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

! ty 10 temptation and fraud; II produces gen.
eral unsoundnes So ,iu trade, and SO Increase
the cost Of every pound of bread we eat,
every inch of cloth we wear, every brick we
pile inio our walls, and every slate which
roofs our houses. It seems TO. be cheap 1t
turns out 10 be dear.
Here is another cause.-the great and con.
trolling one. We make money out of what
has no intrinsic value--opt of paper. ALI
prop erty- is the product of labor. To distri.
bots from fhe producer to the consumer,
there musi be trade. For that, there must
be money, which is simply the instrument
of trade--a labor-saving machine 10 pro-
mole buying and selling. After much ex-
penmeniiug, mankind has taken gold and
silver, and thereof made N eseyi ithe instru-
ment of trade, ihe medium of commerce.
Gold and silver are, property. and SO repre-
sent the labor requisite to 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 prevent
that, any more than iron or lin; yet, COM
monty they fucluae less than any other
substance that could be chosen. They are
condensed property. And not only are they
the medium by which debts are paid, but
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 ii, which is simply
national certificate that il has acertain puri-
ty, OF comes up 10 certain weight. 1t is a
certificate of value, not a creating of value.
Now, in America, We make fictitious
money out of piece of-napsT, which con-
tains somebody's promise 10 pay a 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 not
property, only the lawful representative Of
property. We have chartered some twelve
or thirteen hundred hanks in The u States to
manufaciure This substitute for metallic mon.
ey, on condition that when the paper is
brought back, they shall pay a metallic dol.
lar for it. A bill, which is promise 10 pay,
is taken in payment of debts, said to be as
good as gold; a certificate Of debt is taken
instead Of a certificate Of property. As there
is little demand for metallic money, that is
carried of. Like all other merchandise, il
brings the highest price where it is needed
and used the most. l, is mot TO be denied
that ,hese -is a ses.aiss pssa;S@Oe in this,
especially attending large Transactions; but in
using il in. small sums, there is this great
inconvenience. As paper costs little labor,
and is yet taken for The representative Of val
us, and so certificate for labor done, ii is
multiplied 10 grea; extent Then money
is cheap and prices 60 up. The farmer gets
two dollars FOR his bushel of corn--,hat 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 he gets no more val.
ue than before. Accordingly, as prices rise,
il costs more TO manufacture than before,
and so we import the products of labor from
abroad, where there is liule paper money
and prices are low.
As we feel rich, because money is plenty,
and men say il is US good as gold, we i'm.
port largely articles OF eohsdst,snai luxury,
and send abroad our raw materials in pay
ment, 10 be brought back manufactured
goods. But BY and by the raw material is
4 no, quite adequate 10 pay our foreign debts
for our paper money Is good for nothing
abroad; our foreign goods, sold at paper
prices, must be paid for in metallic money
and specie runs out Of the country. Then
the banks, not having the actual metallic
money TO pay, refuse to circulate their bills;
money becomes "shoh," atighP-there is a
pressure in the market. Money is worth
more than before, goods are worth less
Merchants who have bought goods on cred
il, and sold them on credit, cannot meet
their payments, aud, accordingly, must sell
their permanent property to meet their pay
menls, or else pay enormous rates OF inter-
est-for money is merchandise, and when
scarce, like bread in bssieged city, it goes
up TO famine prices. Stocks fall in value
ten, twenty, thirty, forty, even fifty per cent.
| CapitaiibtS DeCoInd utsuusuui, anu tof"oo W
loan at all. Traders fail, and give up ihei:
permanent properly 10 their creditors: it is
sold at a reduced value. The trader loses
half, but the creditor is only half paid.
The Inheritance of birth, the earnings af q
long life are at one swept away. In his old
age, the thrifty merchant is left with nothing.
Timid men Withdraw their money from cir
culation-it lies s.ill and an IDLE dollar is
Just as useless as On idle spindle or an idle
axe. Great enterprises stop. Men are thrown
out of employment. Hunger looks through
the window of tbonsaHd homes, making
ugly mouths at wives and babes.
j We take great pains to prevent this evil
| We Try legally 10 fix the value OF this paper
money we have creaied, and threaten topun-
isl, every man who loans it q ssosa than six
per cent. We might as well say that watei
should not run down bill. We have tried Ia
make that money which is no money,
which presents no labor cone, and we can
not escape from the consequences ofour frsl
false principle. We wonder that specie does
L.. 49,, l., .h a land IN N haeat1sa zee mi \