M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1858-01-07

lOuJ lOT bOUelnlnS NOT ueeueQ Wnhe
a piece of gold Of the same amount
would be valued and cherished, and
laid by and kept and added to, until
enough accumulated to make q pur-
chase of something needed and useful.
8. 1t subjects the payer to he worsted
or cheated in charge; for, giving pa
per in payment, he must receive the
change in other paper, and for that
purpose the meanest, most ragged,
dirty, and worthless will always be
picked out and showed upon him. In
short, such are the evils, the crimes,
the Generalization, and cheating of
small paper money. that all nations,
except the United States, place it in
the category ofa criminal agent, and
suppress it strongly.
Twenty odd years ago, when we
wero laboring to restore the constitu-
tional currency to the Government and
the people, the ready objection, re-
peated by all the friends ofpaper mon
ey, was, that there was not gold ard
silver in the world to carry on the
business ofthe United States; and the
ready answer to that objection was,
that there was precisely enough, and
that exactly enough would come to
the United States if we would only
create a demand for it, by correcting
the gold standard, make It the Gov,
ernment currency, and suppressing
small paper. Only part OF these
things has been done, and there have
flowed into the United States, or been
obtained from our own mines, about
four or five timOs as much gold as the
business Of the United States could
employ, The supply has been nearly
a thousand millions of dollars, and-the
business of the United States would
employ only about two hundred mil
lions. This is not gness work, but
bottomed upon authentic data; for
the statistics ofpolitical economy show
that nations can only use certain
amounts Of money, some more, some
less, according to their pursuits
Thus, a highly manufacturing country,
where the employer needs money in
cessantly to carry on his business in
the purchase of raw materials, and
the payment Of operatives, and in the
construction or repair of buildings and
machinery, and where the operatives
themselves nced7n1pney daily for the
support of their families, the quantity
of money required is far greater than
in an agricultural and planting coun.
try, where the farmer raises his own
supplies and has his crops and pro.
duce to pay large demands. And
therefore England, the foremost mar
uiacturing county, requires the great
est amount Of money; and it has it,
TO acit' about eleven dollars ahead
and Russia, SO largely agricultural,
requires the least amount Of money,
and can employ but about four dollars
a head. So the United States, in small
part manufacturing and largely agri.
cultural and planting, would find her
maximum demand for money some
where half way between the two-say
eight dollars a head (: which, at the
present amount, Of white population,
(say rs, 1000, ,0O0) would give two hun
dred millions as the national demand;
always remembering that the great
payments are made with crops and
bills of exchange, founded on the pro.
ceedS of industry. And thus it be.
comes a proposition demonstrated that
the United States, since the correction
of the gold standard twenty three
years ago, have received supply Of
gold to four or five times the amount
which the business operations of the
people could employ. Ofthat amount
the leading banks estimated at two
hundred and ninety millions to be re-
naming in the country at the COM
mencement Of the present panic; and
since that time more than twelve mil
lions have arrived, and very little gone
out; so that three hundred millions
would be the present estimate of the
amount of gold and silver in the coun-
try--being one hundred millions more
than the business of the country wo'd
employ. Three hundred millions is
exactly fifteen times as much as the
United States possessed in the time of
the late Bank Of the United States.-
Twenty millions was the whole amount
at that time, and that all in silver
not 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 termina-
ton of the National Bank-the whole
supply being then ten millions, and
that all silver.
Under these circumstances, ($300,-
100000 of gold in the country. peace
and prosperity throughout Europe and
America, great crops and good health,)
there was nothing in the state Of the
country to justify the suspension, nor