The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-09-23

land. The price of oil these things is deter.
mined by their utility in the first instance,
and in the second, by the quantity in which
they exist or, in few words, by demand
and supply. The uses TO which iron can be
PCT are muli;farious. They determine lie
absolute value, which is equally great, here,
in England and Russia but iron ore being
more scarce 10 Russia, the relative value OF
iron ore is higher there than in England OF
| America; that is to say, the same weight oil
iron will fetch the greatest weight Of silver
or gold or other marketable goods. in Russis.
Now, gold and silver, like other metals, are
of the greatest importance in the ats. They
are on account Of certain properties, such ID
incorosiveness, great maleabili,y and divisi.
bi'ity, ETC., Indispensable, and no substitute
has ret been found for rthem. Without them
chemistry would probably up 10 this day
have remained mere speculative science;
and the practical arts could not have advanc-
ed 10 their present eminence Of utility. Were
gold more abundauily found IN the crevices
Of the rocks and the sands of the rivers, its
utility would remain the same only ils rela-
tive price would diminish, and such has been
to certain, but inconsiderable extent, the
consequence Of the supplies from Australia
and California. Silver has risen as gold went
down; which effect, partly owing 10 the
cause just assigned, vas increased by the
large shipments to China. The same excel.
lent properties, on account Of which gold and
silver are SO useful in the arts, pre.eminen,ly
fit them 10 serve as circulating medium
Capable Of Infinite subdivision, incorrosive
and easily trausporable, tLey are, besides
pla,ina, the only metals fully answering The
purpose Of money. Their particular adapt
edness for specie however, only enhances
their intrinsic value, as the price of iron
would be enhanced should new extensive
use for i, be discovered. The stamp on gold
and silver coin is but convenience in ex-
change, indicating its weight or value. The
stamp wholly obleraled, the coin would re-.
tain the same value, only less the lrifing ex-
pense of coinage, provided the weight has
not been diminished Gold and silver there.
fore have an intrinsic, universally recognized
worth. In oil paris of the world they are
readily and at The shortest notice convertible
into every description Of services or properly,
simply because they are themselves the most
useful, the most desirable kind of property,
of all things least subjec! to depreciation and
auciuation. They do not represent, but are
actually property; whereas bank notes hav-
ing no intrinsic value, are in fact, nothing
more than its representatives. The credit of
the parties who issue them rot being univer-
sally known, they cannot have but limited
scope Of circulation. Every note must be
backed by security, or else it is worthless,
hence the amour, of security offered by a
company determines its credit, or capacity
for issuing notes. Gold and silver coin is Sc.
curly in itself aud as il forms the basis of all
banking operations. expanding or contracting
them, according as 1t is plentiful or scarce,
thus re.acting either beneficially or ipjuri-
ously upon every department of business, it
is of the ulmos! importance, that we should
always be adequately supplied with it. In
the United States the necessity for national
activity is infinitely greater than in the coun-
tries of the Old World, where past ages have
TO great extent anticipated the wants of the
living generation. For every addition 10 the
population, we have 10 make new provisions,
which requires money, and money being
therefore of much higher value here than
elsewhere, we should adopt such measures
as will prevent efectuaIly the excessive ex-
portation Of the precious metals--which alone
are money.