Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-10-03
NO. Is.

ter 10 J. w Eppes dated 9th November 1919.
Containing bis opinion against chaTisTing the las
L. States Bank. Here - The exiracis
he SUN OF What has been said is, that pretef.
hitting The constitutional question on the authority
OF Congress, and considering this application on
The grounds OF reason alone, II would be beet
that our medium should be so propoltioned to ouf
produce, as TO be on par with that Of the couns
ules with which We trace, and whose Medium IL
IA a sound state that specie is the most perfect
medium, because It will preserve its own level
because, having intrinsic and universal value, Il
can never die IN our hands, and II is the surssi
resource Of reliance IN time of war that the tn.
fling economy OF paper, as cheaper medium, OF
ITS cony enlence for transmission, weighs nothing
IN opposition 10 the advantages Of the precious
metals that II is liable TO be abused, has been,
is, aud for ever will be abused, in every country
~ which II Is permitted that II is already al .
term OF abuse ~ these States, which has never
been reached by any other nation France excep.
ted, whose dreadful catastrophe should be WARN
| ng against the instrument which produced il; that
we arc already AT ten or twenty times the due
quantity of medium lnsomuch, that no man
knows What hIs property is now worth, because
II is boaung while he is calculating and still
less what il Will be worth when the medium shall
be relieved from It's present dropsica state and
that 1t is palpable tasehood to say we can have
specie for our paper whenever demanded. In
stead, then, of yielding to the cties of scarcity OF
medium set up by spectators, projectors, and
commercial gamblers, no cndeavors should be
spared TO begin the work Of reducing il by such
gradual means as may give time to private for
tunes 10 preserve their polse and settle down with
the suosIdng medium"
Thus We find that this rhimera' this hun
bug" this "uiopidn' measure of an exclusive me
IalIc currency did not vegetiate in the brain Of
, Mn. BENTON, but in tho sound heads and hon
eat hearts Of ",he father Of his country" and lht
3 great apostle of human liberty
, Let US next enquire wha, the actual circulating
+ medium Of the United Stales ought TO be, before
; we examine the Wing dogma that " there ia moi
: hard money enough IN The rrorid 10 furnish H.
t u. :. nth q currency
d II will not be denied that The reckless spscu
latlens OF 1894, '5 and g. and the consequent
+ ruin that followed in their wake were caused by
=. superabundance Of circulation thrown out b.
IS the banks. The amount of this paper circulation
II at us most inflated state IS estimated by the Sc
n cretaty of the Treasury, from authentic docu
!. ments, at one hundred and fGy millions Of dol
+ lars. Since the explosion Of the paper bubble
/ in 1887 il has been a subIec OF discussion bot
/. IN and out OF Congress, what the actual amour
y Of circulation ought 10 be to carry on the trad,
ID and commerce OF the u. States. The amour
ID necessary has been varously estimated at fton
at one hundred TO one hundred and twenty million
70 Of dollars, We will take the maximum of hes
q estimates as the bass Of our argument
10 The amount Of specie Produced since the yea
1902 by the mines Of America, Europe and Nor
u thern ASIA, according to Humboldt, is seren bill
lc ions or seren thousand millions Of dollars. i
b. this estimate, be does not take into account h
N product of the mines Of Southern ASIA or Africa
Z According to the same author. from McCuloch'
II commercial dictionary, the consumption in Eu
(. rope Of specie amounts 10 about sixteen million!
n Of dollars per annum After deduc,ing ever,
o probable loss when has been occasoned hy war
J, by shipwrccks, by burals, by plating and gliding
!. &c. &c for the last 800 years both Humbo anc
J. Mr. Galiaun come within fraction of fixing tht
y actual available amount Of specie IN the world
II fire Billions or frs thousand millions Of dollars
BY the American almanac Of 1910 we are m
formed that the present annual production of gold
,e rom all quarters, amounts to thirty fire houSanc
NJ nlne hundred k!oglGmmes which by our est
~ mate, IS equal TO twenty two millions of dollars
n Nearly one million OF this amount is produced b,
N the mines Of the United States; more than on,
4. half by the mines Of Southern Asia and Africa,
i. and the residue Is produced by the South Ameri-
o. can aud Eurorean mines. Surprising that the
ii supplies Of SILVER are comparatively less than for.
=. mety, the sum total Of production per annum oil
i, both gold and silver IS at least thirty five millions
L. Of dollars. We estimate the production Of The
~ mines over the annual consumption losses sc. OF
, gold and silver al fifteen millions of dollars But
!. admitting for Arguments sake that the unnua
o. consumption and loss Of gold and silver is equa
to the annual production of the mines, We eslab.
lsh the fact, from tbs most authentic data, thai
there are free thousand millions Of dollars Of gold
!" and stirer coin bullion and plate IL dis rorld
=" Let rs next examne the exports aud imports
(, Of specie to and liom the United States from 1921
10 1898 inclusive.
n Imports s Exports Of SPecie from 1874 TO 1883 IN
Cinplee.