444 THE IMPENDING REVOLUTION. 



duction of those metals. Our position may now be briefly 

 stated as follows: 



ist. The limitation of the volume of currency 

 regulates its value. 



2nd. To preserve steady values and prices a uniform 

 volume of money is indispensable. 



3rd. The volume of gold and silver cannot be regu- 

 lated by law or the wisdom of man. 



4th. The law can issue and the wisdom of man 

 regulate the volume of paper money. 



5th. Paper money is better than gold and silver. 



It would seem to be a settled fact that the volume of 

 money governs the price of property and the products 

 of labor. Experience has demonstrated it and authorities 

 emphasize it. If the volume of money in circulation is 

 diminished, prices fall and industry languishes. If the 

 volume is increased, prosperity and general activity fol- 

 lows. It would very naturally occur, then, that govern- 

 ments should have the power over the currency; to fix the 

 limits of its circulation by legal enactments, keeping pace 

 with the advance of civilization, growth of business and 

 population, and the consequent and ever increasing 

 demand for a greater circulating medium. For this 

 purpose Congress was given power over the currency. 

 The great Daniel Webster, whose ability as a statesman 

 won for him the title of "constitutional expounder," 

 said in his great speech in 1837: 



"The great interests of this country, the producing 

 cause of all prosperity, is labor, labor, labor. The gov- 

 ernment was made to protect this industry; to give it 

 both encouragement and security; to that very end, with 

 this precise object in view, power was given to Congress 

 over the currency and over the money system of the 

 country." The justice and wisdom of this will at once 

 be seen in the fact, that it looks more reasonable that a 



