Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1863-07-21
From N. Y Tribune.
Geld Cannot Represent the Property of the
TTnifnd cfa+ou

basis for a financial medium of exchange
for one reason mainly. that the civilized
world has had, and now has, perhaps, thai
impression. And hence it has become the
standard for the value of property through
out the world. Ye', orange as it quay
seem, for the last one hundred years it has
not been one hundredth part Of the basis
for the representation of property.
The property of the United States In
the last ten years has increased more than
two hundred times faster than coin. From
1850 to 1860 the real increase of proper.
ty in the United States was $S,925, $780,
oil, while the specie increase for the same
time was $34, S93,390 There are TWEEN
ty nine States in each Of which the proper
ty has increased faster than the coin Of the
whole United States. There are more
than twenty States in each of which the
property has increased faster than the coin
Of the whole world. In Ohio alone, the
increase of property has been almost $780,
100000, nearly twenty times faster than
the coin of the United States. In Iii
nois, about twenty one times faster.
And with us, as nation, it canDot he
one two-hundredth part of the basis Of our
money, if our property is sufficiently rep
resented. 1t would take ten times as much
coin as there is in the world, to buy tLe
property, at a fair valuation, that has been
created in the Northwestern States alone,
in the last twenty-five years.
Many have supposed that the large
quantities of gold dug from our mines
would make gold supar-abundant. But
tic fact is, all the gold dug from the mines
in California cannot any more than rep
resent CALIFORNIA; own increasing wealth.
And this is the great fact we must look
in the face. We are creating property in
a constantly accelerating ratio over our IN
crease of coin.
During this period of ten years-from
1850 to 1860-we have brought into cul-
tivation 100000 acres of land. We
have more than 200,000,0o0 acres yet I'm
improved. If the bringing into cultiva-
ton Of 50,000,0 900 acres gives US $8,000,-
and upwards Of good property in
ten years-from 1850 to l860-the bring
ing into cultivation of 60,000,000 acres,
which is but fair ratio of increase from
1850 to 1870, must increase our wealth
not less than 4,000,000,00o, which
will give us in 1860 property valuation
of not less than $30,000,000,0G0. while
the specie Of the United States, by the larg-
est ratio Of increase which can be safely es-
timqted, cannot exceed $130,000,000, aud
(if we take into account the largely increas-
ing absorption of the precious metals IN
the manufacture Of jewelry, &c.,) which
amounted, in the year 1860 alone, to the
enormous sum of $19,000,000, will not
amount to over $l0O.0o0,o0o. which will
make the proportional representative of
coin to property as one dollar to three hun
dred.
In 1850, we had one dollar in coin to
$l44 in property. In 1860, we had one
dollar in coin for about 5000 II property.
In 1870, we cannot have more than one
dollar for $500 in property; and 10 1880,
we cannot have more than one dollar in
COLI for 500 in property.
Nov how shall we represent our rapidly
increasing wealth? There is certainly a
good reason to entertain more than a sus-
picion that any banking system, based up
on the redemption in coin, cannot answer
our purpose.
We need now s4,000,000,00o Of lawful
money to represent our $l6,000,000,000
Of property.
Of all the monied experiments of Eu-
rope, national bonds have been the mos
successful, They have always been ac-
copied by other nations as medium ofex
change, after the first strain of national
credit, consequent upon the trying clrcum-
stances under which they have been forced
to give their bond for money.
The happiest period in the financial his
tory Of England, was when she was oblig-
ed to strain her credit SO that her bonds
were deprecated forty per cent. Every
body predicted her ruin. The close of the
war found her debt S4,000,o0o,000. This
war was held up by two hundred thou
sand Englishmen. They respected the
bonds, and soon they were at par, not only
at home, but abroad. The commerce Of
the world has so much credited them that
they have been the same as the addition
of 1000, 100000 in gold to her circulat-
ing medium.
Before the creation Of this debt, Eng
land lacked cheap capital to use her indus
try, and consequently her national resour
ces could not be developed. Before this,
money was scarce and high; since the Gre
alton Of Ills debt, money has been abund-
ant and cheap; aud she has been able to
develop her resources so rapidly, that she
may challenge all history to produce a
case of such national prosperity.
National bonds are no longer an expert
ment; they will give us, as they have CIV
en- England, currency that will not be Ii
able every few months to depreciation
and money panic, running thousands, and
involving the sacrifice Of millions of hon
est wealth.
We can afford to pay the interest on
these bonds forever, provided they Will
but afford US an abundant and stable cur
rency.