Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-11-05

increased or diminished at the option of
bankers and brokers; nor are they render
ed little moro than worthless by The failure
of paper substitutes.
If the people will it, they can remedy
the evils which now exist The commu-
nifty can do without bank notes, but they
cannot do without the products of the farm.
The great producing industry of the coun-
t-y must toll, aud they ought and can be
paid if they will it; let them refuse every
thing called money, except gold and silver.
for their fabrics and commodities, and they
will get it. They should vote for such
as will pledge themselves
for bank reform; to opposing the charter Of
any moro promise to-pay' institutions, and
thereby protect the country from future
endorsements similar 10 those under
which we now labor. We are in the vor-
tex of moneyed chaos, and we must come
however much we may be bruised
and shattered by the whirlpool; but let us
husband the substantial portions of the
wreck as nucleus around which to com.
mence new and stringent system of gold
and silver for commerce and exchange.
1t may be asked, what would be the re-
suit if we were to fall back upon specie
currency? Would it not tend to a reduc-
ton in the value Of every thing? We an
swer, that such would be the immediate,
though not the ultimate effect. just in
proportion as the issue of paper money is
greater than that Of specie. is the value Of
every thing enhinceG--hence, we have an
unreal value upon our labor, our lands
and our property. This enables foreign
goods to fool our country and carry off
our coin. They will not take our bank pa
per. You ask, how does the fictitious val
ue cause this country to be surcharged with
foreign goods? We answer, because it
gives selling price to goods far beyond
their specie value In England there is no
paper money less than f5-S25; wages
are low and paid in specie, this enables
them to manufacture and sell to the United
States at profit. They sell at our paper
money rates and take back the specie.
Thsre is seven or eight times as much
paper money ahoat as there is gold and sill
yer IN the United States. This is an in
controvertable fact; but, for the sake of ar
gument, we will call it three times as much
(perhaps the actual working day amount
would be better represented by the latter
tiguro); then our labor. our goods. cur
lands and tenements-everythi is en-
HANGED in value to that extent Of over issue.
and mus; be affected by every expansion
and contraction Of paper iss ue. Now. sup
pose We strike the paper money out of ex
istence, and what would be the effect upon
prices? Why, yard of calico for which
we now pay Twelve cents, would then cos;
but four cents; sugar at eight cents, would
cost but two cents per ID; wheat at one dol
lar bushel, could be obtained for % cts;
labor at 81 per day, would come down to
25 cents per day-and everything in pro-
portion and they would be subject to no
sudden fluctuations. Some may say that
it is bad doctrine to advocate low prices
and reduction Of wages; and SO it would
be if all things were not proposed by the
same reasoning to be reduced in an equal
ratio. If two shillings will purchase as
much under hard money currency, as
one dollar will under that of paper, is not
the holder equally as rich? Is he not rich
All would be greatly benefited by the
change; but it would not stop here. There
would be no necessity, under sp0cie cur
rency, for Tariff to protect American
manufacturers. Banks and tariffs are twin
sisters, and go hand in hand IN their ope.
ratons to swindle the laborer and Tie con-
sumner. Every cent imposed by tariff is
paid by the consumer no matter under
what pretext it is imposed, wi ether for rev
cnue or for protection bit. under an in
fla!ed paper money circulation. the cost O.
labor and material renders a tariff necessa,
ry to enable our manufacturers to compete
in the market with those foreigners who
manufacture at hard money rates.
Let las reduce the nominal to the real
standered of prices, and tariff is no longer
necessary. England could not send us 9
yard of cotton goods at hard money prices
She could not give us shilling goods al
threepence, nor could she send her iron here
at twenty dollars. instead of eighty dollars
per ton. The result would be, that we
should have abundance of employment fol-
all our manufacturers. without any Other
protection than that given by a clear field
and ready sales for all their fabrics. Then
i IL