Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-03-06


lAnd al that very time the army
which bad made Rome mistress Z
the world, dyindled away becaus
there was no money TO pay the sol
diers, and the rich fields of Italy raj
TO waste because agricultural labo
could not, get living prices for its pro
ducts. Ds'l' r. q 70 i-5l'( ~
To similar state ofahings Chris
tendon has lately been tending. I
is true that scientific discovery anC
mechanical invention have given ,
prodigious start 10 human energy
and greatly contributed TO- the su
periority OF modern times. But tht
amount of gold and silver has no
increased ia proportion, but the con,
trary. The mines OF Peruland Mex,
leo. which before 1910 yielded about
$4,000, 600 annually, now yield les
than Sl5,000,000. The falling of
thus caused in the quantity Of pre-.
cious metals received, in England
from 1910 to l640, was moi less than
seven hundred and fifty millions oI
dollars, nor was this decrease fully
compensated, though it-was partial
Iy, by the yield of The Russian mines,
that yield not having exceeded $50,
10000 a wear. And all the while
the United States was doubling its
populalian every twenty FIVE years,
Russia and Great Britain every forty
years, and so on. Thus it is evident
that but for the discovery Of the gold
Of California, money-famine must
soon have arisen, causing a universal
fall in prices. in the reward of labor,
the doubling of and a fatal increase
in the weight of debts and taxes and
in the value and power OF wealth.
or course, such famine would be
most severely felt in densely popula-
ted manufacturing countries like
England, France and Belgium. it
NAV perhaps be doubted whether
England could have survived if, so
great is the burden Of her national
debt and so severely has she already
felt the operations to which her cur
rency has been subjected. Even
now after thirty years of peace, her
taxes are about twice as heavy as in
1915, after twenty years of a costly
war, and SO Of mortgages, bonds and
other debt.
And in England during this time,
a powerful interest has constantly
been laboring to reduce the currency
as nearly as possible TO The amount
of bullion on hand. In 1919 the
Currency Restriction Act, introduc-
ed and carried through Parliament
by Sir Robert Peel, reduced the pa
per money in the Kingdom from
three hundred millions OF dollars 10
half that sum, where it has since re-
mained. This was one Of the most
disastrous measures in the history OF
legislation. II halved the price OF
land, labor and merchandise, doub-
led the value OF money and burdens
of debt and taxes, and has hung like
an incubus upon the country ever
since, reducing the masses 10 slavery,
and benefiting nobody but stockjob-
bers and money-lenders. -- -r.-
At this crisis, when everything is
suffering from the contraction of the
circulating medium, the Anglo-Sax-
on race obtain California, and in
three months discover the gold which
The Spanish owners, though in pos
session for three or four centuries,
had failed to discern. The Calilor-
MIA mines NAV be. relied on 10 sup
ply S9O,0OO,O0O during the year
1851. And supposing 100000 labo-
rers to be constantly engaged in mi
ming. 1t would take above four hun
dred years to exhaust the gold re-
gion, or, If this be above the mark,
i! is certain thatit cannot be exhaus-
ted for generations to come. And
the yield will, no doubt, constantly
increase as mining is carried on more
scientifically and with machinery ad-
equste to crush the gold-bearing
rock. re -----r-- -s~- 4. e-
Thus nature has provided an abUn-
dant supply Of gold and interposed
a barrier to the disasters which the
folly and mistakes OF legislators were
Fastening upon the world. This is
her Act for the Extension of the
Currency against which the bullion
lists, who would restrict the amount
OF money, will strive in vain. The
great monetary revolution ofrthe
sixteenth century, consequent upon
the Spanish discoveries in America,
from which the prosperity and i'm
provements of subsequent ages date
their rise, will now be repeated
The value of money will fall, and
the price Of labor and IFS products
will rise; taxes will be less, debts
will be easier paid, and new activity
will be. exhibited in every sphere Of
life. ~ "a I-5s anT ,ge3i 71i
Sill. in the opinion Of the writer,