The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-11-13
THE DEMOCRACY AND HARD MO-
NEY-AGAIN.


Washington States of the 2lst ult., aan nrti.
Gle from the Richmond South, introducing an
extract from Mr.. Buchanan's speech in favor
of the sub-treasury system. We agree with
the South, that the Democracy should cling
to their old faith, 'and take up position al
once behind its ramparts.' We hope to see
the Democracy not only stand by their old
principles rs regards National Sub-Treasu.
ry, but we would like 10 see them advocating
the same principle in regard to every State
Let US carry the principle out, by having
State Sub-Treasuries, as well rs n National
Sub-Treasury."
The United States Bank furnished a cur.
rency equal to gold and silver In every part
of the civilized wosld. It too, while its ma.
tionality was preserved, kept the State Banks
in check and thereby sheltered the enterprise
and industry of the country from ruinous ex.
pansions and contractions of an irredeemable
paper circulation. General Jackson, moved
and instigated more from malice to Nicholas
Bddle and the Wing party, than the Bank,
determined in his wrath that the monster
should be crushed, but promised at the same
time to furnish to the country "better cur
rency." The Democracy of that day listened
to, and oheyed his unwise denunciations and
commands, and the Bank ceased to exist.
The public moneys were collected and hoard
ed-innumerable State Banks sprang up and
flooded the land with paper. thick as the leares
Of Vallanbrosa-wild speculations, luxurious
exttavagance and overtradng resulted, and
the country was overwhelmed with financial
distress and wrecked fortunes. Like most
Democratic promises, that "better National
currency" was found to consist in gold for
the Government and "rags" for the people,
and now, it seems, il is to be extended to the
currency of the States.
This same Richmond Sotth, which the
Washington States SO warmly endorses in its
little sub-treasuries, Notwithstanding an an
nual supply of gold from the California mines
to the value of sixty millions, computes the
amount Of the precious metals in our country
to be equivalent to only t,oo hundred and seq.
enty millions Of dollars-ah amount which
would no! purchase the taxable property of
one respectable State. This is the system,
with capital of only two hundred and sew
enty millions, which is to exchange all our
labor and enterprise, our lands, houses, cattle,
mines, railroads, STEAMBOATS,, and carry on the
operations Of our General and State govern
ments. The idea is perfectly ridiculous and
impractieable.
But, under our system of exports and i'm
ports, where is the assurance that this two
hundred and seventy millions would not, in
our distress, take wings and fly away! We
know that money, whether gold or silver,
brass or copper, iron or lead, shells or paper,
is but the legalized medium of exchange and
the representative of value, and like water, it
always finds its level. 1t goes wherever SUI
perior skill, labor, enterprise and industry de-
mand its use. The gems OF the East and
the Colds of the West could not shield Spain
from poverty and wretchedness. The rocky
Isle, which the stern Roman shivered when
he named. now. by her intelligence and liber-
ty, her arts and arms, her enterprise and com.
merce, commands the riches of the world.
The National InteRigencer of the 2Sd ult..
furnishes us with the following statistics np-
plicable to this subject, which We append to
this article for the instruction of our readers.
The, Editor says:
"'rhs total amount Of dry goods imported
into The port OF New York for the last eight
months is over S76.90O,OOO; this for one
town only in the country; while in the last
eight months the foreign brokers have sent
out OF the city of New York S32,29S, 1855 in
specie or hard money.
"During :he last fiscal year ending June
80, 81, these brokers have sent out Of the
United States to pay for dry goods, cotton
and wooden cloths, hardware. glassware, cut
lery, jack-knives and domestic wares saws,
gmlets, axes and chisels; rolled iron, ham
mered iron, bar iron, railroad iron, and other
like things which should have been made by
our own people, the sum Of $50. l36,922 in
solid gold and silver.
"Yet the South nnively wonders at the
scarcity Of specier Is it then very mysteri-
Gus that with an annual supply of gold to
the value of sixty millions, and with m m
nual export of gold to the amount Of seven
iy millions, we should find our hard money
growing scarcer and scarcer?"