The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-12-02
TERMs-ls2,O5


neau2cturer T. II induces and eSsn .eoinpsl5
people 10 be wasteful of their money; foE sgehb
the material honest and just contempt Of staaIl
notes, that he or she that receives one. hurrief
OF to lay it out for something not needed, while
piece o! gold ofthe same frroGnt would b
valued aad cl erished, ami laid by and added 10
tltiI enough is accumulated to make puFSltEst
OF something needed and useful. s. Ii suhjsct3
the payer to be cheated or worsted in changeslar
giving paper in payment, he must recsiye lk6
change in other paper, and fer this purpose, the
meanest, most ragged, dirty and worthless viii
always be picked out and showed en- him. II
short, such are the evils. the crimes, the dsl1o.
ralizltion, and cheating d small paper money.
that AL ratohs, except the United States place
it in the categoryo u criminal agent, andsaps
press it accordingly. ~
Twenty odd years ago wlier We wlre lGbor-
ing to restore the constitutional currensvta the
r Government and people, the ready objec ion. re-
peated by all the friends OF paper Inonsy. was
that there was not gold and silver in the world
to carry on the business OF the United Statess
and the ready answer To that objection was that
there was precisely enough and that exactly .
nough woGld come to the United States il We
would only create demand for it by correcting
the gold standard, make it the Government cur
rency, and suppressing small paper. Only q
part oi lilEse BaNe Deeu uULet dH01 bllttN
have flowed into the United States, or have bsea
obtained from our mines about four or i've
{ times as much gold as the business of the UD.-
ted States could employ. The supply las been
nearly thousand million of dollars; and the
business Of the United States would only EN-.
p,by aBelt two hundi 10 millions. This ~ fiss
guess work. but bottomed upon authentic datas
Fl for the statistics of political eeonoiny show that
nations can only use certain amounts of money!
some more, some less, according to their par
!, suits. Thus highly manufacturing country
: where the employer needs money incessantlg
to carry on his business in the purchase Of the
raw materials, and the payment Of operatives.
!: and in the CONSTRUCTIONS or repair Of buildings
and machinery, an6 where the operatIRes them.
{ selves need money daily for the support Of their
families, the quantity Of money required is fac
greater than in an agricultural and planting
country, where the farmer raises his own sup.
plies and has his crops and produce to pay large
demands. t as & N -
4 And therefore England, the crcaost manu.
featuring country, requiresthe greatest amount
Of inoner; aud has it, to aUt about eleven dolg
lars a head; and Russia, so largely agricultural
requires the least amount of money, and can
employ but about four dollars a head. 30 the
4 United States, in small part manufacturing and
largely agricultural and planting, would fnd her
lhgilSy SUNNI NhrAV 1dtta
way between the two say, eight dollars head:
which, at the present amount Of the white pop
ulation, (say twenty-five nillion,) would give
two hundred mil ions as the national demand;
always remembering that the great psymeutsy
are made with crops and bills of exc hange foun-
ded on the proceeds Of industry. And thus il,
, becomes proposition demonstrated that thu
United States, since the correction OF the golds
standard tventyal lhree years ago, have received
a supply OF gold to four or five times the amt
which tho business operations OF the people coil
employ. Of that afhount the leading banks
estimated two hundred and ninety millions to l
Ee reIIitnng in the country at the commence,
nent OF the present panic; and since that time
more than twelve millions have arrived. and
very little gone out; so that three hundred mill
lions would be heprcsent estimate oil the amt
Of gold and silver in the country, being ohsls
hundred millions more then the business Of thN
country would employ. Three hundred mile,
Ions is exlcJy fifteen times as much ai the
United States possessed at the time of the lale
4 Bank OF the United States. Twenty mllions
was the Whole amount at that time, and that
all in silver particle Of gold ,beirg then
in circulation. AMI it is exactly twenty times
ai,much as the whole Union possessed At the
/ time of the termination Of the first National
Bank; the whole supply being then but ten mil.
s1.fgs
Under those circumstances, $500, 900, 600 in
gold in the country, peace and prosperity thress
Iout Europe and America, great crops and coed
healthy there was nothing in the state OF the
country to justify the suspension, nor anything
to Justify its continuance The onlysolution of
such catastrophe is the Obvious one TO spi1, the
4 allure Of bad banks and the consequent run
which their failure made upon the good ones.
The insolyent pulled down the solvent; and the
Legislatures ofseVeral States put all on an equal
tity; but tho solvent should rcpulse the aSsocal
ton. The living body should not be tied to the
lead one. The solvent should rscommence
their payments, and make visible the broad lima
between the sound and the rotten, which the
Legislature have covered up; and pubic sentis.,
mn. woull then soon dispose Of tho latter in I
/ spite Of legislative indulgence ]. .s -
i The solvent banks can and will resume, and 4
that will satisfy those who do not look be ED
the evil Of the day. but to those who look ahead
and see new evils i'll the perspective, and to the /
Legislative power whose duty it is to provide
against evils before they happen, Something
more will be seen to be necessary I. A rec.lr-sa
renee OF snch calaInities, in the vewo all SUCH
should be guarlef against, and that eifectu-a.
ally be done by two acts Of Fedora, legislation !
- stamp duty on paper currency, and 4 bankss
4 runt law against bankrupt banks. ss,.4r
n. There is not a monarch in Europe who wo'd
treat his su jects, or suffer them to be treated
as th3 people Of the United States are treated !,
ny the part Of their own banks, and the iniui,
4 gent Legislatures VIII ch legalize their vio- Y
\ lttions OF law, prom sei, and contracis: The I
iiSge 1t currency and its regulation is an Attri-
butte OF sovereignty, AMI everywhere is exerci. !,
sci BY the sovereign power, except in the Uni y
te States. Here also, it was intended to Be /
an attrGate OF sovereignty and was placsd fng.