The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-05-09
From the Seneca Advertiser.

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The following letter, addressed to VS. y rom
citizen Of Illinois, formerly resident OF TINS State
Hike the letter nom Michigan, published by Us
few weeks ago, il clearly disproves the assertions
Of the whg press in regard 70 the Injurious effects
Of specie currency, upon the prosperity OF the
people. But read the letter: 70
GALENA, 10 Daviess co. III.
80 7ti.i'' A'lg March 25d, lo46.
To The Editor Of the adUerfiser: 6as s1
se's "A residence here
Of several years VIII enable me TO state the prac-
cal effects of q hard money currency upon the bu-
sness and the prosperity of the people of this State
can speak from observation of the effects within
the mining region, and q general reference to its
results upon agricultural interests. elAs
State Her products are the same, and her inter-
ssb are identical. Hence the question is, more
properly, whether our people, without the aid OF
banks, are as prosperous as the citizens Of Ohio,
with them. Our markets like those of Ohio, are,
Of course, governed by the fixed law Iof supply
and demand. Banks cannot affect them, save in
the way Of reckless speculation. When there isa
demand for our products, purchasers are plenty
the chief difference being, that when they buy of
US they pay specie instead Of bank paper.
The custom OF spectators who buy Ohio pro-
duce is to sell their specie 10 New York and other
eastern cities, for bank paper; this they exchange
with Ohio and other banks for their wretched bills,
at premium, and the last edition is used TO pur-
chase produce. In Wisconsin and Illinois they
bring their gold in the FIRST instance. Our markets
are always as good as those Of Ohio, while our cur
rency IL infinitely better. Wheat at Chicago, Mil
waukie, RachiEe, or at any lake port, commands
just as high price, saving trifling difference In
tranBportaon as at Sandusky city, Milan or Cleve-
land. Experience in this country proves what was
theory few years ago, that when there is de-
mand, there will be ready supply, plenty OF pur-
cha5eTs, plenty of money to purchase, and gold and
silver when paper is refused. aa.a 9ol' ~.
The same is true Of lead that Is true OF produce.
Ademand tor the metal produces plenty OF puIcha-
sers, with the ready cash. The currency OF the
mining country s exclusively gold and silver
Bank paper is rarely seen here; and what little
comes in is speedily sent out again. Yet this state
Of things is but of fewy standing. Paper mo-
ney was formerly as plenty as specie is now. The
change was effected by the peopie-they were
aroused by series OF baIk robberles, and, unlike
thepeople Of Ohio, took prompt measures to root
out the evil. The farmer refused to take paper
promise for his grain-he demanded payments the
miner would not receive printed lie for his min
eral; the smelter would nottake corporation debts
for his lead in short all classes united to expel the
wretched trash then in circulation, and the result
has been what It VIII ever be IN such cases-pur-
chasers now bring their specie along, for the sim
pIe reason that the7 cannot buy with any thing
else.
This change was not effected without struggle
bank democrats and wings were vocferous
against it--they said il was the wrong tinle-as if
Alright time would ever come with bankers; il was
urged that there was not specie enough, yet two
millions OF dollars were paid out here last year for
lead and doubtless as much more at Chicago for
wheat The vAlloV b0ys are waiting TO bily all
we have to sell. 1t was said that specie curren-
cy is inconvenient, yet fifty thousand miners now
use no other money-and it is the common curren-
cy Of the country. Itwas said prices would fall
As before remarked, prices depend upon the de-
mmd-and supply, and not upon paper or specie
currency; vet in the case OF lead they advanced
over 25 per cents and they did not fall on produce
Itwas said business would stagnate whoever mas
witaessed the magic growth OF this hard money
land, would never think of that argument now
Healthy business could not be more lively. 10
short, ,it was said a currency OF gold and silver
would ruin the people. do assure you the rum
from this source has been small.
To sum up some OF the dement's 10 brief
Hard money has advanced the prices OF produce;
a Ithas advanced the wages OF labor;
1t has done away WIN exchange tohiy IN our
favor,)
II has introduced the promptpay-aho-"o''o
system
Wheat, which formerly stood at 81 ~ Genus
per bushel, now commands 20 70 oo. Laooreis .
receive from 10 to $2o per month; miners rom y 2
to $50; mechanical business not over stimuated'
but good; exchanges nothing. All trades ana pu-
siness cash in hand. Ihe everlasting crea't sys-
temof Ohio is unknown; MARKETS. STEADY, OUT
frm No expansion To-Day ana eohuac!'on To-
morrow. Such are some OF tine results lowing from
the expulsion OF bank bills, and to what can 'hey
ho akt shtvta al n