The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1854-08-15
From the New York Tribune
HOW TO MAKE MONEY ABUNDANT.

From the New York Tribune
HOW TO MAKE MONEY ABUNDANT.
The idea of "good times is by tho public
mind inseparably connected with the impor-
faiion of gold and silver, and that of "bad
times as inseparably with that of the erporta-
lion of those commodities, and hence il is that
the newspapers are so universally careful to
chronicle the arrival even of paltry sums of
twenty, thirty or fifty thousand dollars, when
whole cargoes of tea, coffee, and other CON-
modites pass unnoticed. The reason OF the
universal prevalence of this idea is that overy
member of the community. the y-lender
ercepted, feels that with the influx of money,
and prices of all commodities, labor included,
tend upward, and that interest tends down.
ward, and that with its efflux, prices tend
downward and interest upward. With the in
crease in the quantity Of money to be given
for commodities trade becomes brisk, exchan-
gos are rapid; not only does the rate of inte-
rest fall, but the commodity in which it is paid
becomes more easily obtained, and thus, as We
have said, tho whole community prospers, ex-
cept the single class of men who have money
to lend, and are accustomed to rejoice in what
over tends to enable them to foreclose mortga-
ges, and purchase property at reduced prices,
or lend tho proceeds on note at one or two
per cent. per month. With every dimnuiion
in the quantity of money to be offered in ex-
change, the reverse effects are sure TO take
place. Trade stagnates, and the demand for
labor dies away The laborer ceases to be u
bio to purchase food or clothing, or to occupy
houses, and prices fall-but the rate Of interest
rises-and now the money-lender rejoices in
his power over his debtor. and the sheriff exc
cutes his commands to transfer to his posses
sions the whole property of which no had al
ready received of it's occupant-who has the
misfortune TO be poor-haf tho price for
which it had been sold. Our readers may do
termine for themselves whether or not this is
true statement of facts, and whether or not
we are correct in saying that il is plain com
mon sense that leads tho multitude to rejoice
in the import OF gold. and mourn over its ex-
port.
If. however. they will consult the journals
that live by teaching political economy and
pro-slavery free trade-as, for instance, The
London Times and our own Journal Of Com
merce-they win find that common sense is in
error-that the people do not know what is
good for them-that they prosper more by
parting with the gold that they cannot either
eat or wear, in exchange for the food and
clothing that they can consume-and that they
should, therefore, rejoice rather than mourn o.
yer the departure of the precious mctals.-|
When, however, they proceed step further,
they find that The Times proclaims to the
people of England that better times are at
hand, for the exchanges are turning in favor
of England, and the drain OF gold IS about to
cease, and The Journal Of Commerce repeats
the strain; assures its readers that the stock
of bullion in England is increasing, aud that
therefore money is likely 10 become cheaper.
while railroad bonds become dearer-a state Of
thing arden,ly hoped for by its readers. They
blow hot and cold with the samo breath. using
one set of words for their American readers
who are to be misled to tho adoption of pro-
slavery free trade. and another when sheer
necessity compels them to speak the truth
Their course is one of perpetual inconsistency.
1t is quito true that men can neither cat gold
nor use it 10 cover their limbs, but this is o.
qualy true with regard to railroads. and yet It
would be difficult TO persuade farmer that
since he could neither eat nor wear his road.
he might as well exchange it for something
else that he could either wear or eat Both
are useful for fascillating exchanges. and the
moro abundant they arc the moro rapid will
be the movement-the lower will be the rate
Of transportation and interest-the higher will
be the prices of labor and land--and the great
or will be tho prosperity Of al the community
with tho exception, as we have already said, o.
that class of the community which now enjoys
the special protection of the Government-the
Diminish the supply OF either
and everything changes to the opposite diroc-
tion. In proof Of this, we beg every reader to
compare tho existing phase of things with
that which existed but year since. Look
whero bo may, he will find mon seeking en-
poymont, and shop keepers seeking purchas-
ers for goods that those men would be glad TO
consume if they could obtain the means TO
purchase them He will find men wanting
houses, and many houses to let-farmers want
ing roads and men desirous to make them
and yet the labor cannot be sold nor can
the goods be bought-the houses cannot be
rentend and the laborer is forced TO crowd his
family into single room-the roads cannot be
made and the road makers are idle-because
money is scarce
Why is it scarcel For an answer to this
question we beg to refer him to the following
furnished by document recently
submitted to tho British Parliament of tho ex-
ports from Great Britain to this country in the
past few years.
I847. flO944,I61 1851. .. 14,362, ,976 |