Columbus Democrat., 1840-02-29

Ion. could We Withstand the competition, the cot
ton of alI other countrir, huaging IN Europe ih'
same prce ~ our own l. q not evident that .
few yeais more Of expansion cl ihs American pa
per system would reduce the eXporuHg States d
absolute bankruptcy, and The Whole coVnlfy 10 ih'
most abiect dependence on tho money power o
England, srlhog high her imports nerr by toe
false standard of our paper mnnrv, und p-'ohas-
int low aU our exports at the price regulated by
her icS, inflated cuueuc, In lbs way. Eng
land would vastly teiatd out actual increase OF
nat onal wealth. bs selling her imports To us al our
paper pricrs. tor a vas, amount, and giving Us a
less price tor our exports estimated By her uearcr
arpruach To a metallic ouuency. lt's not seeo'
IN this eNchanceef imports ior exports, tce Get,
TOT the same money fewer ,mpo'ts, and England
more exports by the precise ratio m Which I'm.
n, are a,sed 70 puce here BY eur paper money
and exports depressed hy being measured by u
currcacy mote nearly metallic; aud thus the
~noe naljeu sustalns great loss'
&" Il would be most ,utiaus aud obstructive To-
compare tables from 1850 20 the present period,
representing the puccs current oi cotton, OF do
meSuc produce consumed wholly IN the United
States. aud the amount Of paper circulation.
These tables have ncHhrr had the time OF oppor
tuniiy 10 prepare bu this much must be known
10 every Senator, lhot A. the paper money, before
lu explosion. rose ~ amount, domestic produce
rose also, whlld cotton al the sama pcliad repeat.
sdly fell heiug regulated hy the European money
market One iacl alonc viii hc conclusive eyl.
deuce oi the principle, hat whist from ISIS to
a. 81 -, IL
and averaged eighteen cent. per pound, from
the hper period to 1885, inclusive, the average
prce vas less than twelve ceuIs per pound, whist
from 1915 to 1889, ud, uaper circulation has
nearly doubled. The puce Of or cotton lhen,
instead Of augmentng with the increase Of Our
paper money. has actually grsody ldRsn under
The operation.
"Thc continuance OF such system rrudcrs
an the toll, aud labor and products OF industry
perfectly useless for, when the balance returns IN
our favor from abroad, even IN gold and sIlye, 1t
Is only 10 find us way INTO the vnuli- at the banks,
that these our paper ma,lor. may make these me.
inls the foundation OF new emissions new over.
ssuc and new explosions. II any can doubt
the last result, let lhcm reflect upon thus, which
Is a fixed law of The monetary system, when the
expansions OF bank ISSUES, whtthsr IN The paper
Of National or state banks, takes place here,
nfcr4 of all products ol articles consumed mere,
r.c also; exports remnlnlng unaffected ~ pnce by
th,s event And What follows Why the value
Of money being less here, and prices higher hnn
~ foreign countries where no exports OF the cur.
reucy hns taken place, the course OF exchange IT.
ses agntn-t Va "a nearly the ratio III which specie,
the universal standard. wall buy more ~ The for.
elrn country than IA our own specie comes not
here, for II is sunk here to The level OF our yet
convertible honk popc But prices of almost
every article being much higher here ,hau abroad
vast ,mpofiauous, beyond The power Of tho coun.
tfy long 10 consume, necessarily ensue our bank
pnper ~ forced upon hc banks for redemption N
specie, to be shipped abroad, where IT is more val
ulhle than here aud explosion soon follows Sc
certain and uncrrlug ~ ths rule, that instead a
there beng writes on lho face Of all our bank
notes u promise to pay IA specie on demand, tbs
promise should be, Il truth were consulted not
to pay on demand IA specie IN the contingency
above DESCRIBED, and shown to be inevitable
And have not these views, N 1897, been all
/ confirmed By the new cuss Of 1899 Have We
not had another suspension Va The shGn peuod oi
/ two yenrs has II mol been the result Gl uur pa
4 per system and the action arising lIom the cur
/ iamenls of the banks al home and abroad aut
/ - it not now a question. whether these States
/ shall be fe.colonlzed- vhe'h,f wc shall burn lht
1 Declaration OF American Independence, and loi
All the purposes of trade aud commerce, and il
an that concerns our industry be reHnneSed to
| Canada a. component potion OF the Bnllsl
I realmi Aud It ever has been, and viii be, that
with equal advantages the paper money country
Will be the wrechcd dependent upon the hard mo
ney nation The paper system of England /,
/ better than ours Ihelf bank issues no notes ue
/ der about twenty-five dollars, whist We descenC
every where 10 five dollars, and, N many States
I 10 unr and tSo dollar notes, rendering the currrn
+ ~ almost exclusively ol paper. Our mourye'
I system then must under these circumstance
Z ever bc more tremulons aud fecbie ihBn that o
4 England. sad hence her power 10 declOe sus
pension Of our banks, and nn overthrow Of 90
business, whenever she think. proper to do so
Hence. also The Hd stated by the Senator from
kcaWcks, thai lho Bank OF England bouowet
ten millions Of dollars from the bankers OF Pans
TIN, ts true, and Why is i hat England borrow
from France, aud America from England III
caused by he dlti.teuce oi currency Fmuc
permits the ISSUE Of no bank uo,e under uhou
ninety dollars, England noue by her bank uude
about twenty five dolInr-, While We descend {
one aud two dollar notes. England lhen beg
from hard money Ffance, and we from Eng anc
Yes. We beg from the beRgar and the bard INC
ney country being unembaua-sed, will nlways b
able to Joan TO the paper money nation and nu
II ~, that Holland, with her gold and silver Gu
tency, losn, 10 all the world, and We borrow troi
all the world to relieve us as temporary exped
ent from The wrelched effect. Of the paper system
Yes, the Bank Of England with It's enormol
capital, and backed by the use Of two hundre
millions OF British revenue, became u mendoza
. ! r.. t., T., a., .t,.o,. ,C p.r,s 10 y,v. i Cro