34 



If it be true, that the merchant can serve you more economically with a currency 

 of representative values, than with the agency of metallic money, then, if you 

 compel the merchant to use the latter, he must indemnify himself by paying 

 less for your produce, and charging more for the merchandize he sells you. If 

 you allow him the use of the former, he will be able to pay you more for your 

 produce, and Avill charge less for merchandize. 



If this be so, the policy that would send you back from a currency of conver- 

 tible paper, to a pure metallic circulation, would send you back from the railroad 

 to the turnpike, and from the steamboat to the sloop, or the flat boat. Do you 

 say that the paper currency has its i-isks and its losses? — so has the steam- 

 boat. 



The inquiry which lies at the bottom of all these cases is, whether the alleged 

 improvement does, or does not, in point of fact, after allowing for all its unavoid- 

 able imperfections, woi'k a diminution of the cost of the commercial machinery. 

 If it does, the saving enures to the benefit of the producer, just as surely as a 

 stone in mid air falls to the ground — and the farmer has his full share of the 

 benefit. 



As the time and the occasion do not permit me to state my views, fully, on 

 the currency question here presented, I shall not enter upon its discussion at all. 

 I only present the naked point on which the whole question turns, and leave the 

 decision where the constitution leaves it — ^^'ith the people. 



Farmers of Wisconsin ! On the question of authorizing the issue, wthin the 

 State, of a currency of representative values, if you believe that the introduction 

 of the proposed system with the proper safeguards will facilitate and cheapen the 

 processes of trade, and thus enable you to do your whole commercial business at 

 less cost to yourselves, you will, at the approaching election, say aye — if you 

 do not believe this, you will say nay. It is a question of gi'eat import to Wis- 

 consin. God grant that you may decide the question wisely. 



But again, Agriculture is interested in the growth and prosperity of large 

 towns. 



A town or city may be regarded, philosophically, as a part of the business 

 machinery of the country. It is, in part, a manufacturing agent, and in part a 

 commercial agent. In both these capacities, it enjoys such a concentration of 

 capital, enterprize, and intelligence, as to ensure the economical advantages of a 

 minute division of labor, the perfection of the executive processes, and all the 

 helps attendant on the invention and skilful use of machiner\-. 



All these larger operations of manufacture and trade are carried on at immense 

 advantages over the smaller ; but if the laws favor the association of the smaller 

 capitalists by general acts of incoi-poration, there is no danger of monopoly. The 

 principle of competition is more active in the large town, and the consumer will 



