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


fe WI eks, more than ten millions Of people without
employment and destitute Of bread the me ans OF
procuring it, That money does all this no ore viii
venture to deny. II few men had money enough
IL always ready to sell out Now the money
manufacturers in England have bought up al
England. 1t 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 manufactured 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 ad.
venturers, merchants and Others obtained without
labor and industry, and put into circulation without
correspondent increase Of goods and commodities.
This creation of money without correspondent
and cO-extensve increase of productions puts it in
the power OF those who produce nothing to become
possessed of all that labor and industry produces.
ceases to be real money, that is, instrument OF
exchange. 1t becomes a power, like Aladdin's
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. Ii is not the same
money, the same instrument OF exchange which tho
people possess For they have given labor, or
goods, &cq in exchange for their money. 1t is a
mere naked power when 1t is introduced manu-
ia ;tured without its equivalent in geods being
added at the same time to the cOnsumable stock of
the community 1t takes away from that stock, it
adds nothing to 1t. and therefore, even without
speculation, it increases the money force of the I'M
increased stock OF goods and provisions. 1t is .
power which, like the wonderful lamp, places al
that the industry OF country produces at the COM
mand Of him who possesses the power.
Now, since ali tire products of industry, all the
food OF the nation, thus comes into the hands OF
those who msnufa c'Ire, orshold the lamp-by means
of their mOney-that Is by means of the laiaD. how
could the industry of the nation live, but by
huvio mr. Oyn 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 oil
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
Productions. Bnt when they go to buy it back with
The money they received for it, they can only buy
back the half of it with the same money. They
must produce more and sell chat to have money 70
buy back the other half. II is strange and won
derful process.
By this 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 oil the money with which
they first bought it. II 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 labor; for then, if
thousand people possess hundred thousand dollars,
by oductive industry they add hundred thousand
dollars worth of useful or necessary productions to
the country for the money which they possess and
eapend. They have the money, but they have added
to the useful stock OF the community something for
1t. But when as in the case supposed, productions
increase at the same rate as money increases, and
Tor all the money circulated there is added an
equivalent Of productions, then the relative value
between money and food, DC, will remain unchang-
ed; Then more money viii procure more food.
whereas by the Increase OF money with
n aafl tor nfvGr
food becomes proportionate!y scarce as the money
is more abundant, and thus more money is required
to buy even o less quantity of food. That is more
money and less food. Thus labor is defrauded, for
the more it earns the more it has to pay. II is
system in which there is 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
be pays tribute ia high prices TO those who have got
hold Of everything by money without production,
and so he gives Up ais money to add to their wealth
by his labor.
By this increase of money that is, of money with
out production, Spain has fallen TO what she is and
England too, and have in the range of our mind 5
eye batons 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 surveyed ard examined But
il would have been impossible in one evenings loo.
ture 10 go at any length into those great questions,
and various views which are presented to the re-
lecting mind by the history and fate OF this wonder
ful country End people. Mr.. Sumner judicousy
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 raifed question which has excited
some public attention, and which well deserves to
be fully canyased. We think 1t quite likely that
Mr.. Sumner Is correct In the view he has taken OF
this subject That his statements faithfully made
founded upon bis own examination Of the records
In In Inl tAnT Awr Cf SAxD. r..
ment entertain doubt. But we must protest
against the hasty deductions drawn from Mr.. sum
ner statements which q contemporary of this city
has made II is rather too fast TO say as an infer
enco nom 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. MIR. S1nner himself drew no such
inference, and he showed his wisdom in leaving the
question open. Our evening contemporary Is. we
think, too premature in his conclusions, when he
calls the received opinion popular error" and
sys:--
"Thcre Is no historical doema which has been
more universally accepted than that the decline OF
civilization IN Spain, during the last three or four
centuries, Ia due 10 the sudden influx Of vast sums
OF gold from her American colonies. Robertson and
Prescott, among eminent HISTORIANS. and all the
political economists from Adam Smith 10 our day,
have taLcn the fact al this gca. influx for granted,
and, ike tie member OF the Royal Society over the
quiz OF king Charles 80 keenly sstirized by the
author OF Hudibr,s, have proceeded 10 speculate
ton the authenticity OF the fact itself The dogma
has even passed into the classic poetry OF our
tongue, Cowper having used 1t In bis poem on
Charity TO illustrate ore Of his noblest interprtta
tons Of tbe mysterious ways of God 10 man =
OF Heavens mysterious purposes and ways
God stood rot. thouth he seemed 10 stand, aloor
And at this hour the oonqreror foels .he proof
The wealth be Won dr. do~n 40 instant curse,
The frctiiuE plague Is 10 the public purse,
Tho car kerod spoil oorrotes the psning state,
Starved By thai incois nee their mines create.
IL nov turns out that In all probability the wealth
which Spain received from her American poses
sioDs has rot only hen greatly exaggerated, but
that II 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
statements and valuable reeearcbes--and we think il
Is all that he says himself-is that the quantity OF
gold and silver received by the Spanish government
from is trans Atantc possessions has becn greatly
exaggerated. We still think that Robertson and
Prescott and Adam smith aud popular opinion are
night IN astribuiing, mainly AMI chchy-other