The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-04

efcD their factories there wcuo pe IN Eng Snd IN
fe = WI eks more than ten millions Of people without
employment and destitute Of bread or the ans Of
procuring il. Thai money does all this no one will
venture to deny. II few men had money enough
they could buy up all America, for all America
Is always ready to sell out Now the money
manufacturers in England have bought up al
England. II and its people all belongs to them.
Even those who are called rich belong to them, and
are their tenants at will. having borrowed largely
of their manufat tured money, and only holding
their property and houses and lands by the payment
of rent to the usurers under the name of interest
This was the ruin of Spain--the increase of
money. Not its increase in the hands Of industry
by the labor and coeXtensive productions of in
dustry, but its accumulation in the hands of adj
ventuIers, merchants and others, obtained without
labor and industry, and put into circulation without
correspondent increase OF goods and commodities.
Tbs creation of money without correspondent
and coextensve increase of productions, puts it in
the power OF those who produce nothing to become
possessed of all that labor and industry produces.
Money produced In this manner, without producing.
ceases to be real money that is, an instrument OF
exchange. 1t becomes power, like AladdinR
Ian p, which commands the nation At its bidding
all that the country produces is brought and laid at
its teet. 1t is process in which one party gives
nothing, but gets everything. 1t Is not the same
money, the same instrument Of exchange which tho
people possess. For they have given labor, or
goods, &c, in exchange for their money. 1t is q
mere naked power when 1t is introduced or manu-
ia ;turtd without its equivalent in geods being
added at the same time TO the consumable stock Of
the community. it takes away from that stock, it
adds nothing to it, and therefore, even without
speculation, it increases the money force of the I'M
power which, like the wonderful lamp, places III
that the industry of country produces at the COM
mand of him who possesses the power.
Now, since ali the products of industry, all the
food of the nation, thus comes into the hands of
those who manufacture, orshold the lamp-by means
of their mOney-that is by means of the lainD. how
could the industry of the nation live, but by
buying back from them its own products with
the money received. for them? They must buy
back their own productions, for those who
now possess them by their money, their lamp, have
nothing else to give them for their money but the
very same they got from them. They possess all
that industry has produced but they have produced
nothing Therefore the industry of the country
must buy back again its own productions from those
who have got them all, by means of money without
B1 when y to buy back with
back the half of it with the same money. They
must produce more and sell that to have money TO
buy back the other halt. II is strange and won
derful process.
By thg process, they who can borrow the won
derful lamp first get all the produce Of the
country into their possession and next get back all
their money again by selling, as it were, half the
produce back again for all the money with which
they first bought it. 1t is quite different when men
bave, and expend money which they or their fathers
have gotten and produced by an equivalent given
for in some linz Of industry or labor; for them If
y
by productive industry they add hundred thousand
dollars worth of useful necessary productions to
the country for the money which they possess and
espend. They have the money, but they have added
to the useful stock OF the community something for
it. But when, as in the case supposed, productions
increase at the same rate money increases, and
for all the money circulated there is added an
equivalent OF productions, then the relative value
ed. Then more money viii procure more food.
Whereas by the Increase of money with
out equal Intensive increase of productions
food becomes propoItion8teiy scarce as the money
is more abundant, and thus more money is required
TO buy even less quantity of food. That is, more
money and less food. Thus labor is defrauded, for
the more it earns the more it has 10 pay. II is
system in which there il much deception, Tor labor
seems to be well paid and the laborer thinks he is
well paid But when he comes to lay out his money
he pays tribute in high prices TO those who have got
hold Of everything by money without production,
aud 60 he gives Up ais money to add TO their wealth
by his labor.
BY this increase of money, that ia, of money with
out production, Spain nas fallen 10 what she IL, and
England too, and We have in the range of our minds
eye Iations which are hurrying merrily away to the
same ruin. Thus Spain affords pregnant lesson to
nations in political economy.
Such are some Of the views presenting themselves
in which Spain may be suryeyedard examined. But
il would have been impossible in one evenings loo
ture 10 60 at any length into those great questions
and various views which are presented TO the re-
hectne mind by the history and fate OF this wonder
ful country end people. Mr.. Sumner judiciously
avoided touching upon inquiries which would have
altered the nature and character OF his lecture,
while at the same time he did ample justice to the
several topics which he brought forward.
In connection, however with the view we have
taken OF the cause Of the decadence OF Spain. Mr..
Sumner has rased a question which has excited
some public attention, and which well deserves to
be fully canvassed. We think 1t quite likely that
Mr.. Sumner Is correct In the view he has taken OF
this subject That his statements are faithfully made,
founded upon his own examination Of the records
in the Golden Tower OF Seville, cannot for mo-
ment entertain q doubt. But we must protest
against the hakty deductions drawn from Mr.. sum
ner 5 statements which contemporary of this city
has made. II Is rather too fast TO say, infer
enco IRON Mr.. Summers statements, that the deca-
dencc OF Spain is not to DO In any way attributed TO
the quantities. Of specie introduced into Spain from
South America. Mr. Sumner himself drew no such
inference, and no showed his wisdom In leaving the
question open. Our evening contemporary IL, we
think, too premeturc in bis conclusions, when he
calls the received opinion a"popular error" and
scys:--
"There Is no historical DOGMA which has been
more universally accepted than that the decline OF
civilization IN Spain, during the last three four
centuries, 10 dne 10 the sudden influx Of vast sums
Of gold from her American colonies. Robertson and
Prescott, among eminent hlstOrians, and all the
political economists from Adam Smith 10 our day,
have taLcn the fact on tbs greas influx for granted
and, ike tie men bera OF the Roy Society over the
quiz OF King Charles, so keenly sstirized by the
author OF Hudibrss, have proceeded 10 speculate
upon il without II ever occurring 70 them to ques-
ton the authenticity Of the fact itself The dogma
has even passed into the classic poetry OF our
tongue, Cowper having used II In bis poem on
Charity TO illustrate one Of his noblest intorprtta
tons OF tie mysterious ways Of God 10 man -
OF Heavens mysterious purposes and ways
God stood Tot, though he seemed 20 stand, aloor
And NJ this hour the conqreror focs she proof
The wealth he dr. v instsbt curse,
The freuug plnsuc is - the public purse,
Tho car kerod spol oorrofes the pning state,
Starved By inas inc Oh nee their mines create.
IL nov turns out that in all probability the wealth
which Spain received from her American posscs-
sions has rot only b,en greatly exaggerated but
that u was incredibly small and quite insufficient to
produce any sensible eff CT upon the mother coun-
Try
All that can he aid from Mr.. Summers interesting
and valuable reeeaTches-and we think IL
Is all ttat he says himself-is that the quantity OF
gold and silver received by the Spanish government
rom ia Trans Atlantic possessions has beon greatly
exaggerated. We still think that Robertson and
Prescott, and Adam smith aud popular opinion are