During the same period there has been a much larger comparative
contraction of the currency. The population of the country has largely
increased. More than 25,000 miles of railroad have been built, requiring
the active use of capital to operate them. Millions of acres of land
have been opened to cultivation, requiring capital to move the products.
Manufactories have multiplied beyond all precedent in the same period
of time, requiring capital weekly for the payment of wages and for
the purchase of material; and probably the largest of all comparative
contraction arises from the organizing of free labor in the South. Now
every laborer there receives his wages, and, for want of savings banks,
the greater part of such wages is carried in the pocket or hoarded until
required for use.
These suggestions are thrown out for your consideration, without any
recommendation that they shall be adopted literally, but hoping that
the best method may be arrived at to secure such an elasticity of the
currency as will keep employed all the industries of the country and
prevent such an inflation as will put off indefinitely the resumption
of specie payments, an object so devoutly to be wished for by all,
and by none more earnestly than the class of people most directly
interested--those who "earn their bread by the sweat of their brow.
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