The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-10-28
ASHLAND. ASHLAND COUNTY, OHIO WEDNESDAY MOI

of trade, by which debts are paid, and
the standard measure 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 thir-
teen hundred banks in the United States
to manufacture this substitute for me-
tallic money, on condition that when the
paper is brought back, they shall pay a
metallic dollar for it. A bill, which is
promise to pay, is taken in payment of
debts, said to be as good as geld; cer-
tifcate of debt is taken instead Of GER
tificate of property. AS there is little
demand for metallic money, that is car
ried off. Like all other merchandise, it
brings the highest price where it is
needed and used the most. It is not to
be denied that there is a certain eonye-
nience in this, especially attending large
! transactions; but in using it in small
sums, there is great Inconvenience
AS paper costs little labor, and is yet
| taken for the representative of value, and
| so is certificate for labor done, it is
| multiplied to a great extent. Then
moaoy is cheap and prices go up. The
farmer gets two dollars for his bushel
of corn-that is, he gets the promise to
pay two metallic dollars. Wages rise !;
the laborer gets more paper money for
his work, Int his grain, cloth and coal
also rise, and he gets no more value than
before. Accordingly, as prices rise, it
costs more to manufacture than before,
aud so we import the products of labor
from abroad, where there is little paper
meney and prices are low.
AS we feel rich, because money is
| plenty, and all men say it is as good as
gold, we import largely articles of com
fort and luxury, and send abroad our
raw materials in payment, to be brought
back manufactured goods. But by and
by the raw material is not quito ade-
quate to 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 metal
lie money to pay, refuse to circulate
their bills; money becomes Short"
''tight"-there is pressure in the mar
ket. Money is worth more than before,
goods are worth less Merchants who
have bought goods On credit, and sold
them on credit, cannot meet their pay
ments, and, accordingly, must sell t-eir
permanent property to meet their pay
ments, or else pay enormous rates of in
terest-for money is merchandise, and
when scarce, like bread in 4 besieged
city, it goes up to famine prices. Stocks
fall in value ten, twenty, thirty, forty,
even fifty per cent. Capitalists become
distrustful, and refuse to loan at ALL
Traders fail, and give up their perma-
nent property to their creditors: it is
sold at a reduced value. Tie trader
loses half, but the creditor is only half
paid.
The Inheritance Of birth, the earnings
of long life are at once swept away.
In his old age, the thrifty merchant is
left with nothing. Timid men withdraw
their money from cIreulation--it lies
still, and 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 windows of thousand homes, max
ing ugly months at wives and babes.
we take great pains to prevent this
evil. We try legally to fix the value Of
this paper money we have created, and
threaten to punish every man who loans
it at more than six per cent. We might
as well say that water should not run
down hill. We have tried to make that
money which is no money, which repre-.
serts no labor done, ard we cannot es-
cape from the consequences of our first
fal6e principle We wonder that specie
does not stay in the land. 1t is because
we think paper money is just as good,
and Franco and England do not. 1t
rains gold, and we hold out our dish
bottom upwards-of course it is empty.
We complain that there is lack of
specie in our country. In the last twelve
months we have exported more than six
ty-nine millions of gold from this very
land.
Other causes hal their influences, but |
the main trouble, Mr. Parker said, as it
seemed to him, came from this-tjzat ace
trusted IN paper money The immedi-
ate consequence of this state of things
is very painful. Some men lose their
estates; few great properties are scat
tered at once; many little completeness
come to nothing. Sometimes this hap
pens to the best men in the country
men with liberal ideas, with habits Of
generosity: You all know what has re-
Gently befallen one of the most hoDora-
Bile, generous aud Christian men in this
town, who, as thriving merckaat said,
has done more for the rising generation
Of Boston than any ten churches that
could be named. You all deplore the
;.fo,.,,a &c tb;s pobla militant hronist |