Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-04-22
From the New York Express.
PRICES MUST COME DOWN.

uOWh' NY pCSuilut COiultlOD OF our
affairs, which led to the sudden imitation
Of the paper money system, and by a
corresponding rise Of labor, property,
and the rates of interest upon money, il
seems to US, is now nearly over. Our
reasons we will submit below.
The destruction of the United States
Bank led TO the sudden creation of a
host of state Banks, made necessary in
part-frst, by the withdrawal of the
U. S. Bank, and next by the fact that
the currency being destroyed, no one
bank then circulated its bills in all the
states at par,-thus regulated the do
mestic exchanges, and making one dollar
perform the part in circulation which five
now with difficulty perform. This sud-
den imitation of the paper money system
acting as the representative of property
and labor, of course increased the prices
of things it representation there was
about the same amount of property to
be represented by three times as much
paper money. AS property at first did
not correspond in. its rise with the in
crease of the paper money system. this
paper money sought for use in specula-
ton, in lots, Western and Eastern lands,
and companies, in which, no doubt, it
has done the country an immcnsily of
good, though it has stretched the efforts
of our spectators often beyond their
abilities and capital.
Again, the increase Of the paper mo-
ney system forced immense i'm mportalions
of specie from Europe to base itself up
on, which importations the government
encouraged by demanding our indemni-
ties in specie, and by various other
means. The policy of the Government
has been aided by immense investments
of European capitalists in American Ca
nails, raj roads, and banks,-and by
good crop of cotton selling at good
price,-while Of late it has been counter
acted by the importations of wheat and
grain, made necessary by the failure of
our crop.
AS things now stand there is no COR
respondence between the prices of things
in America and Europe-notwithstand-
ing there is the greatest sympathy in COM
merce and trade. The United States
is now the dearest country in the world,
even beyond England, which is so fright
fully taxed. As labor has risen with the
increase in price Of every thing else, the
laborer suffers no more than others, but
is a gamer in fact, if he is an agricultu-
ralist, and economises in his purchases.
This sympathy Of which we speak in
trade, must bring about sympathy in
prices of labor, provisions, and the ne
cessaries of life, though it will not prob
ably act upon real estate in this country
to any great extent, unless it be in city
lots, for real estate is not dear in this
country when comparison is made with
other countries, and when we remember,
that the rapid settlement of the country
is cause Of increase unknown in other
lands.
This paper money system, we now
think, is to have something of check,
for all see that specie must go to Eu-
rope. This check can never be per-
manent one, without United States
Bank; but Europe is forcing us TO dis
gorge. and disgorge me must--and it
will not hurt us, as we are now fat and
over-fed. This sympathy too in the pri-
ces Of things, is about TO operate. True,
Virginia is increasing her bank capital
Missouri has given US 5,000,000-a
monster of l5,O00,OOO has been got up
in Mississippi-but needs the action OF
another Legislature to make it walk,
which, probably, it will never get. It's
a curious fact IN our financial condition,
that as there is no U. S. Bank, state
banks are absolutely necessary, and they
extort charters by their necessity, even
from states most bitterly opposed to the
whole banking system and yet it is q
fact not less curious again, that these
banks add little or nothing towards the
general alleviation, the reason being
that an immense amount of state bank
capital is necessary to transact that bu-
siness which one-third of U. S. Bank
capital will transact with ease. operating
as it can upon the ,ohole country at once
through its branches. We have no
room to make an argumcnt-we thar
can only state our case.
Prices mast come dopn, then, we infe
from this check about to be given TO tn
paper money system founded upon spe
Gle. Again, prices Of things in the oil
world and the new, must find somethin!
Of a level. exceptas theya are affected b,
the different laws of different states
labor. however, not being subjected t
that law Of equality, on account OF th