The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-02-10

quiring most because their payments daily week
ly for everything they use: food, ralmcnt, labor and
materials. With agricultural people it is less be-
they produce most Of what they consume and
their large payments ara made annually from the prof
ceeda of the crops. Thus England and France (bOlh
highly manufacturing and commercially ascertaned
to to employ fourteen dollars per head (spece and pa
per comblned) for their whole populations Russia, an
agricultural country is asceraned TO employ only four
dollars per head; and the United States which is chiefly
an agricultural, but with some considerable admixture
-oi and manufactures, ten dollars are beev-
ed TO be the maximum which they could employ. l
in this opinion. think ten dollars per head, an
ample average circulation for the Union and 1t is four
dollars more than we had in $780, when the Bank Of
the United States at the zenith of its glory. The
manufacturing and commercial districts might require
more all the agricultural States ess-and perhaps an
agricultural State without commercial town, orm9nu-
Gactures like Mississippi, could not employ five dollars
per head Here then are the results Our proportion
ofthe gold and silver in Europe and America is two
hundred and fifty seven millions ofdoars; we had but
twenty millions IN $780, we have ninety millions now
and would require but 80 millions Zone hundred
and seventy millions in the whole in the present state
ofour population, slaves included for their labor to
Je represented by money and themselves supported to
furnish as much currency, and that in gold and silver,
az The country could possibly use consequently sustain
ing the prices of labor and property at their maximum
amount Ofthat sum, we now have about the one half
in the country to wit ninety millions; making five dol
lars per headj and as that sum gained in seven
years Of Jacksonian policy, follows ocourse that
mother seven years OF the same policy, would give us
the maximum supply that we could of The precious
metals; and that god silver and the commercial bill of
exchange, could then constitute the safe, solid consti
utiona moral and failing currency of The Union.
The facility with which any industrious
country can supply itselfwith a hard money
currency --can lft itself out Of the mud and
mire Of deprecated paper, and mount tho high
and clean road ofgold and silver: the ease with
which any industrious people can do this, has
beou sufficiently proved in ou. own country,
and in many others. We saw it in the case
with which the Jackson policy gained us egh-
| iy millions of dollars in seven years. We saw
| it at the close Of the Revolution, when the pa
per money sunk TO nothing, ceased to circulate
| and specie reappeared as by magic. / have
asked the venerable Mr.. MACON how long
it was after paper stopped, before specie reap-
peaTed al that period OF ourhis tory2 his answer
was: No time at all. As soon as obe stopped
the other came. Wehave seen it in England
a, the end of the long bank suspension, which
terminated in 1923. Parliament allowed the
Bank four years 10 prepare for resumption: at
the end of,wo years--haf the time-she re-
ported herself ready having in that short
space accumulated mass of twenty millions
sterling Zone hundred millions of doIars) in
gold; and, above all, we have seen it in France
where the Great Emperor restored the cur
rency in the short space Of six years, from the
lowest deg:ee Of debasement 10 the highest
point of brilliancy. On becoming First Con>
sui in 1900, no found nothing but deprecated
assigna,s in the country--in six years his im-
mortal campaigns -Auslerliiz, Jena, Fredland
AL the expenses OF his imperial court, SUR
passing in sp!endor that Of the Romans, and
riyaling the almost fabulous magnfCence of
The Callphs of BagdaC; all his internal inn
provements; all his docks, forts, and ships;
all the commerce of his forty millions Of sub
jects; all these were carried on by gold and
silver alone; and from having the basest cur
rency in the world, France, in six years, had
near the best, and still retains it. These in
stances show how easy it is for any coun-
try that pIeases to supwly itself with an am
pie currency Of gold and si|yor--how easy it
will be for us to complete our supplies; that
IN six or seVan years we could seturale the
land with specie! and yet we have formal
Cabinet proposition to set up nanuiacto-
~ Of paper money.
The Roman historians, MI. President in-
form US Of a strange species ofmadness which
afflicted the soldiers of Mark Antony on thei
retreat from the Parhan war, Pressed BY
hunger, they ale of unknown roots and herbs
which they found along Inc base Of the Arme
nian mountains, and among the rest, of ont
which had the effect Of depriving the un(ortun
ale man of memory and judgment. Those
who ate of this root forget that they were Ro
mans-that they hadarms-n general-a CAM
and their lives, to dofoDd. And wholly pos
sessed of single idea, which became fixed
they neglected all their duties and went abou
turning over all the stones they could find, un
der the firm conviction that there was grea
treasure under it which would make them lcl
and happy. Nothing could be more depIora
bic, say the historians, than TO see these hero
10 veterans, the pride Of thousand fields
wholly gwen up to this visionary pursuit, lhei
bodies prone TO the earth, day after day, an
turning over stones in search ofhls treasure
...:t .o,L c.o,,. c,ro;oo or tho payth;pn aTpo,