Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-12-10


bank, AMI propagate tn, alarm which
themselves feel; until it becomes general.
for nothing Is more contagious than a mon
evei panic, nor anything more unmanage-
able. D. Ii pillag.s the poor AMI igno
rant, for every base note, every one that is
counterfeit, or on broken bank, or on
bank that never existed. although it will
run for awhile, must stop somewhere; AMI
when it does, Is sure to stop in the hands
of the poor and uninfoyme1, upon that
class least able to bear the loss, who have
no advantage from banks while in opera
ton, AMI who bear the loss when they
stop. q. 1t exciteS to swinilinx; for
knaves. with nothing but brass for their
capital, and that in their faces instead Of
their Golfers, are induced to set up manu-
factories of small paper, to be sent abroad
AMI sunk upon the hands OF those among
whom it is scattered, all that is sunk being
clear gains to the manufacturer {. 1t in
duces and even compcls people to be waste
full Of their money; for such is the natural,
honest and Just contempt and distrust of
small notes, that he or she that receives
one hurries off to lay it out for something
not needed; while piece of gold of the
same amount would be valued and cherish
ell, and laid by and kept and added to, un-
til enough accumulated to make purchase
of something useful :. 1t subjects the
payer to bc cheated or worsted in change:
for giving paper in payment, he must re-
ceive the change in other paper: and for
that purpose the mcancst, most ragged,
dirty and worthless will always be picked
out and shovel upon them In short,
such are the evils the crimes, the demoral-
ization, and cheating Of small paper mon
ey, that all nations, except the Cnitcd
States, place it in the category of a Grim
mal agent, AMI suppress it according
ly.
Twcnty-old years ago. when we were
laLoring to restore the constitutional cur
rcncy to the government and the people,
tha rea ly objection. repeated by all the
irIcn Is OF paper money, was that there WAS
not gold and silver enough in the world to
carry on the business of the Unite States:
AMI the ready answer to that objection was.
there was precisely enough and that cx-
a.tly enough would come to the United
States ii We would only create demand
for it by correcting the gold standard. make
it the government currency, and suppress
rising small paper. Onl Y part of these
things have hecn done, aul ther, hay, flow
ei into the Unitcl States. or been obtain
Ell from our own mines, about four or five
times as much gold as the business of the
Unitel States could employ. The supply
has been nearly a thousand millions of
dollars, AMI the business of the United
States would only employ about two hun
drcd millions. This is not guess work.
but bottomcd upon authentic data:
for the statistics of political economy show
that nations can only use certain amounts
of money, some more, some less, according
to their pursuits Thus highly man
utacturng country, where the employer
naels money incessanty to carry on his
business in the purchase of raw materials.
AMI the payment o! operatives, and IN the
construction AMI repairing building, AMI
machinery AMI where the operatives them
selves neel money daily for the support of
their families. the quantity of money re-
quirc i far greater than in an agricultural
and planting country where the farmer raj
Se> his own supple, AMI has his crops
AMI pro luce to pay largs demands. an
therefore England, the foremost manuiac-
turing country, requires the greatest
amount OF money; AMI has il, to-wit about
eleven dollars ahca |; AM Russia so largely
agricultural. requires the least amount of
money. and can employ only about four dol
lars heal so the United States in small
part manufacturing and largely agricultu-
raj an planting. would finI her maximum
demand for money somewhere half way be-
tween the two-Say. eight dollars head :
winch ut the present amount OF the white
population, (Say twenty-five millions J
would give two hundred millions rs the
national dcnlnl: always remembering that
the great payments are male with crops
AMI bills of exchange founlel on the pro
Gee Is of industry. AMI thus it becomes a
proposition demonstrates that the United
States, since the correction Of the gold
standard twenty-three years ago. have re-
ccivc u supply of gold four o. five times
the amount of the business operation, of
the people could employ. Ofthat amount
the leading banks estimated two hundred
and ninety millions to be remaining in the
country ut the commencement of the pre-
sent panic and since that time more than
twelve million, have arrived, and very lit
tie gono out. 50 that three hunllc mill
ions would he the present estimate of the
amount of gold an silver in the countrv-
being one hundred millions more than the
business of the country would employ
Three hundred millions is exactly fifteen
times as much as the United State, pos
Sesscl in the time ofthc late Bank the Uni
tel States. Twenty millions was the
whole amount at that time, and that all in
slvcr-not a particle of gold being then in
circulation. And it is exactly thirty times
as much as the whole Union possessed at
the time of the termination of the first
National Bank whole supply be
ing then but ten millions, and that all sill
vcr
Under these circumstances ($300 600
oOo of gold in the country, pea-e anil pros
perity throughout Europe AMI Am'ri-a,
g,cat crops anl COOL health. there WAS
nothing in the state cf the country to jus
tify the suspensions, nor anything TO JUS
tify its continuance. The only solution of
such Il catastrophe is th, obvious ono, To-
,rJ tbn f,ilnro of tLo LaI b,,Lc an1 tbc