Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-08-12


IN 1874 But, far is this view of the matter short
OF the real mark; for the currency, IN which
funds are brought and sold, has also fallen in us
great a proportion. A guinea is risen to 2Ss. &
therefore, in real money, hundred three pei.
cents, at 66l as they were during the peace OF
Paris, last year, were worth only 49l and, AT
this moment, they worth only about 55l. In
the year 1872, the currency IN which the divl-
dends were paid, and in which funds were bought
and sold, was equal i'll value to real money. So
that,
Guihea,. shilings. 5
In 1879 You could have
Soda hundred three
per Gems for 90 10
Di May 1915, YOU cam
not sell them for more
than 10 10
Is there any one of you who can deny these
facts And. If you cannot, do you still look up
on those as the enemies of your property who
wish for peace Can you denv that it is war
which has had this alarming effect upon your
country! And, yet, do you blame whose who are
against more WARP That vile and prostnuted
newspaper, the Times, which you all read some
times, IN drawing comparison between the SIT
uat.on of France and England, talks about the
comparative price of the funds in the two coun.
tries, and takes this criterion of national
prosperity, and of the solidity of the govern.
ment. Nothing can be more false than this prin-
ole but, suppose it to be true. There is no
such great difference IN the pr.ce ofthe funds in
the fwo countries ut this moment The French
funds are percent. Our FIVE per cents, are 50 ~
paper. IN real money they are worth 67l And,
ives see, that the French five per cents are ,wlrth
even now, OH IN real money for, IN France, it
IS gold with which funds are purchased. So that
u you are to weigh public opinion, popular conf
dence, and the sol dsty of governments in this
scale we have, on our side OF the water but lit
"a N N.AGt - ~.
IS, at ths moment, surrounded BIZ hostile arm .es
though she IS menaced with an invasion by a mil.
hon OF men in arms, and though millions of mo-
ney are employed, i'll all probability to exc lie
dIssenSions IN her cities and provinces. Have
you ever seen the matter IN this light before -
Is i not time, then, for you to begin to think
such IS the state 70 which you have been re-
ouced by ue great statesman now no more,'
anu ms successors OF both factions Such is the
prce that you have paid for vour support OF those
men ana their measures. Such is the fruit of
those wars VIII ch you were told we're to secure
you IN the enjoyment of your prosperity; wars
winch eaded IN plac ny the Bourbons for eleven
months upon the throne of France in restoring
Inc rope, The Jesuts, and the Inquislton and
IN erecsnS Holland and Hanover into Kingdoms
wars, tn success Of which, you have ioined IN
celebrating!
Hut now, if such have been the effects of war
upon your pr perry; f, in f'ct, you. who had es-
Cates N me funds IN 1792, have lost more than
we haii OF those estates, what are YOU all to ex-
Pect as the consequences To you of anniher war
! shaii Wy out ofaccount all the possible dangers
from sioPpage OF the sinking fluid, or any other
measure To winch necessity micrl,t DIR We The min
isteFfor the tImebeng;I shall suppose ihltno dan
ger can everarse 10 youf from internal commotions,
produced by the pressure ofwar: but must as.
sumo, and think you will allow the assumption
70 be correct that the thing WILL at least, go ON
as II has done. and, of course, that your estates
IN the funds will daily grow of less and less va
Tue, n Proport on as the mass ofdebt ID augment
ed. You are quite sure that war will augment
THIS maos--and yet you raise not your voices
az INST war, but, on the Contrary, appear to
be disappointed that blood has not yet been
drawn.
ine certainty that your estates will continue
to melt away as they have melted, is one would
think, quite sufic ent to make you deprecate the
renewal OF a war. Having lost so gunegs out of
every 80 guneas that you possessed in 1902, in
the hrst restoration of the Bourbons, one would
think that YOU would dread q second " success"
OF the kind as you would dread the hour of
death. The late war lasted 90 wears, inclusive of
the peace OF Amiens. Another 70 years of war at
the same rate, would take away the remain ne
80 guneas--so that even ~ case Of = second sue
cess you would be without penny. but, il is
not thus that the thing would travel The stone
biNl iOhS uDWIi = nat even II t1o surface De
smooth, goes sw.f er and swifer asst approaches
the bottom, and fit meetwith rubs in its way, It's
bounds add to rs velocity, TIL At las! il comes,
at single jump, Ike a ball from the cannons
mouth. SO will be, because, so { ON tie ma
ture of things, i must be with funded property,
five now enter on a war of any considerable du-
ration
To be satisfied Of the truth Of this, YOU have
only 10 look at what has taken place IN other
coun,re s where there have been fund ~ systems,
and at the INC easing force Of The debt IN Eng
land. Snce the funding system began we have
had seven wars. The debt created by each war
is az follows
The first war, which ended in 1897, J. a..
100000.
The second war, which began in t7oo, l33,-
0O9,0O0
The third war, which began in 1899. l.4s,-
100000
The fourth war, which began in 1856, l. So
O0O0O0
The fifth war, which began in IT'S, ]. 1885,
100000.
The sixth war, which began in 1893, !. 2e7,-
100000.
The seventh war, which began in 1903,
]. 413000,O0O.
Total. 992,OOO,0OO
There arc, perhaps, so or 80 inflions floating
debt, besides the amount Of the arrears of the
last war, 50 that about 8 years Of war would, in
| all human probability, bring the debt 20 1900
millions, at which point, It would render the
funds possessed IN 1902 worth nothing At all