The miners' express. (Dubuque, Iowa) 1849-1854, 1853-06-08


leaders will not allow the people to draw in
struction from the story of the past. Some are
anxious to hurry crisis with this country, hop
ing 10 find their profit in the commissions 9th
ers, perhaps, regard it as the best means to &C
complish their object, viz: annexation to the
United States; Santa Anna may regard it as the
excuse and the aid to the military despotism,
which he now aims at We however, give him
credit for more sagacity, and are inclined to
think tina, these late reports are not reliable.
FrLm the New York Herald.
1t appears by official returns received from
time to time from the great banking institutions
of Europe and the U States, that there has been
no increase in the amount of gold bullion or
coin in their vaults. The total amount on hand
now is no greater Than it was six years ago. 1t
has not, therefore, become the basis OF the paper
currency. The increased value Of metallic cur
reucy must have passed from the minis into &C
tive circulation, or, at all events, into the hands
Of the people. l: is pretty we'll established that
Il has not served as foundation for the i'm.
mense credit structure which has been raised
to CHI dizzy height III all quarters Of the
globe The progress Of financial knowledge
and the genius OF the age, have wiped out all
systems, and new order OF things exists
What would have been considered an impossi,
bity few years since in banking is now daily
p.actsed, apparently with impunity.
There was time, within the recollection OF
middle-aged men, when gold and silver were
absolutely necessary basis for banking oper-
ations-when it was considered the Die repre-
sentative Of the paper currency of the country
Since that time revolution has been realized !;
and the precious metals appear to be of no con
sequence, except for the purposes of making
change & transportation from one section of'he
world to another, in regulating balances of trade
We now find banks springing up by the
dozen in all parts Of the country, and launching
out at once into the most expanded movements,
without FIVE dollars in gold or silver il their
vaults. Credit is their basis Paper promises
to pay are The foundation of the whole future
initiation, and one class of CT dts serves 10 sup.
port another. They are piled up one upon the
other, the first having to sustain the whole ia
brio, tumbles with a tremendous crash to the
bottom. Government and State stocks and
bonds form the first strata; then comes city,
county, town and village bonds; then railway
bonds, canal bonds, pank-road bonds, and 50
on up, until the most worthless, valueless paper
securities, form the cap-sheaf. There appears
10 be no limit to the aIsount or variety and the
ture get of its roitenness is complete prostra.
ton and destruction, spreading ruin and dismay
among those engaged in its erection.
During the past five years the financial and
commercial community have been rapidly rush
ing onward in this channel.-They have been
actively engaged in creating evidences Of debt,
without the remotest idea, apparently, of the
consequences. Bonds have been manufactured
by the million, and sold, either at home er
abroad, to the highest bidder, and frequently at
a great sacrifice. All sorts OF internal improve
ments have been commenced and partially CON-
pleted, and every species of extravaganza ent-
cred into without the first thought OF where the
means Of payment were coming from. This
rccklessness must have its reward. 1t must
sooner or later reach its eliminating point. We
do no, inie I'd here to point out the method of
preventing it, remedy for its cure. At
present we shall confine ourselves 10 the fact
that such state Of things exists as will bring
upon US all the evils which have heretofore SO
often followed such an artificial expansion of
public and private credit The large receipts
of gold from California and Australia, have for
some time past and continue to hull the public
mind into fancied security. 1t is argued that
50 long as the supply of precious metals coniin-
ues undiminished, there can be no danger of a
revulsion. This is a dangerous delusion. The
receipts Of gold in large sums will only hasten
the collapse, and make it more disastrous when
it comes. All the unmined gold would not re.
store public confidence when once widely pros
trated. Credit, both public and private, is a
very delicate, sensitive element to deal with.
We may for years 60 on prosperously All
the future may be full of promise. All may be
sunshine and not solitary spec be visible in
the financial or commercial horizon, when sud-
rlo Nh he
whole, and gloom and despair be visible where
but moment before all was confdencel and
hope. We have known pancs to take possess
sion Of the public mind as instaneously as
summers cloud will shut out the mid day sun.
The immediate cause IS seldom or never clearly
shown, but its effect is whitening.
When credit is enormously inflated the fnan-
cial and mercantile systems Of the world are in
an unhealthy die SD conci ion, and we know
not what moment it may take an acute form,
and prove fatal to many whose condition parti-
cularly subjects them to its influence.
Our impetus has already reached such
height that we question if it is possible to stop
without damages We might perhaps, with
safety, put down the brakes and apply all our
force to gradual stacking of speed, but it
would not do to reserve the motive power while
under full Roadway for we might bring about
by such a movement the very evils we wish to
avoid.
The best means to avoid catastrophes in
monetary concerns, and depressions and crisis
in credit, public and private, lisa resort to the
metallic currency. There is all The difference
between paper credit and specie currency, that
here is between the shadow and the substance,
the dream and the reality. The arguments in
favor Of pure money, instead of its representa-
tive, ss the chief circulating medium, always
overPowering, have received added force from
the tremendous increase of the precious metals,
consequent upon the gold discoveries in Cali
fornia and Australia. Why should we longer
pursue hollow deception, when substantial,
immutable, undeceptve fact gitters in our faces
and offers its honest and enduring favors? Let
US not wait till all the evils of irresponsible ere.
dit are upon US. aud then bemoan the bitter re.
suits Of our folly.
A FEAsr.-California papers say, that 800