The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-07-17


annual circulation Of the Bank of The
United States during the twenty, years
Of its eSistance! it's fully equal, per
head, for each inbabilant of The United
States, 10 the mixed circulation of Eng
land and the specie circulation of
France, for their respective populations.
EOgland aud France, each have cir
culation OF fourteen dollars per head for
their entire population; that of England
consisting ofspecie and paper; that of
France consisting almost, exclusively of
specie. Two hundred and ten millions,
to our fourteen millions Of white pppu-
ulation, would give fourteen dol-
lars and quarter a head. Now,
sir, this is greater sum than the busi-
ness Of the UGiled States could possi-
bly, employ. We could no, use it all, if
it was all here TO day. The amount of
circulation which can be used in coun-
Try depends upon the amount ofIts bust
ness, and the nature ofits business, and
not upon the will Of banks or law Civ
ers. Agricultural countries use less;
manufacturing and commercial countries
more. Thus, while England and France,
which are so emInenlly manufacturing
and commercial, can employ fourteen
dollars per head, Russia, which is 80 es
sential agricultural, can use but four dol
lars per head. In the United States,
where agriculture is the pursuit Of the
great majority Of people, it is highly
probable that ten or twelve dollars per
head would be the maximum sum which
the population could use. Barter and
produce, make our great payments. The
annual crops, and the annual product of
different branches ofinduslry, make our
heavy payments. Money is only an
auxiliary with US in the liquidation Of
debts. five had our specie acquisi.
tions Of The last twenty years, we should
have more than could he employed, or
used in ide country. Forty or fifty mil
lions off, would be dlsposable, 10 be
loaned out in foreign countries. Two
hundred millions Of specie would pay
two thousand millions of annual debt,
for il is computed, that each specie dol
lar changes hands ten times in the year
Two thousand millions far transcend
chat part uf our debts which would re-
quire TO h, paid in money; it would leave
US asurpius 10 loan abroad. We should
be redundant in gold and silver, if WI
had been able TO retain what W. have
received in few years. Vicious anc
criminal banks have deprived US oft, &
reduced half the Union to deprecated
pa per, and to miserable shinplas,ers. Ii
this to be endured and are State rights
10 be invoked to shield such enormltiesi
What would be the condition of our
country at this time if this 100000, ,00C
could have been kept in circulation, in,
stead of being melted up, shipped away
and locked up. as it is? The cffec
would have been that business would be
regular, stable, and fourIshing. The
price of produce and property would be
a, its natural and full amount. Wages
would be good, and the money received
for wages would be good also. The ex
changes between the different parts o.
the Union would be The freight Of golC
and silver between those parts. Inter
est would be as low as il is in France
and Holland,an we should be in con-
d,ion, not only to avoid loans from a.
broad, but actually to lend hard money
TO The paper money countries, las Hol
Hand and France lend TO England, and
10 draw gold laom them in annual inter.
est, as we'll as upon annual exports o!
produce. These would be the effects
and upon one feature ofths picture lei
me dwell an instant, and 90 into de-
tails: it is on The point ot wages for la.
bor. Wages are low now, and will bt
lower still before the Presidential cleo,
l,on is over. But what would they b,
with The two hundred and ten million,
of specie which we have acquired in the
last twenty years, and which would af'
ford q full circulation of gold and silver
II Ask any one who has been 10 Cuba! Ii,
will tell you what 'he wages of labor ar,
thele-that it is one dollar ard 6fl,
cents day for common labor-,hre
dollars day Tor journeymen mechanics
often six or eight dollars DAY 70
lob work-and all the rest in the sam
proportion. Sir, it is absurd to quot
the examples Of countries in the decay
ing parts Of the old world, where indus
try lausuishes, and where a crOwde
population clamor for bread, and ar
content with alone. 1t is absurd 10 &
to such countries for the effect of har
money on the prices ofproperty, and til
wages Of labor, in the United States
They present no anaIogies to our con
, dition. But here is country just 6