The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-02-15
nous issues. That they unsettle the mar

raise the nominal prices of all things
This is an expansion. But after some
years more or less the bubble bursts, their
promises remain unredeemed, their worth
less rags are discredited, ruin overtakes
the most enterprizing citizens, "and all
property in the panic sinks down to price
much, very much below what it would have
commanded had nothing but metal money
ever circulated in the community" This
is contraction. But has. the subscriber
shown any more partiality for one state
of things than for the other? Men, who
are still on the sunny side of fifty can re-
member at least four different periods in
which COWS sold at prices ranging from
seven TO ten dollars. and wheat from thirty
20 fifty cents per bushel. Does any man,
acquainted with the nature Of money, be-
lieve that property could possibly have
fallen so low except by the stagnation, the
disorganization, the distrust and distress
occasioned by the misconduct of the banks
of circulation. The subscriber does not.
In the third number, the subscriber after
stating as above, that in one of these con-
Fractions, property sinks down, "much be-
low" metal-money prices. adds, personal
property is sacrificed at forced sales upon
execution, landed estates are often sold
for less than the last installment Of the pur-
chase money, and utter ruin overtakes
many OF the most enterprizing members
of the community" Then is it fair, is it
candid in Mr. "Native" to spend two col
umns of sophistry to show that the SUBJ
scriber is in favor OF very low prices and
a very restricted currency Gas self-deny-
ing politician. who proposes reduction
of the currency and corresponding re-
duction in the prices of the taxpayers s
property and labor?'' With equal can dor
and equal fairness he might have repre-
sented me as in favor of very abundant
currency and very liberal prices, for if
prices in time of an expansion rule very
much higher than metal-money prices. SO
in time of contraction they fall very
much below that standard. But in truth,
the subscriber is neither in favor of high
nor low prices. produced by legislation,
believing that prices are best regulated by
the laws Of nature, that is by the laws of
supply and demand, and that all legisla-
tive tinkering, intended to raise or depress
prices, is mischievous and only mischiev-
Gus. But | am opposed to a system OF
laws, the uniform effects Of which are ex-
pansions and contractions, elevations and
depressions. in one word fluctuations and
changes in the currency without end. Is
a man TO be represented as an enemy OF
innocent mirth and cheerfulness because
he reminds the inebriate of the stupor, the
| headaches, the sickness which follow a
drunken spree? Then with what show ol
candor can this gentleman represent me as
advocating doctrines which would reduce
the price of cattle one-half, in one year
Such sudden reductions Of prices are the
very evils which desire to prevent:!! As
well might temperance lecturer be charg.
ed with all the crimes of drunkenness and
all the calami,ies originating in drunken
ness!!! Suppose heated disputant were
to charge our evangelical churches, Pres.
byterians, Methodists, Baptists, &c., &c..
with being antinomians, friends of sin and
abettors Of vice; he would be justly re.
garded as an unfair and uncandid con.
troversialist, because those worthy Chris.
ttans deny and disavow such sentiments
Yet his charge, though false, is supported
by appearances. "Do you not" he nigh,
say, proclaim that the Divine Being for.
gives sin upon the repentance Of the sin.
ner and thathe precisely and certainly fore.
knows and foresees, whatsoever comes to
pass2 Now if the Deity foresees that sin
will be committed, will it not be committed
Who would go to hell, when he can get of
on such easy terms as repentance and be.
ing sorry? Do not your doctrines OF for.
giveness and fore-knowledge foster and
encourage all sin, all wickedness?' l re.
peat that these charges, though false and
unfounded, ungenerous and unchristian
are supported by appearances. But the
charge, which ..Native" brings against the
Democratic doctrines of the currency, are
equally false, equally unfounded and un.
supported by appearances. 1t is true we
would, inexorably, abolish the small note
circulation as pestiferous nuisance, but
we wish to accomplish that object, with
such careful reference to commerce, trade
time, place and circumstances as TO pre-.
vent, if possible, or at least to mitigate the
bad effects of the contraction and explo.
sion, which the unmodified and unregula.
ted action of our banks of circulation will
infalliby produce.
Friends, Neighbors. Fellow-citizens
have we not all really the same interest in
this matter? Does not the whig suffer a.
| much hv fraud and n,isuovornn,ont q @ III