additional amount covering the gambling risks of three or four dealers through whose hands the purchased articles pass before they reach him; and that additional amount covering the gambling risk will naturally grow very much higher when the currency is inflated and in process of depreciation. The conclusion is inevitable that in this point of view, the correctness of which can not be questioned, an irredeemable fluctuating currency cannot be anything else but a curse to the agricultural interest, a curse the more oppressive as inflation goes on; and the more inflation there is the more the farmer will lose in buying in proportion to the prices at which he has to sell.
The other day I had a very interesting conversation with a Southern planter as to the effect which an inflation of the currency would have upon his interests; and I would ask those gentlemen who have the interests of the farmers so dearly at heart to give me their attention. The planter said to me: “I am in favor of inflating the currency; but as to whether the currency should be inflated just at this present moment, I am a little doubtful.” I asked why. “Well,” said he, “I have sold my cotton crop already and received the money therefor. There is only a very small quantity left in my hands. I sold my crop, and received the money when gold was down to 10 per cent. If we inflate the currency now, and gold runs up to 15 or 20, I shall have to lay in my supplies and buy my necessaries when the currency is depreciated, and prices have risen accordingly. Thus I have sold at cheap rates and shall have to buy at high rates. This would be for me a losing business. I should prefer, therefore, that the currency be not inflated just now, but that the effect of inflation take place when I have to sell my next crop.” That planter was very sensible. That the currency should be inflated after
