The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1855-01-20


lis nothing but motion communicated to mat
'ter," and motion in all forms is stopped
when anything impcdcs the movement from
owner to owncr-thc ultimate motion for the
sake of which prior motion is instituted.
Close the few miles of the Eric Canal between
Sccnectadv and the Hudson, and force its
freight to the Railroad, and the whole bust
ness of its entire length, and of all the tribu-
tary channels as far west as the Mississippi,
and south TO the Ohio, will be restricted to
the few car loads that can be transported by
the Railroad. Tear up the Railroad, and the
entire business of these vast arteries will
dwindlc down to the few cart loads that can
be dragged by cattle over the sand hills back
of Albany. A contraction of The currency
is like contraction Of tie aora--thc pro-
duction of blood is necessarily limited to that
which 1t can rass-and, in like manner in
the economial body, the things circulated
must conform to the measure Of the circula-
tors.
The minute divsblity of the precious mat
ais renders the smallest coin saripg .t"nd
for labor, because it gives utility to the bill
lions of minutes that would be wasted in the
absence of the means Of giving to the smallest
amount of labor its proporlonate rcmunera-
ton. Two cents buys The Tribune. Two
cents may be earned for the purpose Of buy
ing The Tribune by thousands who, but for
a. r. Al, Il ls.J., i'll
ness that small portion of each day that suf'
fees to render the service which secures this
petty rccompcnsc. 1t causes the labor of all
those who are employed in the physical and
mental toll which make the paper, ink, types,
thoughts, &c.-cmbodcd in each copy-so of
everything else that pennies will buy. Sum
up their underestimate, then the extreme
rapdity Of circulation Of this littlc coin; re-
ilcct that every timcit passes from one hand
to another, tmo services have been rendered
to the community, two labors performed that
but for its existence would have been upper
formed, and then Judge whether the mass Of
copper in the shape Of coin does not annually
increase the amount Of production by Il value
bearing a much larger proportion to is OWN,
than any other instrument contributing to
wealth, and therefore itself rcckoncl as
wealth.
Consider next chat labor-powcr is pro'luc-
ed momcnty, and produced at the cost of
od-the fuel to the human machine; next
that labor powcl is the only product that is
consumed instantanrously. 1t either per-
isles, or is invested at every pulsation. Time
cannot be kept ovcr-cannot be stored away
to wait for market The demand for 1t
comes with the second o. comes not forever,
and that demand is in the coin which enables
labor in any quantity, large or small, to OK
change itself for other labor parcccd ont III.
to as many fragments as the whole variety of
human wants, or it is nowhere.
1t is thus made apparent that money is in
the supcrlatve degree the instrument by
which labor is saved, and made productive
through that combination of effort which cx-
hibits itself in the division of employment.
In other words, it is the machinery of asso-
citation. 1t thus appears, too, why it is that
Tie nation which possesses most money finds
the greatest facility IN obtaining more.
| Where it is abundant, production is cheaper
cd and stimulated, so that the means ofpur-
chasing more coin are rapidly increased.
| Where it is scarce, production flags and is
dear, there is little to send abroad in eX-
| change for more money, and that little Is
produced at such Il cost that those who have
money to sell can buy cheaper elsewhere.
| Here we have the explanation of the fact that
money always flows from the places where
its value, measured By the rate Of interest, is
| high to those where its value thus measured
is low. \ piece of gold will buy more cloth in
England than in Illinois and it goes from the
latter, where it yields ten per cent to the
former, where it brings but five Where
| land and labor are ow-priccd as they arc,
and must be, in all the regions that export
raw produce, the value olmoncy-that which
| it cost to obtain it as owner or b orrower--is
great, and its utility-that which it effects
in giving command of the forces of ma turc,
and of the manufactured products in the
making of which those forces play the great
est parts small. The outflow of money
tends to raise the rate of interest, and at the
same time, to increase the temptation of send
ing it abroad, because the withdrawal of the
stimulus reproduction increases the inlcrorl
ty, in cheapness Of manufactures, to those
regions into which it flows. The aecessitg of
retaining it is greatest when and where the
poWer to do 50 is least. On the other hand,
the influx of money tends to lower the rate
of intcrcst--thus diminishing the necessity of
| importing coin while it lowers, IN a still
greater dcgre, the cost of manufacturing, and
thus increases the power of exporting pro-
ducts, and of importing coin in return for
| them
We thus see why ii is that interest, which
is paid for money alone, rises at the very
periods, when profits, the earnings of other
capital decline. The increase of production,
which yiclds profits, depends upon the molten
of capital. The capital of this country is
| o,,.oo mr. tbop II xroe tbroo x,aorc