The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1840-12-11
TO THE FARAiER5-THE TR RUE
ASPECT AND THE RESULT.

W. SOPy 'ho iOlO"WB lOIH uu dIH-
Gle iu the Syracuse Standard, as well
worthy the perusaI Of farmers.
The farmers have been appealed TO,
to abandon the Administration because
the prices of produce have fallen. 1t is
a fact, that there are some farmers, even
among the intelligent population Of On.
ondaga county, who actually believe
that the administration of Martin Van
Buren has caused wheat 10 decline from
TWO dollars per bushel, 10 sevn shil-
lings. But at the same time, il is pas
sing strange that they wholly omit IN
give Mr.. Van Buren, credit for She high
prices Of 1887 and 1888. Ifthey con-
denim him for low prices, why not ap-
plaud him for high? The average tells
we'll for the producers-just the same &
no more, than il would with an lndepeu-
pent Treasury and a stable currency,
with uniform prices. Now, those far
mers who condemn Mr.. Yam Buren, for
low prices, and do not with the same
pertinacty and boIdness, approve him
for the high prices under his admins>
tratiOn, are guilty Of palPable incOn-
sistency, and, if | am not mistaken, they
are guilty of gross injustice.
But what are the facta2 In 1880,
(says The Democratic Review, J the cur
rent credit OF the banks of the Union,
(bank notes in circulation, and depostes
so called, taken together, amounted to
Sll6 900 600. BY the Isl of January,
1885. to $4,000, 600. By tho lst Of
January, 1885, to SIS7000,000. BY
the LIST ofJanuary, 1887. to 277, 900, 600.
BY MAY of that year, they we're redu
ded to S242 O00,000. Then by the LIST
Of January, 1888, to S2ll,000, ,009.-
Then by tho 1sj Of ofJanuary, 1889, they
swelIed to 1925 600, 600; by the lst
of January, 1910, they were reduced TO
1882, COO, 600, or if we make suitable
deductions for The discount on the notes
oflhe suspended banks, 10 one hundred
and fifty or one hundred and sixty mil
lions in specie value
These statements OF iacts, IN regard
TO Bank expansions and couiraclI2Ds,
are taken from the reports OF the condi~
ton Of the Banks in the several States
of the Union, which, by resolution of
Congress, ore Annually made by the
Secretary 0i Treasury Every intolli
.prt reader knows, that as'he currency
;e ;no.r,.a1 ~ A d;,C; n haJ all n,ko +.
things being equal, prices will IN the
same proportion become higher or low
er. Money is the measure ofvalue. If
the size Of the bushsl measure wers to
be lessened one>half, there would of
course be at once twice as many bush.
els Of grain in the country, while, at the
sane time, rot kernal of grain would
hHve been added. 9he quantity of grain
remaiOs the same; the lumber of bush
els bas been doubled; yet is the nation
s#y better off, Now let Us suppose
mat tbo proportion Of currency deman-
dedsby tho business and population Of
the United States, as compared with
the rest Of the world, to be $lOO, ,O00,-
600. Suppose that wheat is one dollar
per huehel. Then the Banks issue
&lO0,OGG Geo more Of their notes, ard
whevt lie - per busheI, and the other
thiogs in proportion. Is any thing more
added 10 the wealth Of the country than
there would be in the Instance Of doub-
ling the number Of the jushoIa Of wheat
in the country by diminishing the size
Of the bushel measure one.half? Cor
tainly not.
Now we nsk the farmers to apply their
judgement and common sense to the
facts and law Of prices, both Of which
have presented for their coneiderati on.
For the past twenty years, those expan>
siona and contrRclons in the currency
have heen taking place, prices have been
perpetualy nucluaIng, and good times
and hard times have followed each otl
er IN rapid alienation. These results,
" ehich all must admit are disastrous &c
tho producing classes, have been pro
duced by the nat0ral operation of Bank
Of the United States, aud the want of
such a check as the Independent Trea-
oury furnishes upon the Oatural tenden-
cy Ct ihe State banks to over action.
The Bank Of the United States has been
the main cause Of the embarrassment Of
the pact few years. We are now under
The Independent Treasury, gradually
recovering from them. Establish anolh
or National Bank, and the same round
Of high prices and low prices, of spec
ulatloHs ana sherina saies, Of good times
and hard times, can be gone over, Until
upon some climax of ruin and suffering,
the delCsIon shall be shaken of, and |
the whole system tern from its founda-
ton, never TO be rGSuscnlcd. Elements
now exist, which, ifactad upon by a
new National Bank of fifty millions, |
would bring swift anu terrible dos;ruc-
ten upon the best interest Of our coun-
try constituting at once a signal, and
wo would fam hope fual, rebuke oftbal
spirit Of avnrice and folly which loads
those animated bV il 10 boieve that han.