Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-11-22
The Gold HUfnIuy.

sDpi and pltterinr through the silk purses of the
Western farmers. For saying this, Mr.. benton
pronounced "hunbug his suggestion OF
return 10 the constitutional currency was called
1.-THE gold humbur :" and he was called 'Humbug
Benton" Who thus GRIZZLY applied these civil ePl-
thets \ sort of gentlemen who attend Congress
and State legislatures, called "lObby members IN
New York, '.members of the Third House" IN er-
mont, ''borers' IN Pennsylvania and "correspon-
dents" in Washington. \ set of gentlemen who'
viii undertake to furnish 10 any customer, Tor sPe-
Gle funds Wing letters, LOcOloco letters, neutral
letters according order; a set of gentlemen VINO
in furnishing information from seats OF government
arc especially careful TO state facts in the mode
best fitted to the party for whose beneht the
statement is made The suggestions that gold and
silver were a humbug, and Mr. Benton humou5,
being sent to leading partisan newspapers IN the
principal cities were soon sent round the Union,
and Immediately echoed by all persons interested
in banks, either as officers or borrowers. As gold
and silver hunJugs, their anIpodes, oil COURSE
were not humJugs and, consequently paper was
better for currency than con and credit better lot
business than cash. The consequences OF voting
coin a humbug, aud Mr.. Benton humbug, were
first, the expansion OF 1879 and the subsequent
years; secondly the enormous State debts thlrd-
w. the ruin of our manufacturers from excess OF I'M
portations caused by high paper prices and the en-
ormous sales of State bonds fourthy, the reVui-
sion explosion, prostration OF men and banks, ana
detection OF frauds by WHOLESALERS hithiy, inc oahh-
rupt law, and the unconstitutional abolition Of more
that two hundred millions of debts. Such are the
fruits Of paper credit and whether they prove that
it is huInbug, a substantial, desirable realIty'
4 question which we leave to the sufferers.
The paper system having exploded, and the coun-
try having returned from necessity, to the cohstltu-
tIonal currency, we VIII now glance AT inc Ieeu''s
1 of the change. During the present year, the I'M
ports viii be less, and the exports greater than IN
any year proceeding, and, the whole OF THIS Ousi-
ness will be done for cash, and the exports VIII
exceed the imports, the balance VIII De IN our Ia
vor, and will be paid IN specie. The balance VIII
be returned IN specie, and not retained TO pay old
debts, because most old debts are paid, either acu
ally or by the bankrupt law and the interest on
state bonds VIII be paid at all or paid TO We
~ small amount. No more stocks, State or corpO-
rate can be created and Of those created already,
no more can be negotiated IN Europe. Therefore,
the produce sent abroad Will be sold for imports anu
cash only. The imports Will be light, for several
reasons One is the destruction OF the paper cred
1t system. and the consequent limitation OF borrow
ing Merchants cannot now borrow extensively
OF banks, buy stocks or produce, or bills OF eX-
change with the money borrowed. aud invest the
; proceeds in imports. Neither can they import d.
recty on the credit of the foreign owner since the
explosion of the system has destroyed American
credit The tariff, requiring cash duties, WI 4
I conhle importations TO those who can pay cash,
and thus exclude from the market host who tc-
merly imported on the credit of the Government, 10
:, the ruin of themselves and the injury of our own
7 manufactures. The return to the constitutional
currency having reduced all prices, fore gners have
longer the advantage over our manufacturers, II
spite of duties and therefore cannot deuge this coun
= try with their fabrics. Extensive borrowing bein.
" prevented, by the extinction Of banks and the grea
= dminution OF banking,-fOreign manufacturers o
merchants, either failing or having large stocks oil
hand, cannot send their merchandise TO this coun
try, 10 be converted into cash Al auction. Our Owl
manufactures, promoted by the return to a metallI
IA Inv no al
a great extent, the place Of tOrei gu fabrics. 70
these reasons. imports will be confined the actu
al wants Of the country, and made by those VIII
have the means Of cash business and the wants G
- the country, through the revival OF our manufac
- lures, will be greatly diminished. Exports VIII b
- greater than IN any preceding year, because tn
great reduction of prices caused by the eXpOsOn
-, the paper c-edIt system, viii enable foreigners I
- buy our Hour, beef and pork, which they could nc
do while paper expansions forced them far abov
European prices. For these reasons, and man
T., T., more that might be offered our imports VIII be Ii
=, mited, our exports extensive, our whole bushes
~ done for cash by those y no have the means OF dc
= ing it. and limited to the wants OF the country an
- the great balance IN favor Will be paid IN gOl
and silver.
- The most prosperous condition of this countr
= which any enlightened political economist coul
: imagine, would be that resulting from large export
: small imports, extensive manufacturing, and larg
Ia balance OF trade IN rs favor, paid in specie al
10 cess OF metallic currency. The whole secret Co
- ssts in that reduction Of prices which viii enab
y to sell produce cheaper, and manufacture chea
80 err than other nations and the boundess rcsourc
81 of our country, cheap and equitable governmen
oJ and the energy of its population Will enable IT.
Y not fettered by paper currences to reach tins co
dItOn without the mischief OF European poverty,
European monopolics. that invariably produce pc
=; erty
+ a To show what can BE- done, we would refer o
readers to what is already in progress N New {
Oh leans alone. The produce which VIII reach III
ian port during the present year Will be worth at IL
me tallic prices, about sixty millions OF dollars;
greater portion Of which VIII be PAID Tor IN spec
and July lst million IN specie has reached Il
50 port and VIII { the circulation of the banks has
APP minIshed TO about $3.50 900, their specie has At
last menred by about $500 600. and their special del
ais, sites of specie To about S}O0OO0. The b.nks G.
the not expand, because confidence in bank paper
81 lost the farmers and planters have wisely reso
the ed to sell their produce for specie only. Ihs
ung - - rl.o To whole sve,eno &c IA
NJ credits, kite bills. aud other paper devices for p
ely chasing produce has exploded the andholGers
quire specie and, therefore, purchase. of thes p
duce must have specie to pay them lfthey obt
: IN lower prices for their produce, the landhod
son know that what they Get certain and stable,
let 10 no discounts, sus pensions, or eXtlnctOns
ring Will be as good tomorrow as to-day, and IN
she mart of the word as another. The specie paid
her this great quantity Of produce VII be fused @
\. the whole western country, as A substitute tor
worthless paper which was once IT. only circula
and will impart confidence and activity to BUSH
of all kinds Here then, Mr. Benton's hunJu
hree reality and he 4 prophet Gold Is actu
ron lowing up the VI ssissippi, to glitter through
The purses of the Western farmers. With such I
nam before US we ak the letter writers for he pag
tn of newspapers, who denounced metallic currenc