Exhibition—Annual Addresses. 
05 
But when the purchasing power for money is largely increased by 
reason of its scarcity, labor is less valuable, and therefore it is that 
while some classes may not be sensibly affected by the lessened value 
of the money in circulating, labor feels it most keenly. Notwith¬ 
standing this well known truth, the laboring-man takes little in¬ 
terest in these questions, and can hardly be made to believe that of 
ail classes of society he is the most interested, in so shaping the 
finance policy of the government that the demands of business will 
always meet a sound circulating medium equal to its wants and 
thereby stimulating, not crippling industry. 
Now, it seems to me that the proposed greenback will answer all 
the conditions imposed by the absolute wants of the country, its 
value an arbitrary one, fixed by the government itself, keeping in 
view all the time that such value may be impaired or wholly lost by 
a superabundant issue. But the State cannot arbitrarily fix the 
amount of currency that shall be in circulation without at times 
seriously disturbing the finances of the country; the demands of 
business cannot be anticipated and fixed by law, a currency equal 
in amount to the requirements of trade at one time might be in¬ 
sufficient at another time, and largely in excess at another. 
We are told that there is too much in the country, and that the 
only hope fora speedy return to an almost forgotten prosperity lies 
in still further contraction of the currency, but I do not think so; 
but on the contrary believe, that with friendly legislation the busi¬ 
ness of the country would for the past two years have profitably 
employed a far greater amount of money than there was in circu¬ 
lation. 
The present system is objectionable, because of the overshadow¬ 
ing influence of the combined banking capital over the government 
and over the country. Contemplate for a moment the vast power 
that two thousand national banks can exert and will exert when¬ 
ever and wherever the interest of capital demands it. Said Gen. 
Spinner, for so many years treasurer of the United States, in a let¬ 
ter dated May 17, 1874, I agree with you on the propriety of pre¬ 
serving the greenbacks, and abolishing the bank paper money. But 
this is now impracticable. The banks are strong enough to rule 
both the government and people. The whole tendency of things is 
in the direction from what we would have it, and we and those who 
think with us can’t help it. The policy now is to increase the num- 
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