Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1852-12-29
Strike for Hard IOgaeE.

| Together with vast majority of Democrats over
all the land, we indulge the hope that the next
four years will bring about thorough and sweep
ing reform in the currency-commencing with
the Chief Executive, and extending, by the force
of an aroused public sentiment, long trifed with,
through all the States. 1t is certain that the
present rag money system will soon reach that
tdisasterous crisis which has aided SO powerfully,
heretoforc, in contributing to its utter prostra-
+, ton. Concert, union and vigor, will start the
movement which will be almost simultaneous
throughout the States, and result, finally in the
consummation SO devoutly to be wished--a safe,
sound and costtutional currency-"Gold and
Silver for the people, and commercial paper for
commercial men," There is very general feel
ing that in this respect, Mr.. PIERCE will prove
himself worthy of the name of'sYoung Hickory"
We are glad to observe the commencement on
the part of the Democratic press. Here, for in
stance is an excellant article from the Hamilton
Telegraph: -..-...
| INAUGURATION OF THE HARD MONEY ERA-For
many yeaes the more radical portion of the Demo-
cratic party have been deeply impressed with the
belief that the artificial expansion of the currency
by means of Bank promises, was policy fraught
with the most pernicious consequences. Justly at
tributng to this spasmodc initiation fthe circu-
lating medium, the disposition to purchase extrav-
agantly at home, thereby begetting panics and
bankruptcies, they have ever regarded these in
stitutions as inimical to the solid prosperity of
the country and have waged against them steady
warfare.
Among the many specious arguments which
have been adduced by bankers, in favor of their
schemes to tinker the currency, the two most re-
lied upon were first
That the amount Of gold and silver coin was
not adequate to the wants ofsociety, and second
That the transfer of the precious metals from
from point to point, to answer the purpose of ex-
change, was costly and hazardous.
! The Cincinnati Gazette comments, as follows,
upon article in late number of the North
American Review, on the increase of the pre-
cious metals and the consequent decline in the
value of money.
ga late number of the North American Re-
view contains article on the increase of the
precious metals and the consequent reduction in
the value of money. The writer shows, that
from the year 1900 to 1545 (accordng in Hum
boldt's tables,) the supply of the precious met
ais obtained from America was about $3,000,000
a year. From 1916 to 1900, the supply averaged
Sl1 1000, 900 year. The supply was largely in
creased from 1850 to 1903, the highest rate esti-
mated at So, 800 GOO. About the year 1900, the
annual supply was estimated at s49 y937 900, OF
which sl2, ,648,o0O was gold, and 1856, $50 silver.
For the ten succeeding years there was but little
increase in the supply, and down to the wars in
the Spanish American colonies, according to ia
cob, the supply, from the American mines did not
exceed $20,000,000 year. In 1884 McCulloch
states the supply from all the world at $50 OOOe,-
i coo. In l847 this supply was increased by the
products of the Russian mines, to S67 900 900.
The products of the California and other mines
have swollen the amount in 1852 to SITS, 1884,
900 in gold $llS, O00, ,and in silver about $780,
100000 from all the world. The supply in 1852
is about six times as large it was 20 years ago.
No reduction in the supply is anticipated for a
number of years. Should there be a reduction in
the products of the California mines, those OF
Australia, will, at least make good any defcien-