Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-02-09


metallic currency has been greatly and suddef .
~ inflated. was at the time of the discovery Of
the mines oil Mexico and Per in the sixteenth
century, by Spain. The tendency of money is
10 equaiize It's value In all countries having IN
tercoutse with one another; and if brought in ex-
traordinary Quantities into one country, quickly
spreads itself throughout the rest
ihe manner IN which this diffusion is brought
ABOUT = perfectly plain. Take the case of Spain,
Nnich was the nation to which came the great
InltuA ~ OF eoid and silver after the conquest of
ieru; This influx of the precious metals, bv
greatly adalhS TO the money i'll circulation, at
once raised the price of all Spanish eommodi-
Ties, and all articles used in that country, far
tooNe the level OF prices elsewhere. As soon as
l~iiis ms look place, foreign tations found an innc-
oidte pfoht from sending goods into Spain and
9eiiihS at the high prices there, bringing back
Soid ana SILVER received in exchange and re-
peatAhg the transaction. Thus the treasures
poured INTO Spain and Portugal soon fonnd their
way all ever Europe, in the same way and for
the same reason that the treasures poured in IN
ON US from California have left us and been dis
trlouted among the other nations of the world :;
anu thus IL Will always be whenever a country
li@ more Ihan It's share of money it is sure To
lose 1t by the excessive import of goods which
/ Tue enhancement OF prices is sure to OCCASION
until the value of the circulation and prices are
! equaized and at par with the money and prices
OF nelghborlng countries. The result of our re-
| dundant circulation and high prices we have
( seen has been to enable the foreign manufac-
/ turer to drive our own industry from the field
/ of production, to draw from US our coin, and
leave us little better than nation of ban nkrupts
The speculatlons of different minds as to the
| true causes of our present difficulties are num-
erous and dscordant
The President tells you that it is one thing
and that alone another tells YOU that it is the
l'!lt OF our tariff system, inviting to extrava-
giant InportatIonS and oyertrading and a third
that 1t all arises from spirit ofextravagance in
! the people, the lust of wealth, desire for show
/ regardless of the obligations of honor instice
and truth The persons who advance thes- diff
/ lerent theories are all more less right. That
/ the reason assigned by the President is true TO
I some extent, 1t would be vain to DENY but |
have shown, that while that may be one cause
I 1t Is tar from being the leading cause That is
found IN the extravaganza, folly and bad exam
PIE oI the Government; an extravaganza that
has run up the annual expenses of carving il
on, from ) 5I6UO0,000, in lS5l. to %75 OO0COD M
the present time. If the banks have in the las
few years aaded t. an alarming extent. it ist
but the legitimate fruit of your own extravagant
expansion. But on looking at the tables that
the Secretary OF the Treasury has furnished in
regard to the banks, find that their circulation
during the last four years has been very uni
form, and that their loans and discounts have
NOT increased IN proportion to what the Secre-
tary estimates to be the annual natural increase
OF The commerce o. the country
The second class of persons who trace all our
woes to the ia If of 1916. quite overlook in my
/ opinion, the Imitation which has contributed SO
much to render that tariff so destructive to the
best interests of the country That enactment
/ was bad enough at the best but had the vol
/ ufne OF our currency only increased in propor-
/ tlon 10 the natural wants of the country / do
not presume that our overtrading would haze
ever reached 10 our late pitch OF extravaganza
and | agree with the President that if Won al
! low your circulating medium to be inflated to
an unlimited extent, your tariff laws are inpot-
ent tor purposes OF protection. What our man
uiacturefs want Is not high protecting laws, but
/ Iaws that shall be stable IN their character
I laws that Will not be rendered imperative and
VOID by shifting legislation periodical infia-
J tons and depressiOus in the Currency The
third class, who discover the cause of ali our mis-
. fortunes in the extravaganza and folly of So
ciety, forget to look back TO the causes of that
extravaganza and folly That the nature of the
men and women Of to-day differs from that of
those hiteen years ago no one believes but
dlferent causes acting it 2 different time upon
the same humanity, produce different results
plethora OF money is one of the greatest evils
that can bettll the manners and morals of anv
country, and TO that cheapness OF money and
credit, resulting from the extravaganza of Gov
eFnHcnt and the discovery of California gold,
may Oc safely attributed that wild spirit of ex-
travagance and speculation which. is by some
, mistaken Tor the cause Of our late disasters
As the greatest of the evils attendant upon
our late system of business do not reckon the
loss OF torture that has overtaken so many, and
I o
/ business In a single night. Such as have main
tanned their INTEGRITY viii rise again wiser and
better men Tor having been subjected to the
" uses of adversely ;" but the greatest of our
evils grows out OF that debauched state of pub
lie and private morals which has grown up side
by side with the extravaganza of Government
Were L SO inclined, | should be powerless to
describe tho, Condition to which society had been
brought previous to the late revulsion. 1t was
time for a revolution and reyusion and | am
Jri1 V-gs ftal1 1x-.l,
been far better could it have come wears aro-
Had 1t not come now, it is fearful to contemplate
the lower deep of extravaganza, wickedness and
folly to which We were hurrying on. Amidst
the aFtihcIal rISv of every species of property
consequent upon the expenditure of the money
borrowed abroad by the Gov eminent and the
influx OF gold from California. imaginary for
tunes were rapidly accumulated, and an a3pcar
ancc of prosperity created, such as was never be-
tore known. Among the worst effects ef This
state OF things, the complete change
wrought by 1t In the manners and habits of the
people Frugallty and economy we have seen
. followed by reckless profusion n disdain of
the homely and honest ways of former times
and disgusting and self-degradinr apiup OF
aTistocratic manners and ways of life. Forget
ting that the great business of life must be car
/ rIed on by mca and women, a rage for diSplay
and snowy and superficial Accomplishments an
pears TO have seized upon all classes From this
condition of things. IL is to be hoped that We
are about to be delivered and that some ,oIi-
cy may be adopted that will prevent 4 similar
. recurrence for long time to come
But have little fail in the adoption of any
such poiicy. 1t Is quite evident that tthe Presi-
uent ana his Caolnet are not a unit in their
governmental policy. The President IS evident
ly protectionIst. He has told the country be-
fore and he repeats 1t now, though in different
language that . if you Will reduce the currency
from lis nominal to It's real value You Will COW
er the country with blessings and benefits -
. W ny Because the effect If Surb rayr.+;,.r
would be to afford protection to our domestic in
dustry greater than any tariff law can afford.
and thus q" give Us possession not only of Tho
home market Tor our manufacture composed OF
raw materials the production OF our own coup
try, such cotton. iron, and woolen fabrics Int
would have created for themselves a foreign nlsr-
ket throughout the world"
I The Secretary. on the other hand, devotes \