18 GOV. sprague's address. 



lation, its subordination to their interests. Unless tlaej did that 

 they were as certainly on the road to the present poor existence 

 of Mexico as that they existed. In conclusion, Mr. Sprague 

 said that there was brought into the United States Treasury, 

 from the people of the country, from customs and internal reve- 

 nue, a volume of money equal to about ^40,000,000 a month. 

 In that process of bringing in and retaining the money the 

 whole population engaged in the business of money united in 

 measures of sympathy with the Government, and hoarded that 

 which was so necessary to the business, the trades and the living 

 of the people. They hoard when the treasury hoarded, they 

 unloose when the treasury unloosed, and their aim was to buy 

 and sell the gold and stocks. That was destroying every trade 

 and business in the country, and sapping the very foundations 

 of its liberty and prosperity. The principle established to cor- 

 rect this was simply as foUoAvs : That this $40,000,000, poured 

 into the treasury (and in our system it remained there some 

 time), had to pass through the hands of 20,000 or 30,000 peo- 

 ple employed as collecting agents. How long it remained in 

 their hands remained for them to determine and not for the peo- 

 ple. In the governments of the Old World every dollar was 

 brought in at the moment of its collection ; it was then parted 

 with at the market prices, at the proper security ; it thus acts 

 as a balance to the market, holding it in check, preventing any 

 combination of powers united to uphold or to affect it. The ex- 

 ample of Great Britain in this respect was well worth imitating, 

 for that system that withdrew so much mo^ey for so long a time, 

 and without regularly returning it, weakened the life of busi- 

 ness, trade and manhood of the country. The handling of the 

 Government revenues in such a manner was not only dangerous 

 to the community, but was unsafe, in his opinion, as regarded the 

 money itself. It was better that that regulation should be ab- 

 rogated. With their eyes wide open in the observation of the 

 clear day the American people would carefully watch and guard 

 the great powers and principles^ and so advance progress and 



