, 1862-01-11

which is preparing for Congress. This will
he the result Of long waiting of that Grim
ina1 inaction which disgusts and impov-
eTishes the nation. Is it not time for Con
gress to arouse and go to work?
WITT E EH5 EnseRSst5s HSa55oS4sEf g Sssd1E sdH OF
PAYMENTS.
The bul11onists are the prophets Of the
time. When everybody else saw only |,
money in abundance already here and more
coming, the balance Of ttade'' largely in
favor of the country, the exports being large
and the imports small. four months ago,
they said suspension Of specie payments
was inevitable because Of the Hting Of
Government with the banks, the event be-
ing delayed only by maturing credits aud
the deficiency Of crops in.France, Later,
the damage to the potato crop Of Ireland
tended to further postponement Of the
catastrophe by augmenting the demand for
breadstuHs here in preference to gold for
export, but in the midst Of this favorable !
balance Of trade, the foreign exchanges
have turned against US, and the banks, to |
save the gold in their Golfers, have suspend
ed payment. The following is what the
bullionists now say Of the matter:
No doctrine Of political economy is bet
ter settled than the law Of exchanges by
material equivalents, it being impossible to
retain gold in the country when, its supply
being increased in relation to other COM
uodities, its value falls below them on the
average. The capital and labor invested
IN an ounce Of gold will find its recon-
pense and equivalent in the long run, all
the world over, in the same amount Of cap
ita1 and labor invested in given quantity
Of wheat, or Of beef, or iron, or in any and
every other commodity having an ex-
changeab1e value. When the supply Of
any one thing increases beyond the demand
for it in relation to any or to all other things,
the fact is soon developed by a fall in its
relative value, when it seeks better mar
ket by law as im1nutable as grayitation.
Gold being commodity in universal de-
mand, and easily transported at little cost,
| Is more sensitive to the influence Of this
law than any other thing, and takes to
itself wings On the slightest depreciation;
meanwhile that depreciation is discovers
BILE only in the average rise Of prices Of con
sumable things, and Of the rates Of foreign
exchange.
We employ, to displace money, a currency
Of bank promises consisting Of notes and
| book credits Of no intrinsic value whatever
! all matter Of killing one debt against
another-to which the General Govern
ment has recently added its own Demand
Notes, all Of which is absurdly called
"money." It possesses only an ideal value
and only one function Of money, that Of a
medium Of exchange, (which is equally
well performed by counterfeit notes OF by
any sort Of worthless promises that the
public, from ignorance OF design, may &C
cept as currency AL this is debt currency
oFer and above the coin In reserve against
: it, and no money at all, for it lacks the es
sential function Of material recompenst
and equivalent. II serves as an instrument
Of exchange that will transfer value o.
q debt, but can never pay it. While i
exists, it promises to pay but pays nothing
being in it's very nature q suspension @
payment.
: 1t not thing Of oa9ue, but Of price. I
serves to create prices as well as money
~ itaa1f, hut that pdca It can-never Dag. NoN
this fictitious nuisance, having no tzu
power but to run the people in debt 70
prices they cannot pay, and sink capital
we can employ to the same amount, an
=, do employ, as so much money, by, displa
cling so much money and wealth, and nc
e otherwise. As soon as the mixed mediu1
= which this forms with money exceeds th
\ natural specie measure, prices exceed th
specie measure, our exportable product
SO rise above the exporter limits, which mus
70 always be determined by his foreign ma
. ket and By the measure Of the foreign Gu
- rcncy; while we pay the fictitious prit
- Of cur own false measure for irnporte
=, ~ goods, export so much specie for nothin
- in payment Of this fictitious price, and co,
- sequently lose 50 much capital The none
- We thus throw away falls mainly into Il
~ lap Of Eng1and-a nation TO whom We q
81 indebted foE little but insult and apprehe
- sion, while she is more indebted to Us tbs
to any other people for her enormo1
q wealth.
II" It Is always possible for the useful inye
70 tigator to form near approximation
~ =, the natural specie volume Of the nation
~ currency, which never can be exceeded
- cur mixed medium without q perturbatis
" Of the exchanges, arrangement Of Col
xaarce, u1n,at1ud export Of specie, loss
y capital, and ultimate insolvency. The q
~ mirable yearly returns atW ashington Of t
-, ~ banks of the whole country, with kno7
'As edge OF the course and condition Of the f
1aS cign exchanges such Is may be possess
~ by any intelligent merchant, furnish, vi
lA1 fair Judgment Of the amount Of spe
~. -. outside Of the banks, all the elements
~ ~ quired;
%ae Nearest to 1st January, 1851, the curr,
Nv cy Of the loyal States, counting Virginia
1ss and Tennessee and Missouri in, consisted
% ~ the following items:
tuCuiaLlEE 0Au1 uHkS- ..-:ss.-.-:s %446toSa
ON inscribed bunk credits, n1iscaned de- :
,,,+ posats," because exceeding al the
loss money IN existence. 1b5,t7a
LbIe Balances due hy banks to banks which
are the same In nature az the IuiseaIl-
1 80 ed deposits,' and ought to be In
es- elnded e thena -. :;...--..--.....> ss,ss
It above their Specie being also mie-.
oa, called deposits essinatc. - 5000
pth Deet currency. 81
sla- Deposits and circulating tn
Cal, average estimate 80. 100000
aGe Outside OF banks, exclusive
7an. Of Ca1ifor'A and Of hoardA,
estimate e.....--...,....., b1.T66$38
'om Money. Observation-Disclosures. s111s4s
tne Total currency Of the loyal Statca D
xeu We know by the favorable condItio1
pei, the foreign exchanges, money being no
tive ,nnre here than abroad. that this vnJum,