Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-07-30
The Increase Of Geld.

The last number of Blackwood contains an inter
esting article the effects social and political of the
increase of gold. II takes it for granted that the
depreciation Of money relative food to real estate
to property of every kind, which is the result of Ia
bor is already very great that it will continue
with the increase ofgold and II at will become perma.
nent. The depreciation which took place in money
after the discovery Of America amos. impercep-
tbe, and it was only by comparing whole century.
that it, amount could be ascertained This was ow.
ing to the fact that the increase Of the precious
tails consisted mainly in silver, which is only on,
sixteenth as valuable gold. Now, the increase is
all gold The writer thinks, there may still be com.
mercial embarrassmentS, and pecuniary c-ises-bu,
the intensity and widespread ruin, which have at
tended former ones will no more be witnessed. Th
basis of the paper currency will be expanded tina
it will be next to impossible to produce such convul
sions in the commercial world have heretofore bcci
known If this view be correct people in debt, vii
be able to extricate themselves by dispoSng of les,
property; and now is the time for those out OF deb
to buy up all the property their credit wit enabl
them to do-as it is rapidly approaching in valu
relative to gold, the recognized medium and standar
Of value throughout the world. The effects will b,
first felt in the large cities and in the vicinity of great
manufacturing establishments will reach tn
rural Districts last be most sensibly felt there polt
cally and socially, and bepermanent
The writer, looking moro particularly to England
where the increase e gold will have more immediate
and greater effect than on any other nation sees al
ready that e antcpatons of the free traders hav,
been completely disappointed by the providental dis
oEery the Californian and Australian gold banks
He says, that Free Trade passed by the capital
lists and shop keepers of England for the selfish pur-
pose of enhancing the value of money and realize,
property, and reducing the price of labor The nhu>
of gold has bafied that calcuaton-and it is in fair
way of transferring political power from the hands
those who now hold it, to the laburing masses, VIII
every where and always the friends of rotcction
As gold deprecateS pounds will not be worth NOR
than five pounds are now-and the five FOUNDER vii
become the equal of the present ten-pounder. That
is, he will acquire the elective franchise and being tn,
greater number, the present class of five FOUNDER,
will become the real masters of England They ar,
the aboring classes the people who do the work OF
the farms and in the manufactures. When they 9,
the power they will restore the protection to nativ,
industry, which the capitalists the head manufactu
rers and shop>keepers have abolished.
In the meantime, England has many sufTcrings to
endure. Her present prosperity is a delusion It =,
the apparent prosperity of the spendthrift, who l.
squandering his inheritance. The carrying trade
the country is passing rapidly into the hands Of for
egners-and the quantity Of foreign wheat importe,
annually augmenting When the time shall arrive,
that England shall depend on foreign countrie' 70,
half her food and upon foreign ships to bring it t,
her, her national independence will be in great eopar-
dy The only hope of Tory writer is that before
that time the Democratic laboring will hav,
come into power, restored protection, and saved the
crumbl " Empire.