, 1861-07-16
Gt)itaa, Griht1tte


BULLION RANKING.
Chicago scarcely appreciates the advant-
arc she possesses rs leading market for
food. and that Of the most necessary de-
sc,;ntiou. Food constitutes vastly the
greatest proportion Of the existing wealth
Of Tie world at all times. In savage coun-
1rics, where the skins Of animals arc used
for clothing, the procurement Of food sup
lilies the inhabitants with more clothing
than they can use. About ga hundredth
rart Of the labor Of the whole year will be
sufficient to provide them with clothing
and lodging. All the other ninety y-nine parts
are frequently no more than enough to
provide them with food" As tribes and
nations advance in civilization, this dis
proportion declines, and approaches
nearer to equality; but the most civilized
and luxurious nations employ more than
La1f their labor in providing food, and
hare more than half their wealth invested
therein, or in the means Of providing it.
Many nations, like England, procure q
considerable portion Of food, Indirectly, by
producing something else, and all, or near
II al, Tary their supplies more or less in
like manner. The necessity Of providing
food is the original source Of the produc-
tion Of everything else; it is the original
source OF wealth and the community hay
ing the greatest facilities and exerting the
greatest power in producing food, holds
the key to unlock all the other treasures
Of the world, and may command them
ir1esistably.
Illinois, with fair crops and norma! CAL
ues, let the crops in Europe be ever 30
abundant, can always lay down bushel
ofwbcat in Mark lane, London. cheaper
than England herself can do it, and cheap
er than it can be done by any other State
OF people on the face Of the earth. 1t is q
settled fact, that as the necessity for high
cultivation advances, the returns of capi-
tai invested in agriculture decline. The
heavy mannring and labor necessary to
restore old fields to fertility, OF sustain
them when thus restored, never pay for
wholesale cultivation. The rich deep
virgin soil of our western prairies detcs
the compedon Of the world in supplying
England and many other countries with
the essentials Of food, while wheat and
corn, the latter being reproduced in ami
NAL food, are the leading articles, when
the condition is observed Of normal rulue.
Chicago leads in this business; but when
she suffers her currency to be infested with
wild cats, she destroys this condition and
impai1* her market; sometimes shutting
herself out Of Eurspean markets alto.
gether.
We quote John Stuart Mill: "The uses
Of money are in no respect promoted by
increasing the quantity which exists and
crcu]ates in country; the service it per.
forms being as well rendered by small as
by large aggregate amount. TWO mil
lion quarters Of corn will not feed so many
pe1scns Us four millions; but two millions
ofpounds sterling will carry on as muct
traffic, will buy and sell as many commod
tiles as four millions, though at lower nom
inal prices. Money, as money, satisfies n
want, answers no purpose; its worth tt
any one consists in its being q convenien
shape in which to receive his incoming
Of all sorts, which incon1iags he aftel
wards, at the times which suit him bes
oorve:rts into the forms in which they ca
he useful to him.
This, as d negative statement, is yer
well, but Mr.. Mill should have gone furth'
and stated positively that the uses Of mo-
ey are altnga.her damaged by increasir
The quantity. Under Providence, the o
heresy which still lives, notWithstandir
Adam Smiths vigorous and mastery efEo
to destroy it, that money is the only abs
lutte wealth, has settled California; b
other and more enlightened views, q
more beneficial labor must prevail q
create wealth there to make it a fit pla
to live in. California is poorer in capi
and in all the essentials Of prospeu
community, to-day, than if the same nul
her Of people had been attracted there
other objects than gold seeking, and 8
piled the same aggregate amount Of lat
to the cultivation Of the soil, or to almt
any other employment than digging go
Her cheap money and consequent hi
prices keep her market glutted with CO
modities imported from the Atlantic Sta
and elsewhere, which her limited capi
is insufficient to pay for, yet which {
cannot afford to produce because Of
cheap money, and she Is therefore conf
ua1ly in debt her whole crop Of gold
advance. Her capital and business :
not maintain currency Of more than
per capita, which, assuming her popr
ton to be somewhat greater than
census returns, say 100000, gives 500
900 as the aggregate Of the currency t
can employ. She overwhelms this =
her production Of gold every six we'
besides making at least one-third Of il
naoonshine in bankers credits for mo
they do not possess; the same exactly
the fictitious "deposits' Of our incorp
ted banks. Cheapenipg money thu:
two ways, she has an unstable cure
always, and great insecurity in trade,
not 20 bad as Australia; there debt ba
ing was an institution when the gold
discovered, and the banking has t
stimulated BY the increase Of gold to
displacement, by the substitution Of b
notes and inscribed credits as extensi
as possible, until, with the double powt
fact and fiction she 50 overwhelms
currency, expanding and contracting
the extent Of its whole natural value G.
few weeks, that Australia is the most
cradle place for uncertainty Of BUSH
and certainty Of bad debts, and ulti1
ruin, in the known world.
Some further remarks on the subje
bullion banking, as applicable to Chic
will appear tomorrow.
SOUTH CAROLINA.
What shall be done with South Caro-
In all the State papers emanatipg !
IL > Al -.