True American. [volume] (New Orleans [La.]) 1835-18??, 1837-04-24

! Gle enough in the commercial world to repre-.
sent the values put upon the products of human
labor, according to that standard The idea ia
certainly plausible one and one that ought to en-
gage the attention of the economist till the whole
truth be elected. In 1900, be ore the discovery
OF The precious metals Of this continent OVERLOAD
ed the world with gold and silver, and thus les
sened their intrinsic values, prices were nearly
aoo per cent, below what they are now. Since
that period every thing has risen in estimated
value III Illustrates got to their maxmums
Inc immense consumption Of gold and silver for
the purposes of manufacture, has exceeded the
production of the same from the mines for the
last twenty years, something like one thirticth
per cent according to the best tables and re-
sources that we have had access to- The excess
may be somewhat too great, but confident
1t is not far our OF the way. This sensible DE-
crease was going on in the precious metals, credit
ana paper money were rapidly extending as based
upon this foundation. How can1he fabric stand
when built upon the sands! The present crisis
ewes much of its seve lity to the great disparity
between the precious metals and paper money
In January, 1889, the specie of the Bank of
England was thirty-fivc millions of dollars; in
February, 1887, It was twenty-one millions. With
this imnense difference we g. no check of cir.
culation, no diminution of credit, no contraction
The affective specie of the United States is not
over twenty-five millions of dollars, boast as we
may. Upon this slender foundation, have we
erected credit and piper fabric of 900 millions.
What would we think Of an individual, who, on a
capital of ten dollars, would become liable for
thrtysix times that amount! We should call him
madmaa. The commercial community Of this
country has been guilty of like absurdity. Ii
property, as we Lelicve, is quadratcd in its real
value by compa rison with the precious IN etals the
revolution has jus, begun. If it be not, why con-
tlnualy refer to the standard of specie for placing
our values upon thngs1 Ii being measure of
value, the error has been to depart from it, and
substitute another thing a representative of that
standard. With paper money it is as with image
worshppers: the devotion is soon transferred from
the reality to the representative. Our trade has
been conducted by sole reference to the rcpre-
setatITc of the metals, which necessarily cnsen-
dered the credit system. We mn st now go back
10 the fountain head, The grand original. Once
there, all our diseases will be cured, and all our
troubles be over. The commercial world must be
governed by the values Of things according to The
great standard of the precious metals Their
scarcity abundance then has wonderful uhu-
ence on the present revolution.
The American characters euiuenly calcrla- |
ted to rise paramount to the present commercial |
distress that has struck so deeply the very roots
Of our prosperity. We are people that have been
nnFsed IN the cradle Of adversely, and ever since
10 IrSt n E,ft |,
Rock, we have experienced those alterations of
prosperity and rchutis Of fortune that have coutin-
lallv called forth the highest exerons of the mind
The experience OF fifty years assures us that VIC
possess. i'll an uncommon degree, the power or
adapting ourselves to circumstances. We have
)utsrlppcd our natural resources since 1880 and
nsl s. much we have risen above the level OF
'ur real strength by forced exertlon, SO far must
He 60 down below that STANDARD on the returning
1t the spring to its proper position. There was
beautiful consistency IN the year 1889, between
he real value OF things and their esia alcd value.
The business OF lie was then in most heaIihiul
condition, and all the commercial countries OF the
Globe busk cd in the sunshine of real prosperity,
preserving aud sustaining an inter-conmuniGarian
with each other that tended TO dcvcopr their full
orc we shall have any peace rest There vii!
be many vibrations OF the CONNER
:ia pendulum before it will settle al The zero OF
confidence. In order to effect 81 desirable an oh.
ect, we have begun Ivy REMINDING orders given 10
treat Britain in the amount Of 50 millions Of mo-
ley. Here is source of debt al once cut oil,
cayina us necessarily deprived OF the means OF
'amPerlng 10 cur former luxury and splendor,
while products will go to pay the debt we
rcady owe. Can Americans put up with this
rivaion! Yes. 1t is their character TO accom-
noda1e themselves to the necessities of life An
American who, in prosperous umcs, would wear
Iar hats in year, could, when his means
we're stintcd, make one atlast him Thus would
e do with every part of his apparel. The man
aho could submit TO such deprivation, carries
'ith him grand moral power that will enable
i'm 10 get over any obstacle; however threatening,
ewepcr impossible -