The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-10-21


every inch of cloth wewear, every brick we
pile into our walls, and every slate which
roofs our houses. 1t sams 10 be cheap it
turns out 10 be dear.
Here is another causS great and con-
trolling one. We make money out of what
has no intrinsic value-fo foot OF papor. All
properly is the product bf labor. To dis'rI'
bule from the producer 10 The consumer,
there must be trade. Ftr that. there must
be money, which Is sim ply the. instrument
Of trade--a labor-savinA machine to pro-
mole buying and selling. Alter much ex.
permenling, mankind has taken gold and
silver, aud thereof made money, the inslru.
ment of trade, the medium Of commerce.
Gold and silver are property, aud so repre-.
sent the labor requisite 10 acquire them; they
are transferable property, and, Of course,
subject TO the laws Of properly, they rise and
fall in value, and no Legislation can preven,
that, any more than iron or tin; yet, com
monty they fucuale less than any olhel
substance that could be chosen. They are
condensed property. And not only are they
the medium by which debts are paid, bu
| they are the standard measures of all value
| Gold or silver made into coin has no more
value than before. AT the mint The Govern
ment puts a stamp upon it, which is simply
a national certificate that it has acerlain puri
! ty, or comes up 10 certain weight. II is q
= 81, oT yalna mi q rreu1'nr IF uatno
Now, in America, we make fictitious
money out of piece of paper, which con.
tans somebody's promise to pay dollar,
and this becomes an instrument OF trade, by
which debts are paid and the standard meas
ure of value. Unlike The metallic dollar, the
paper dollar has no intrinsic worth-is no
property, only the lawful representative o
property. We have chartered some twelve
or thirteen hundred tanis in The U. States &c
manufacture This substitute for metallic mon
ey, on condition that when the paper Is
brought back, they shall pay metallic dol
lar Tor it. A bill, which is a promise TO pay
is taken in payment oI debts, said TO be AZ
good as gold; certificate OF debt is taker
instead of u certificate OF property. As there
is little demand for metallic money, that i,
carried of. Like all olher merchandise, i
brings The hishes, price where it is needed
and used the most. 1t is not TO be deGiec
! llrat there is a certain convenience in this
especially attending large lrarsaclioEs; but il
using it in small sums, thee is this grea
| Inconvenience. As paper costs little labor
and is yet taken for The Representative OF val
ue, and so certificate for abor done, i, il
multiplied TO II erea; extenl. Then money
is cheap and prices go up. The farmer get:
Two dollars FOR his bnshe OF corn--lhat is
he gets the promise 10 pay two metallic dol
lars. Wages rise; The laborer gets more pa.
per money for his work, but his grain, cloth
and coal also rise, and hs gets no more val
ue than before. Accordingly as prices rise
it costs more 10 manufactufe than before
and SO we import the products Of labor from
abroad, where there is hlle paper money
ald prices are low.
As we feel rich, because money is plenty
and men say il is as good as gold, we i'm
port largely articles oil tomfor and luxury
and send abroad our raw materials in pay
ment, 10 be brought back manufactured
goods. But By and by tie raw material il
not quite adequate 10 pay our foreign debts
for our paper money il good for nothing
abroad; our foreign goods, sold at paper
prices, must be paid for In metallic money
and specie runs out of he country. Then
The banks, not having the actual metallic
money to pay, refuse to' circulate their bills
money becomes "shon,7 "tghp'-there is a
pressure in the markell Money is worth
more than before, goods are worth less
Merchants who have bought goods on cred
ii, and sold them on credit, cannot meet
their payments, and, accordingly, must sell
their permanent properyto meet their pay.
menls, or else pay enormous rates of inter-
est-for money is merchandise, and when
scarce, like bread in besieged city, il goes
up 10 famine prices Stocks fall in value
ten, twenty, thirty, iorIy, even fifty per cent.
Capitalists become dlstrusfui, and refuse to
loan at all. Traders fail, ane give up thei:
permanent property TO their creditors: it is
sold at reduced value. The trader loses
half, but the creditor is onIyhalf paid.
The inheritance of birth, the earnings af a
long life are at one swep away. In his old
age, the thrifty merchant left with nothing.
Timid men withdraw their money from cir
culalion-it lies still, anil an idle dollar is
just as useless as an idle spindle or an idle
axe. Great enterprises stop Men are thrown
out of employment. Hunger looks through
The window of a thousani homes, making
ugly mouths at wives and babes.
We take great pains tc prevent this evil.
We Try legally 10 fix lhe value OF this paper
money we have created, snd threaten to pun
ish every man who loans it at more than six
per cent. We might as wall say that water
should no, run down hill. We have Tried TO
make that money which is no money,
which presents no labor zone, and we can
not escape from the consequences OF our FIRST
false principle. We wonder that specie does
not stay in The land. II is because we think
paper money is just as good, and France and