Burlington tri-weekly hawk-eye. [volume] (Burlington [Iowa]) 1852-1855, 1855-02-01

There is in Hunts Merchants Magazine for
January, an article from the pen Of Henry
Y. Carey, Of peculiar interest and Importance
at the present crisis, and when may well be
commended to the attention Of all interested
in examining into, and .utting an end to the
causes which have brought about the la
mentable stagnaiion Of business under which
every class is suffering now. Tho article is
devoted to the calculation of the proposition
that where the circulating medium abounds,
there is prosperity, and money begets monry.
MIR. Carey exposes the fallacy In q recent
work Of one Of the leading economists Of
France, which confounds ,pital with money.
Capital IS greater in this country now, in the
Ii DIST OF the distress, than it was when pros
perity abounded as 1t did, few years ago !;
not 50 with money. We quote q pass age
from this portion of the article:
SIT is not capital that i. needed, bat money, the
MACHINE by help Of winch the produces of labor and
capital are kepG III motion, without which tley
ctnnot move e>ccps the fashion of prnltv i've times
when skins We're traded for KNIVES and cioth. The
actu capital of this country houses, lands, lac
tDrle furnaces mines, ships, roads, canals, and ot her
similar property, has III the last three years, been
increased 10y tile application OF labor, to tie Of
at least Thousand millions OF dollars, yet see
ii all directions roads half inlshe. and unlike SOON
ployment-mlis likely to be stopped for want Of de-
nland tor their pioiuctsabor,rs unaoic sell their
labor-and ,nea of business everywhere compelled
| tocurtaii ths operations, because che dllculiy
experienced IN collecting heir debts. Why is this so
Why should g.oom aLd almost despaiTs have every
where taken session of men who but years since
dce;ned tenleiyos 50 highly pros erous! Not certain
~ because OF any diaihution Of capital, for that
greater than 1t ever has been. Leok where We may
We see house,, roads. and ia ms and almost States
/ iastcp md he
last two years alone, the addition the popu alton
cannot have been much less than two millions. Cap
ital and aber, the things to b. moved have ncreas
ed, but with that increase there has been Il steady
export Of the machinery by which they were to be
IN we'd, and the results we observe precisely
those which might have been expected from such u
course Of operation. The export Of some 30 or 40
mldons Ut dollars in gsd has produced this state of
thngs ana TO produce an almost entire stoppage Of
motion it is needed only that the export from the
Atlantic States should in the next, exceed by ten
htteen or twenty millions the import from Calm-
niA The little capi al required for making q rail-
ioad adds many millions to the value Of the land
through which it runs, because it produces Il rapid
clIcuAtn OF their products The very little reqnir
"a Tor building furnaces and mills gives great value
% land and bor because it produces motion among
the labor and it products that seek to exchanged
but the very minute quantity employed in main
| tanning the machinery If exchange from and TO
hand produces results fifty fold greater in proportion
/ to its amount. .#4t44
1ne wealth OF the country in 1845 was but little
greater than It had been in 3i2, yet prosperity was
reignlng every where in the former year, because
money was flowing in and motion was being produced
wher as in the latter il flowing out and motion
was being suspended, and the power Of association
was being destroyed. Were it possible to announce
by reason Of any change Of policy the expert of
gold would be stopped, and that the quantity in tie
country would steadily b. increased by retaining the
imports from California, money would almost at once
again become abundant, motion would Iecommence
ana prosperity wo Id reign thrnughou the land-and
yet the difference in the next year would amount
u one gu rer of one per cent. Of the value of the
land and labor Of the country. Capital would be in
creased BY portion SO minute as scarcely to be dis
cernabie, and yet the money vaue-the value of
which 1T would be exchangea--would be augmented
by many hundreds Of millions. At presen all i.
stagnant. and there is little force. Then, all would
DC life and notion and the force excrted would be
great" 49, 5.s9rs IS. -.
MIR. Carey refutes the notion that paper
currency is injurious. He says on tho con-
trary, IT renders gold more valuable by ems
bling it to effect ten times the amount of
work that 1t would accomplish otherwise.
The write appeals for the support Of his
position to history and individual experience
throughout this philosophical and we'll reas-
oned article. AT this moment, when a mad
attempt y about being made 10 inorease the
export Of Gold, and drain at etill more dis
astrous rate the life blood from the body
polite, such articles cannot be too widely
circulated nor too attentively read.-[St.