Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-03-03
z ON Me Com ier & EAauirer


ney in our city, while at the same time
the clrcalation of our banks is reduced
o one dollar Of paper 10 about seven doll
lars in specie, held by them, is one Of
the most remarkable eVents in our f
nancial history, and one that cannot lal
to excite the surprise OF every man who
takes any lnleresi iu passing events.
The cause which has led 10 so remark.
able an influx Of specie into our country
is to be found in our ceasing 10 import
foreiga fabrics; or 10 Other words ceas-
ing to barter produce for manufacture, 81
in consequence, receiving pay for our
produce in The precious metals only.
Is ii 40 indication OF prosperity when
a commercial nation is largely eXpor-
Ing It's productions while IFS imports are
diminishing? Is lhe return Of specie IN
stead of the productions OF Goreign ma
tions in exchange Tor what we export,
an indication oI national prosperity p
Certainly not, A nation may he suffer
ing all the evils Of starvation while at
the same time It may be growing rich in
the possession Of The precious metals
1t is doing prosperous business only,
when in exchange for lis own productions
it is receiving those o. other nations with
whom it traces, 1t is preposlerous to
suppose that any country can for any
length OF time, sell 10 foreign nations
without in turn being buyer; because
it islagainsl all ordinary laws Of nature
and must ultimately end 10 driving our
customers from our markets.
For our exports at this time we are
receiving specie, and our ships are lea
wing our ports with fell cargoes and re
: turning ompty The balance Of trade
is al on one side, and yet our country
? is suffering all the evils OF exhaustion
We frequently speak OF he abundance
J Of money as il it always was source Of
congrauIaion! At this time money is
; ruinousy abundant; but among what
classes is it sol Among capitalists who
, will not invest, and among portion oI
C our business men, who 10 The present
condition OF the country, will nol ven
=. lure it upon enterprises which may no
yield a remuuera'ing profit In the
mean time our mechanics, Iahorers
!. manufacturers and tradesmen, are un.
employed; and their skill and industry
are therefore los, 10 the country. Hav
ing within ourselves ali The elements o
national wealth, we are prostraed; hav
ing an immense capital we have no reV
. enue; and yet we are told by many VIII
, never look beyond the surface Of thing
~ that the country never was IN NOR
10 healthy or sounder position! An impt
tent conclusion drawn from the fact lha
y there ls On immense flow Of specie nI
our Golfers from abroad
- The truth is, our foreign customer
20 are reaping the benefits Of our preseI
:" 10 depression. They are buying our pro
" y; ducliobs at prices which will not pa
:" for the labor OF producing them The
10 are buying at prices produced by an ur
parallel contraction Of the currency
u one paper dol'a Tor seven IN specie J.
rs And under such circumstances. it is n
VI at all surprising that the great stap
o. articles oil our country should find sue
ready customers from abroad.
o. Is il not strange that the capital acc
O' muiated in our cities is seeking InVe'
Gu ment in such public securities as yield
safe and regular return Of interests al
D. it is not a little remarkable that amor
re the pubic securities bought and sold
~ our market, there is but one which
seneraIly considered as a perfectly sa
III investment. Hence the rise in prices
,o' stocks oI the Stale OF New York viii
I'd the value OF our slale securities rises a
o. falls with the floating rumors Of The da
The only remedy for the present
'c' nanciaI evils OF the country, is the rect
'o' citation of The credit Of the States, III
" must be the primary cause o' all our
ture prosperity; and until that eve
~ shall be accomplished there can be
ms regular and substantial system
&c" irade carried on. Until that period
rives, the business OF the nation will
a subject 10 various fluctuations, and v
IN n mol yield remuneraling profit lor
" risks with which it will be attended.
W" Not only is the general GoVernm'
as involved in difficulties in consequence
us the insuAiciency Of lis revenue 10 MI
'ot It's expenditures, but the States Ihe
selves are 10 a condition OF greater e
'"S' bsrrassmenl, and many OF them are
this time unable TO pay their ordlnt
'"o expenses. Can il be pretended that
der such circumstances, q sale and he
iow thy business can grow up, and that II
10 viduas can prosper. The oCly rene
'o'S I we repeat then, that there can be
Anu ~ these evils and for the purpose Of res