The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-11-18
From the N. Y. Morning New
THE GOLD HUMBJJGs


THE GOLD HUMBUG. H
Z A few years since when amid the evils Of
a most ruinous abundance Of paper money
and an unnatural scarcity Of coin, the Demo
cratic party persisted in purifying the cumen-
cy by discountenancing the multifarious prom
ises Of corporate speculators, aud encourag-
ing the increase Of the national coinage, the
whole commercial World rung with opprobi-
Gus epithets bestowed upon the great leaders
of the people for their alledged folly in sup
posing that specie was preferable to paper.
The gold bill of 1884 was carried in the face
of the strongest opposition, lis object being
10 encourage the import Of, and to retain a
necessary quantity of gold in the country. No
measure was ever more preservlngly reviled
than the measure of Col. Benton TO establish
branch lnints to give the imported gold an
American form, in which it could circulate
freely and familiarly among the people
Those measures have served to assist in more
than doubling the quantity Of national coin
in circulation, and the quantity Of specie in
the country has become as large as is neces-
sary. Now, however, the opponents Of a
specie currency have changed their note,
and nothing bat specie will suit them. The
National Intelligencer Of late date spoke as
| follows:
at is quite clear, we think, that the safest
and most solid business for us would be to
make our exports exceed our imports, be-
cause the balance, whatever it may be, will
come TO us in coin; that is to say if in ls46
we export one hundred and fifty millions, and
import only one hundred millions, the bal
ance of fifty millions due us by the residue
of the world will be received in the 'HARD,
which should be as welcome TO the Locofo-
cos as the Wings. But if the party in power
disturb the tariff the reverse will be the case,
and the consequence may be another COM
mercial and financial revulson, perhaps as
disastrous as that Of 1887, which may Heav.
en- forefend?"
This is emphatically j "gold humbug:"
Why, this lntelligenctT, that for years reit'
Grated the stupid asseflion that there sis moi
specie enough in The world to transact bust,
ness" now talks coolly Of importing $780,
600. 900 per annum. In such state of COM
merce, supposing it possible for it to contin-
ue on such basis, how cheap would money
become in the course of few years? and
how high level Of prices wo uld represent
that cheap money?
A late date The Bank of England had OF
hand $75,000,0OO of specie, and the Banl
of France $50,OOo,000, making 81 $4,000,
900, which would supply two years and ;
half.of the Intelligencer's sound trade. afte
a long import of the precious metals, as il can
not be eaten or drank, would itnot get 81
cheap as 10 be exported at profit? if SC
the "sound business would be liable TO be
t come deranged without any disturbance Of tn
tariff. From an extreme of paper the Ban
, party have gone to an ext rene specie, an
always leaving room to "regulate;" nov
the great principle of the Democratic "regu
I lation" was simply to afix to the precou
< metals legal value, and as nearly as posi-
!. BILE that which they had obtained abroad, j
II order that nothing might interfere with the
= free influx and efflux. Having done that
: became very apparent that they would a
8 ways flow TO the point where their value wa
8 the gretest. If they become scarce in tn
n United States, they will come here in spit
J. of all the regulations of combined Europe. |
after continued import, they become cheaI
er here, and depletion there, they will 6
v there in the face of all the tariffs that can
manufactured. Tho only way to retain an
considerable quantities here, is 10 give thel
t. value by increasing the demaud for them.-
l. That is, to make them alone receivable Il
State and Federal revnues. They will the
3 not leave the country until that demand
d more than fully satisfied. The whig syste
q is to make them stay in Bank vaults by virtr
= of parchment laws.