The Democratic press. (Eaton, Preble County, Ohio) 1860-1865, 1862-03-13

are becoming scarce, and we
learn that the soldiers have already
mnlctcd 0i one.ffth ot their
By the inclpicnt depreciation
of the notes in which they receive
II. Snch is the crisis in which the
United States Government com
mcnce their inst experiment in the
art of meeting an enormous anil
unpr0ductive expenditure without
money and without credit. The
war Ia hencefortlI to he carried on
by the issue ut promises to pay on
behalf of a Government to Which
noho y will Iay taxes and which
is absolutely without credit. 1t is
apprchendol, and not without rca.
son, TINT the issue of this deluge
Of paper upon II market already
filled TO replet,ou must result in u
fearful depreciation of the circu.
laling medium, and in the disap.
pcarancc from circulation of the
precious metals. either by boarding
or by expectation. \ deSrcciated
currency and high prices have a
fearful tendency to act and react
upon each either. The depreciation
causes the rise of prices. and tn"
rise in prices, by rendering neccs.
sary ever larger and larger issues.
aggravatcs the downward carccr.
There IL no stop or breathing place
on this road to ruin. The pace is
every moment accelerated, ill pa.
per has almost entirely lost its cir.
cnlating power. and the discovery
is at length made that II redundant
paper currency comes very soon ia
nearly the same thing as no eur
rency at all.
1t seems, however. to he thought
in America. that if the Northern
States can show Il reasonable
Ground for believing that they will
one day or other he in Il position
to meet their present inconvcrtihlc
ISSUES, they will escape the threat.
ened depreciation. No mistake can
be greater. The funds of II country
will rise or fall in Il ratio compound,
ell of the rate of interest and til,
p. disability that the country will
he able to perform its contract foi
the payment of interest and %
principal. But the value Of sccuri
ties which are Issued IA money
which bear no interest, and art
made by law legal tender. depend,
on a totally different principle
Whether Il hank-note is worth the
sum it tJfesses to represent de
ponds, not on the solvcncy of the
Government, but Oh demand an'
supply, There are in every country
q certain number Of transaction,
which require to be settled in cash
The number of these transactions
and consequently the amount o
cash required, are regulated by the
habits o fthe people and tie degre'
to which the giving OF credit IN nc
count, and contrivances like bank
ing and railway clearinghouse
dispense with the Use of money
If the currency is only adequate t.
the amount OF thes' transactions
it will be at par if inadequate. i
will he at a premium; if more thai
sufficient, it will he at II discount
The difference between the prcciou
metals and their local and convcn
tional substitutes soon makes itsel
manifest; gold and silver disappear
and their place Is filed by frcsI
issues. which cannot disappear, 70
beyond the precincts of the colntr
| upon which they are forced by til
tyranny of had laws and the ncccs
, sites Of an improvident Govern
| ment. theyare absolutely WORTHLESS
+ This is the future which Amcric
4. is preparing for herself. 1t ha
) taken some months to destroy ever
expedient of legitimate finance, t
stop up every source of credit.
only remains to carry disorder. roi
. fusion, and misery into the affair
| Of private life. to disorganize til
relation between debtor and crrdir
; or, an'l to render general ruin q
calamitous and as disgr cefnl {
Il possible. All this will speedily |
: done. Whether it succeed {
whether it fail in the coming stru!
\ gle, the Northern Confectionery
+ about to infict upon itself. in I'll
shape of IL deprecated currenr
q u injury more fatal than disrnl
e ton, and II disgrace more indelib
than defeat.
-
Utility Of Lightning Rods.
n We have received n very able commune