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tariff, my constituents seem in these re-
spects to have very generally approved
my course. The currency question
appears to bO the principal subject in
regard to which it has been my misfor-
tune to differ from large and intelli-
gent portion Of my constituents.


In relation to this great question,
the true issue is between those who are
in favor of, or opposed to an expanded
circulation of bank paper, as the per-
manent settled policy Of the country.
On the one side are the advocates of a
Bank ofthc United States and of aux
iliary State Institutions; on the other
side, are the supporters of an independ-
ent constitutional treasury, the oppo-
nents Of any Bank ofthe United States,
and Of all bank paper circulation un-
der the denomination Of twenty dollars.
On this subject, the truth of the follow
ing positions is believed TO be suscepti-
BILE Of complete demonstrations:-lst.
The cotton growing States are deeply
injured by the expansion Of Aihericai
band paper, whether consisting of the
issues Of national bank or Of State
institutions, and this whether the paper
in circulation be nominally converti-
bic into specie on demand, or inconver-
tible. depfeciated, or at par.


2dly. That, in the absence Of a Bank
of the United States, it is impossible to
maintain permanently an enlarged cir
culation Of bank paper, whether con-
vertible into specie or inconvertible.
Such a circulation Of inconvertible
bank paper cannot permanently be
maintained, for it is only the hope of
the redemption Of such paper within a
reasonable period, that sustains its cir
culation at deprecated value, and if
it were believed that such paper was
permanently irrcdeemable, it would be-
come utterly worthless, and would
cease to circulate as money. Nor can
an enlarged convertible currency be
permanently maintained in the absence
of Bank Of the United States, for
reasons which will be hereafter stated
in this communication. If then an en-
larged circulation Of bank paper be
deeply injurious to the interests of the
planting States, and if it be further de-
monstrable, that such expanded circul-
alton cannot be permanently maintain
ed in the absence ola Bank Of the
States, 1t was certainly my duty, as a
representative Of the people Of MisSis-
sippi in the Senate, to oppose the incor-
poration Of national bank. As to
the truth of the first position, that an
expanded bank circulation is prejudi-
cial to our interest, it appears to me
that the views taken by me in the Sen
ate at the special session in September,
1897, have not been, and cannot be
satisfactorily answered. 1t was then
demonstrated by reference to prices
current of cotton and domestic provi-
sions, and tables of American bank
circulation from year to year, that
whilst domestic produce uniformly rose
In price with the augmentation of pa
per issues, cotton repeatedly fell, being
governed by the foreign market. If
this great truth should be doubted by
any, let then. PLACE in table in oppo-
site columns, from year to year, the a
mount OF bank paper circulation, the
price Of domestic provisions and the
price of cotton, and they will find the
price Of such provisions uniformly ris-
ing with the expansion, and failingl
with the contraction of paper issuea,I
whilst at the same time they will find
the price Of cotton entirely unaffected
by the increase or decrease of this cir
cuiation, and often rising undera con-
traction, and falling under an expan-
sion Of our circulation. They willind
also, that fiom 1915 to 1925, the aver
age price of cotton was much greater
than from 1925 to 1885, although
bank paper circulation was nearly
doubled in the latter period as compar-
ed with the former.


This great truth, SO important to our
interest, is then clearly proven by thel
uniform experienced of nearly halfa cen
tury, that cotton, which the planter
sells is not, but domestic provisions
which he purchases, are enhanced in
price by the expansion of AmeiicanI
bank issues. Assuming then this first
position as axiomate, we approach the
second, that an enlarged circulation of
the issues even Of specie paying State
banks, cannot permanently be main
tanned in the absence of Bank of the