tisurp the place of a social economy, which takes the circumstances of each country into ac- count — English political economy thus being the cause of incalculable misery in the world. THE T.'NITED STATES MUST NEVER EETfnN TO SPECIE PAYMENTS. Mr. 13. says that, oven it able, tho United States must never return to Specie payments. If it would not be misunderstood, the govern- ment should say,that it would go on putting a $5 Gold piece behind every $5 Greenback issued — and when prepared to pay off all its greonback.s — giving each holder of greenbacks the. .vtme chawe — the question of Gold Money, or Paper Money should be discussed from that vantage ground. The people could then, very easily be shown their advantage in keeping out the Paper Money, for if the Gold Money wasputout, half, or much more ofi', would immediately be exported, and, the basis once IBSUE OF UREENBACK8 TO nELIEVE TAXATION. lesBcncd, the BiipcrRtructuro of confldonco and orcdit would necossarily tnrablo down proportioimlly ; and distiotH in tho U. fcj. would bo Hfun, such us tho world never be- fore witnessed in any couutry. Mr, B. mya that hunmiiity itself cries out ajjainst /((/;■(/ mone;/ in u roiinir;/, unless as the least of evils, and unless a people can do no better than be binjer.'' oi yold with tlieirlilior — as they thusgct the greatest possible disadvantage in tho ex- change — gold being the scarcest and dearest commodity in tho world, measured in tho poor man's time or labor. Even if gold should go down to, or under par in price (of which there seems no chance, ex- (X'pt from increased jiroduction of gold within th' ITuited States), paper should still remain the legal tender ; for if America returns to specie ])ayments, it will bo as dillieult, or impossible, to get things back to where they are now, as to get England to adoi)t what America now enjoys, oven if satisfied tliat this would bo the interest of her working masses. The clause of tho constitution, which has been held as requir- ing specie, would bo pleaded, as of old ; and no remedy would bo carried till distress be- came so great, that liumanity would demand that piece of ignorance to be removed from the constitution, or that the words bo read dilTerently. Twenty years before the nocos-* sities of tho civil war forced paper money on the United States, Mr. B., being in New York, pointed out to a friend, that it was a fearful bondage to the industry of tho country to be xadJle'l, l/irn'if/.'t En(jl(n(V< rximple, ivilk liaid mone'i. and ho drew out tiie following paper, embodying bis recommendation, which was published at the time : — " The immediate nece^fsi'i/ of a Radicd Re- consideration of what it to i'onHilute the money, or letj'il lender of t!ic United States, arisen from the incre'i'iny q'tantili/ of gold from Californiu ; but there «'■■ (iIko an urr/ent call for i', to prevent till the internal or nntive in'cre.ils of the cotni/r)/ conlinmnff to he the mere football of the foreign trade. " Let it bo observed, that I draw the dis- tinction between paper money and paper currency ; thus — paper made a legal tender, or which you are bound to receive in liqui- dation of a debt, I call money; and paper issued by banks, or private individuals, which you may or may not receive, I call CURRENCY. The use of paper money is as a standard for the currency, and, of mone;/, a Tery small amount will do, where banking exists in a full and healthy proportion to the wants of the community. " In the United States, the reformation necessary is, that we construe the clause of the constitution of the United States (if it requires the legal tender to bo metallic) to mean " secured by the precious metals, or not credit paper as during the Revolution." " We mujt, in fact, retain gold aa a feruriiij but not us « standard of the currency ; or, in other words, our five-dollar note must mean live dollars' worth of gold — not a quarter of an ounce, or any certain weight of gold. Tho best way to efl'ect this is, to let tho sub- Treasury issue no more prectious metal till thero is a given sum— say sixty millions — in its vaults, but issue in its stead eviden'-ra of the dcpofit of those precious met- als, which would form a paper, or emblematic legal tender, that could not ib^preciate from insecurity; AND THAN THIS (yiV,S'/;C'6''- nrn), theue is no otheu cause OF MONEY DEPRI'X'IATJNC}, OTHER THINGS, THAT ARE CALLED DEI'RE- CIATION, being only THE APJ'JiF- CWriOXOF GOLD OR OTHER COMMO- DITIES. " Tho necessity of such a measure in tho view of increasing stocks of gold, is self-evi- dent, and there is much more urgent call for the reformation of our mon(^y, as tho only means of disenthralling American homo trade and industry, from tho malign influence of foreign trade, under which those are made (by our money law) to sutler equally, as in England, from our following England in her monetary legislation. Nothing butthe vast sums of money, brought into the country by immigrants each year, keeps the currency right, and prevents the loss of all confidence in business, or the downfall of all liankiug and credit. When the foreign traders cbooso to over-import, the loss would only bo to themselves, by my plan ; but, at present, all classes are made to sulTer, and often to be overwhelmed, by this folly of the im[)ortcr.s of goods — a thing beyond their control. Whenever undue imports occur, the precious metals become in demand for export, to bal- ance our trade with foreign countries ; but, it is found by our money law, wo have violated the " law of supply and demand " as respects gold and silver coin , and away goes our money to vivify tho industries of otlicr coun- tries, because these are commodities which are kept down in pri'-e, even when they rise in value, in consequence of increasing demand as a commoditg. The foreigner has thus tho advantage of us, as to him gold and silver arc commodities, while to tho homo trcade they are only money. And, even when gold and silver are not taken in any great quan- tity, this is only prevented, by the most cruel reduction of prices, in every branch of native industry and American stocks ; for, under our present insane system, high prices cannot exist, without necessarily producing distress or low prices — thus, a foreigner, this. month, brings goods to New York, and sells them, say, for two eagles, or twenty dollars ; or otherwise, an ounce of gold. This gold ho might carry out of the country, but because he finds American trade in a dull state, and « SUBSTANCE OP CONVERSATION ON prict'M very low, lio ta <(•« uuiiy HoincthiriR of Americivn growtli, Iciiviiiy tlic inoniy to re- vive American trade ; lie tnkeH, say 200 lbs. of cotton at lOc— 20 iilnK ^'> cxtreiiUK. 'riieri) till" (lUfHtioti of moiiuy, and tlio (iuchMou of labour aru one* quoHtloii, ho fur, t!iat tlu; flo- lutioii of Ml! oiiu ix tliu Huliition of tlio otlii^r — plentiful and clicap monoy l)uin« convcrtiliie turiuH for iiicri-ased employment and lli^,'lll•r wat^cH, ami Htarce and dear money, for detiticait employment and low wagen. In America, paper, or emblematic money is also a neci'snity, to Have the inn/i(kn'r yi/no- nime-; without protecting from ex|iortation that part of the gf>ld, which rarliammt had devoted to the internal current y and trade of England. John Hull, in a word, makes gold and confidence .'oinl, whv'li Jiiiinnrck seen /liiii hi^ power in Uiiiu.jie. Siicii iiieii know that through lier unpatri- otie (uiiscllish it' you will) legislation, there is a growing ivant of conlideuee, and pro- cess of dciiletion going on in England All they want is, that she should persist in her combined hard money and free trade heresj', and the liatlh; of Dorking, now a joke, may become no joke. They huigh in their sleeves, and say England has /Jriiji.t'.' Die i^c. And, in order to pull the wool over John Bull's eyes, Germany niiiy follow England in iier gold currency, well knowing that this may suit (or not be so gre.'it an evil to) a country whose trade is protected, and dilTcrently placed othir'.. ise fiom England or America. They see that anv welfare in England is in spite of, and not in consequence of her legis- lation, ludei (I they regard her as" one re- gards a tool, with a line constitution, who cannot be made to believe, that anything he can do will ever pull it down. ]\Ir. 1!. savs he sees no chance for England, either in s;iti(i to be pacilied even graduall.v — but by find- ing out the state of the Legislation which alfects her industry, and repealing every word •of it — enacting the very contrary of Fiird J/o/)i.vaiid Free Imports — for it is not honi Jiile fro.' trade w'dch England and Ireland have. Their free iminrtinf/ is aggravated by their inir.l unrici/, which in turn is rendered unbearable bj' England's unpatriotic absur- dity tjf (•;<(;» fto/l- and no re ip'orilij. England's great errors in money and in dustry ar" two : — the adoption of two false cause of ii* iH'iiig in hot ivaler at (hii moment m it 110 ilCfiW h. ♦Till' Wdr.l "eriiul" \* in ilio lvir(>:r.>iiij lued ti> cliariuMorisc \\w iiiciiiolary priiieipl*! ot'EiiLtiinicl, and, till- fini i-, liiiirtln- inilii'caiuiot In- lultl wiili,)iit tlie use ()l"*iiv!i liiivd torms. .Vnd .Mr. H. stati'd Ids Hrin convir-liiin \\\M more mi.^cry liasln'OM vanned liy it. to the iH'(i|ili.' in .^'iicral, and \^< all eoimtriis who have trade wi:li !ji:;laiid, than was ])i'odiU'i'd liy all her wars and lrci:d>les< I'llic |)ri'Sfiit centnrr. tri-eal iIkhhIi tlifse havi' hci'ii. Vivir.s a^'O. ln' pnhlicly espressi'd thi^ !is Idllow.s : •• I'l-cl's pi-iiiciple of moiu.y involves IJritish s!i ij.'ots ill all v.w distresses (without 'tivinjj them the a Ivante.'e of •■i;iy of the blessings) of every country in ilie wo;l,|. As tt destriniiisraiiiiel or njent, it isJiUe d.ciitli. when it suddenly strikes down tlie youn^;aIld lieaatit'id and brave, in the full a.,d vi'.;or- ous possess!. m ef (-very f.ieulty and every promise. 'I'leu wliicli we have Ion;; seen to be a great and selfevi.lent trnlh, »ee;ns now about to be- conip a national e mvielion— that under lirillsh prin- ciples of miney. or inoncimy law, it in un niter im- possibdity lor any cnunlry to have any continiuinee ol prosperity; l)eeause nurprospority lieeessarilvand immediiit'dy i^ the eaus? ofadversity. Prosperity, or f«or« biiUltvf fur our coiinlr'/s labour, leads to principles, viz., hard money and free imports without reciprocity, not to t;ilk of Peel's measures of 18-11 and 18-15, which oidy aggra- vate the evils flowing from these bad and unpatriotic principles. Her Legisliition being in the hands of the capitiUist ( 'ass, she cruelly returned, after the European wtir, to hard money, v.dth the view of contracting her currency to the utmost|and thusf/(;'/ii;)y (/o/ .•; w ijt't andprirei of Ciiminoditic to t'le iilmo-t. * V/ilhout doing away her gold money, she opened her ports to foreign commodities untaxed, in the face >.f great local tiixation, ami other dis- advantatages weighing on her own people ; the great inconsistency of this (beyond the crime,; being that she knew that a forei/n traile dran-inj i-perie w.i-i as but, orprobibl;/ m'irh irur-e, than 't fo.ciijn ivir ilaici/i;/ rpe 'ie, against which latter iiuleed she htid pro- vided, by legislation. But even before the free trade era (ISJ-O,) she hiid (in 18-1'J) begun, so far as legisla- tion Avas coiicerned, to r-y ird U'l.^e!/' it'i a mere tcorld'f tradinij point, having V. i-n de- graded the question of the Internal Iniltistiy of her people, into the people! that Barliainent were jirepared to cut the throat of so much of Enghmirs industry — that he had jomd that there were eleven hundred articles in the tarilf that oidv yielded the Government two millions. These, in that year, were swept from the tariff, without considering the tensof thousantis of mtikers of the smaller and ftincy articles, this depriv- ed of employment ; and the manut'acturing of them was thus practically made a present of, by Sir Ilobert Peel, to (iennany, Belgium, France, ie. The sinTisa ip a govkiinment IS'T^IIEST, UPOX TilE KXCCSK OV HEVIi.NLE CO.NSID- Idflhcr waijes, and, as a natural eonsequeneo, hizlier jiriees of !!ritish eonruodilies. Tiie fore'sjner then ilnds it ehoaper for him to buy trold for exportation, this one eornmoility liein;; prereitttil liii /,tir front risim; in pri(\- ; and the ln.'pes of thi woruini; classes are imnio [lately d.ish.e.l to the gniuud. under tlio iloulde elfeel of lessi.|n-d demand tor tlieir Uil)o\ir. and of ihe paralysis introdu.'ed inio tiie money market, ihroii;;!! the aetual or Ihreati'iicd eAjiori of ;;idd. 'I'he ;.'iv:it error .d'oiir le_'islaIion is thus seen to be that t:old, whil'_' ludya money or eonnirr to our own or home trade, can lie used. as an u'/i'trlatile roni/noilif;/, l)y the I'orei:,'!! trade, and is praciieaily so used, the nioincnt the priee of oiu' own prodiicMons rise abovi) f/ii' loicf^'f raw iiniterhd. pr/cr.i. I'roteeiion lo ihu money and the cnrieni'y id' this rnunlry, whieh are t.'ifi ti/)inal mitrroiv and life's hlnoil of trei ij Jlritisk interest, is llierel'ore iiow'londly ilenianded ; all par- th's . oeiiis elearly tho vital and immediate neeessity id'sueh an intusion of patriotism tor patriotic sel- ti-hness) into onr mono ary le;,'islation. as will seeure just proteeliou lo Hritish labour, as well as to en- nblf Free Trade to be carried out to the i;reatest practical extent— to an extent thai does not lead to the rodi:etiou of our national emptoynunt. I ISSUE OP GIIEEMJACKS TO RELIEVE TAXATION. 11 KBATIOX, APAtlT FP.OM THE INTKREST OK IIEll PEO- PLE, HASliKE^ TUB ItUINOF EngLAXd's I.NDUSTUY. Englamls dreaiUul expeiienou in her return to luud 7,vo/itf?/ is quite wull liiiown and admitted, so that tlie unaccountable thing is how it is allowed a continued existence. In his " pamphlet on corn and cniri'ney "so long back as 1827, tsir James Grah;uu wrote as follows : — " The fact is that the price Jiot only of corn, but of conimoilities generally, be- gan to fall in 181'J, and gradually settled down ill piojnrHon to the con'iiuiii>ii (,-iireci- { ation of tiu; ctirrency ; according to the i ancient standard, which was then suspended, i we generally borrowed about 15s in the pound ; and with our return to that standard i we are now required to pay the entire 20s. } The letter of the bond.and the pound of tlesli, , arc claimed by the creditor." ! But why should we appeal beyond the, j great historical fact, that, in 1822, .shortly 1 after the publication of Jlr. John Taylor's first woik, entitled, "The Kestoration of ^ National Prosperity, showing it to be im- ' mediately practicable," Lord Castlercngl. ^ brought in a bill deferring the abolition of j one pound notes until the expiration of tbo > Bank Charter of 1 833. Let it be j)articularly observed, that what we complain of, in ^ir K. Peel's money law, is that, under it, the indus- try of the poor, the more it is exerted, only the more enriches the rich, as giving them commodities cheaper, or otherwise making their money worth more of the laborer's time than formerly. "\\'e have the anoma'oua spectacle of the increase of pauperism, being tlie r<'Siilt of increased industry of production. The nation, in fact (or at least its masses or industrious classes), is in the situation of an inilividual who would be sure to become more dependent, the more superhuman his elforts — through industry rnd economy, and temperance, perseverance, and genius — at independence (if we could suppose this pos- sible) ; yet the combination of quaiitit s, in the individual, here supposed, are no greater tijan those which England's industry may truly boast of. AVe may be asked, liow does Peei's act ot 1819 cause this horrid state of tilings? We answer — By unduly (on:r utii}^ t,':e lircnUituii/ medium, and by directly caus- ing, as well as permitiivi, the jiayments tcv the fureign trade, ami foreign loans taken up in London, to be the means of cwtiiij ji'ictn ■tioH-' in tlie q'utnit i/ or ti.e in c-ud circu- l itinn o/p -jier. "Every man, of any degree of authority," (to continue our quotations from Sir Jauies Graham), " has admitted it distinctly that he under-rated, in ISIU, the pressure which the return to the ancient standard would occasi- on ; and so little'was the etleet of ilr. Peel'.s Bill understood, that in the very ses.'^ion of Parliament in which it passed, three niillion.s of new taxes were impnsed, although 1'. per cent, was athnitted by Jlr. llieharus to have been added to the previous burden ; and ex- perience has since tlemonstrated ', hat the real addition approaehed much nearer to 40 per cent. And shall the landowners of this United Kingdom tamely acquiesce in the operation of a measure, the nature of which was no' in dcr-'-tiwd cn'n oil Ihoc who rdrocnied ?'•, but the clVect of wbieh proved more burthensome than its supporters eontein- plate'l, or tli' nation can bear? Let me en- treat them to depart from their us'.ial eourso of awaiting the event: a great and immedi- ate ell'ort is necessary to burst the eord now drawn so tight around tliem ; if they hesi- tate, they will be cntangbd in such compli- cated difficulties, that resistance and escape will soon be alike imjiossiblo. llr. Peel's Bill never would have passed if these etVects had been foreseen." We may cite the evidence of a hard money man, the great free trader — Coudex— some years before the Free Trade era, and thus be- ifore the hard money legislation had been ag- gravated by irreciproealFreeTrade legislation Richard Cobden, (in 1840,) makes the fol- 12 SUBSTANCE OF CONVERSATION ON AN ' < , I; > f lowing impressive Rtatement bofoi'e a committee of Parliament ; — "I could •adduce a fiict, derived from my own expeiience, that would illustrate tlie heavy losses to which manufacturers were exposed in their operations, by tliose JluctmUiom (in 1837) in the t\iluc of monci/. I am a calico .printer; I purdtase tlie cloth, which is my raw mateiial, in the market; and have usu- ally in warcliouse three or four montli's sup- ply of material. I must necessarily proceed jn my operations, whatever change there may be — wliether a risii^ or fall in the market. I <.'mi)loy COO hands; and tliose liands must be employed. I have fixed maeliinery and cap- ital, which minf also be liept going; and tliorefore, whatever the prospects of a rise or fall in prices may I n, lam constantly obliged to be purchasing tiie material, and contract- ing for the material on wliicli I operate. In 1837 1 lo.st by my stock in hand £20,000, as compared with th(! stock-taking in 1835, 1830, and 183S ; the average of those three years, when compared with 1837 shows that I lost £'20.000 by my business in 1837 ; and wliat J wish to add is, that the wliole of this loss arose from the depreciation in the value of my stock. My business was as prosperous, we stood as high as printers as we did pre- viously ; our business since that has been as good, and there was no other cause fur the los.-es 1 then sustained, but the depreciat'on of the value <.4' the articles in warehouse in my bands. What 1 wish particularly to show is, the defenceless condition in which we mauufactur'ns are placed, and how com- pletely we are at the mercy of these unnatu- ral fluctuations.* Altliougli I was aware that tlie losse;; were coming, it was impossible that I could do otherwise than proceed for- ward — with the certainty of snfl-ring a loss on the stock ; to stop the work of GOO hands, and fail to supply our customers would have been altogether ruinous ; that is i. fact drawn from my own experience I wish to point to another example of a most striking Idnd, showing the cUrct of these fluctuations on inercliants. I hold in my hand a list of '.>\> articles, which were imported in 1S37, by the house of Ijutterworth and Brooks, Man- chester, a house very well known; Mr. Brookes is now borough-reeve of Manchester. Here is a list of 3(i articles imi)orted in the year 1S37, in the regular way of business, and opposite each article there is a rate of loss upon it as it arrived, and as it was sold The average loss is 37.j jier cent on those 30 articles, and they were imported from Can- ton, Trieste, Bombay, Baliia, Alexandria, Lima, and in fact all the intermediate places silmost This, I presume, is a fair guide, to show the losses which other merchants have incurred on similar articles." * T\n'vcru llie lucitmrj rimli (.f liurd Jlomv. Much more recently the London Timet has admitted the same thing in these sad words: " For a whole generation (said the Timen) mm h'tx been a dnig in this coimtry. It has scarcely entered into the heads of Econo- mists, that they would ever have to deal with a deficiency of labor. The inexhaustible Irish supply has kept down the price of English labor, wliether in the field, the fac- tory, the army, or the navy ; whether at the sickle, the spade, the hod, or the desk. AVe believe that, for fifty years at least, libor, tnkinr) i'xqunUt;! into ncconnt, huabcen I'he'iper in t/iii co'intn/ t/i has :v(l words : he Times) It has of Econo- I deal with xhaustiblc ; price of 1, the fac- iei- at the lesk. AVe ;ast, libor, en cke'iper \f El rope; ontributed wer of tlio mercantile those who rl:c ipnens eJfe-t'iMil i 0/ poiver." e the ful- lod's Ediii- iicturcv, the alike find lins swept II over the There is a iployment ; the mill- thiin by the couunercial vrong hero? ;■ a few mill- ice between and, and na- siilicrin;^ on rV SPHAK oil' ! llUtilC FAIIUIG 1 I.nCK AN i.v- Aiii.ow Apex i,u\v Diioss ? , our barbar- /■ of gold is uldonr usual oportion, or ise is credit int in coin? and for this ni())iey were e usi! of oui' ompcnsating ? Wliy not f ap:gravating lus sufl'erings our present in. ijurt'ering ads signalise Even (hiring s of evil has k rate of 9 or the profits of ers and capi- talists. Parliament inflicts misery upon the country out of an antiquated deference to some bits of yellow dross. Is this wisdom ? Is IT HUMANITY ? Is it civilization ? It is BAIIUAniSM AND FOLLY, I'KEACHED Ul" IIY TUB MO.NKYED INTEIiEST, THE HKJH I'UIESTS OK MAM- MO.N, AT THE E.Xl'ENSE OF THE COMMUNITY." " But let the Free Traders be of good cheer — they have done marvellous things. — They have accomplished what no Uritish statesmen, since the days of Alfred, have been able to efl'ect. They have stopped the growth of our population, and, for tlie first time for four centuries, rendered it retrograde. They liave sent from two laindred aiul fifty to three laindred thousand pcoi)lii yearly out of the country, for three years, in search of food. 'J'/'i'i/ have lowered the IrUh liiciila- iioii of noiei n liulf. They have, with one blow, swamped the Poor Law Amendment Act in England, and rendered rates higher, even with j)rices extremely low, than they ever were in English hi.story. They have extirpated 200,000 cultivators in Ireland. They have cut X'80,000,000 a-year oil from the remuneration of cultivation, and the en- couragement of the home market, to our manufactures in Great IJritain. They have lowered raihv.ay property more than a lialf. They have destroyed, at least, a half of the ■whole commercial and trading wealth of the manufacturing towns. They have made the nation (lei)endant, in two years, for a fourth of its subsistence on foreign states. They liave rendered the maintenance of the na- tional independence, if the present system is jjcrsisted in, impossible. They have de- stroyed i' 100,000,000 worth of property in the West Indies. They have sown the seeds of revolt in Canada, and rendered its separa- tion, at no distant period, from Great Britain a matter (if certaint}'. They have repealed the Navigation Laws, and thereby cut olf the right arm of our naval strength. They are fast laying the seeds of dismemberment in our colonial empire. They will soon reduce, if unchecked in their career, the immense empire of England, to two islands, opi)ressed with ta.xes, eaten up by paupers, importing a third of their annual subsistence from foreign states, brought in in foreign bottoms. These are the ell'ects of Free Trade at its Zenit . — AVhat will they be at its Nadir?" Mr. Ij's view was that the iaet that more than 50 years (since ISl'.i) have passed away, ivi'h I'lirh (idiiii.%'. IG CONCLUDINQ REMARKS. to have money scarce and dear. That thoy whoso interest it is to havo money scai-co, and high in price, should go ibr a Hard Money System sliouid bo the condeninatipn of it Avith every thinking man ; but a great many men doiit think — some of these I'rom the idea that their minds are not capable of so great a question as that of Money, although in reality there is nothing- more simple than it is ; for to every mind it must bo clear, that the more mono}' there is in circulation,thore will bo the more om2)loymcnt,and the greater demand tor every thing— a result which can only bo attained through the instru- mentality of paper money. And surely no intelligent or good man can wish to sec the contrary, viz: a minimum circulation, a minimum emplo3'ment^ and a minimum demand for every thing, — the natural and necessary result of a Hard Money System ; ani> this must he the sad experience of the. Uniteu States SHOULD THEY ao back to specie payments— the payment of taxes being then utterly impossible; — this however would bo a very small evil in comparison.with the terrible individual sufferings that such iono- rance ox the part of the government or legislature, would occasion in THE United States. And if by thus suffering distress (the creature of our own monotarj' legis- lation) there was the likelihood or possibility of ])urchasing exemption froni such distress for the future, the sut!ering might temporaril}'' be submitted to. But (as is explained in a note to page 10) th<^ jJCr^^e^Mc/^ recurrence of adversiti/ is the necessary result of a hard money system. Tho least prosperity cannot come without this being tho immediate cause of adversity ; for ])rosperit3-, or more bidders for American labor, leads to higlier wages and higher prices of American productions. The foreigner then finds it cheaper for him t buy gold for exportation, this one commodit}' ho'wg prevented by law i'rom ising in price ; and the hopes of tho working classes are iinmediatcl}^ dashed to the ground, under the double eflect- of lessened demand for their labour, and of the paralysis introduced into the money market, through the actual or threatened export of gold. The great error of hard money legislation is thus seen to be that gold, while only a money or counter to our own or liomo trade, can be used as an exportable commodity by tho foreign trade, and is practically so used, the moment the prices of our own productions rise abovo the lowest raw material prices ; and it is equally clear that under a system of specie ])ayments, the effect of tho exportation of gold is no loss fatal to tho owners of propertj^, stocks, and overj-thing else ; so that proteciion tn the vioiuy and rnrrency of the country, ivliich are the s/inal viarrow and life's blood of (very American interest, vmst be found ; and this can only bi found by the United States perpetuatiny thdr p>aj)er money system, ichich nnist be improved, os the circumstances of the country give opportunity, by gradually accumulating gold to the amount of the issue of Legal Tender 7iotes.~a thi.>ff ivhich luill no: be >>(> difficult for III'' TJmttd Slid(^!i as many would su/ipose. Nolhing can be a more serious and necessarj'^ subject for general reflection than the fact, brought out in the preceding argument, that under ahai'd money system it is an utter impossibility for the United States to havo any continu- ance of prosperity ; but our great aim at the moment is to show what a death blow a contracted currency (or even tho distant prospect of it) would bo in such cases of emergency as tho Chicago and other disasters of the present, and TO RECOMMEND AN IMMEDIATE ]']NLAEGEMENT OF THE NA- TIONAL CIECULATION ; AS, WHILE THIS WOULD BE AN IM MENSB EELIEF TO THE GENERAL TAX-PAYER, AND AS CREATING GEN- ERAL CONFIDENCE ; IT MIGHT AT THE SAME TIME BE MADE AN INCALCULABLE BLESSING AS AN INSTRUMENT OF AID TO CHI- CAGO AND THE OTHER SUFFERING LOCALITIES.