, 1861-09-18

OF rebe1 naAste1s- aAu, golng SILL farther
from Washington, We hear that the Kansas
soldiers have emancirated tccnty-tkree Of
the same sort This mathematical pheno-
menon as applied to human action, will
not fail to arrest The notice Of Mr. Buckle,
the profound and learned author OF Civ
iization in England"
mONEY.-CAF1rAL-
There are cogent reasons why the cur
rency question should have thorough
discussion at this time in Illinois. First:
the transition state Of the circulating me
dium. Second: the impending Consitu-
tiond Convention, whose duty, and we
trust, whose inclination, also, it will be to
give the subject searching investigation.
Third: the heavy crops of this season,
that will be mine OF wealth if permitted
to pursue their natural course to market:
Otherwise 8 source Of embarrassment in
the creation Of fictitious currency through
bank advances Of debt, deluding people
with imaginary capital, expelling money
in the exports, encouraging debt and ex-
t1sVagance in purchases; and creating
1:lse prices for land and for products, at
which they may be kept, but cannot be
sold. Fourth: the disturbed condition of
the affairs Of the nation, requiring the
careful husbanding Of our national capital
and resources,
The Convention, It Is to be hoped, will
not be stultifed with the weak delusion Of
prtcc without snlue, but be able to compre-
hend that the true policy to be pursued
is that which creates the most material
wealth-the greatest amount of utility
and not merely high price for less Of it.
Two thousand bushels Of wheat sold at 81
per bushel bring more reward to labor,
and more capital for its further employ
ment, besides clearing the market for fur
ther production and business, than 1000
bushels sold at $1.20. In the former case
the State realizes $4,000, in the latter but
$1,000. There is no mistake about it, that
the latter is the method Of Gripping in
dust1y and its reward, not merely favored,
but absolutely compelled by the debt
banking system
1t is for the Convention, OF more prop
erly for the members before they 70 into
Convention, to inquire :-Is it profitable or
desirable for the State to manufacture eur
7tncy, depreciate the local value Of money,
and disp}ace the same? Let them beware
OF takers who are not thinkers on this
Enbject. Let them not be hoodwinked
with prejudice, and led by easy thinking
to rely upon the example Of England, o.
New York, or Louisiana, neither Of whom
has advanced beyond the idea of security
in currency; neither OF whom has found
out that the true policy is not to manufAc
ture it, but to buy it by the sale Of domcs
tic products, and thus increase the cultiva
ton and real value Of land, with the pro
ductive. business and wealth Of the com
munity. The subject needs thinkers
random takers upon it are abundant
everywhere, and nowhere more so than
in England, where it seems to be the pur-
pose of Legislators and writer's, and espec-
tally Of the leading economists, with the
exception Of Richard Golden, to apologize
tor and support the Bank OF England, thu
mother Of the system Of promising to pay
what cannos be paid because it has NJ
existence.
Among the English Parliamentary de
baters On the commercial distress" al
Ways attending the contraction Of banl
loans, which has afflicted England at va
1ious periods even more severely than t11i
country, We find but one reported b,
"Hansard," who seems to have had au1
clear idea ofits nature and cause. Josepl
Hume, ont Of patience with the useless
committees appointed upon every such oc
casion, and with The everlasting document
and twaddle which seem designed not t.
convey but TO conceal ideas upon the sui
ject, ssid, in the session Dec Is, 1847 :
"The decision OF committee would nc
alter the general wrong in attempting
"ca,1y on monetxry system, which syt
ten was based on the bank carrying O.
@ its business without capital. The banB
as the first and largest institution, wa
supposed to discount for other banker:
and the commercial world, when the
had not . shilling to do it Hith.-whe
~they had nothing but credit or dealin
"with deposits. This country was worz
"off by e250, ,00o,0 in the value of pro{
I" erty than 1t was in the beginning Of th
"year. AL the evils which had arise
"were owing to having the bank founde
on wrong principles"
The absence Of capital which Mr.. Hun
refers to in the business Of the Bank
England is the de6t currency, and, tt
wrong principle, the debt banking-pr'
cisely one and the same thing with the al
sence Of capital. The reader will bear i
mind that the specie reserves Of the bsn
are deducted from the amount Of their d.
mand liabilities to ascertain what const
tutes the debt-cu1rcncy. So far as ulino
maintains debtrcurrency Of her OF
creating-a currency that does not con
mand the ownership Of capital in otht
States, she displaces and absolutely d
stroys 80 much OF her OWL capital or worl
ing wealth. Capital is not the wealth tn
is merely employed, but that which is p
to work for the creation gilmore; it is til
portion Of wealth which is applied to Il
purpose Of reproduction. This is what
wanted BY Illinois and By the natio
that is not in The debt-currency. On Il
contrary, it is precisely that which Il
debt-currency dieplaces
Let Us take the case OF an employi1
manufacturer, for example. If I11ine
possessed $12,0oo,c00 Of gold and silver
her currency in the place Of 50 much del
she Would possess so much more veal
than she does now; the manufactur
would own his share Of it, and so far, t
owner and employer Of capital being t
same individual, he would have no occ
sion to borrow. Beyond this, however,
he wanted money, he would borrow it {
rectly Of theacapitalist who had it to len
but On the present principle nobody pt
sesses it; there Is no such capital in t
etate; and now he takes note to bar
and borrows another note or parcel
noees-osnk notes-Which he delivers
MS workmen in lieu Of money; but
does not pay them by this act, an7 nc
than II he handed them his own note