Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-01-26
Disturbances OF "a raise Financial
system

Mr.. Charles Reemeiin, IN one OF q series OF
Financial Articles" now in course OF publication
in the Crisis, makes an observation IA respect To
times like the present-tmes of price intittions,
over issue. and extrtvagant public aud private
expenditure-which Is worthy 10 be pohdered
upon that 1.-The value of real wealth Is as unset
tied as that of the fictitious There !, evidence
of a feeling o. insecurity ON tie p'rt OF holders
of that which Is at present accepted as evidence
of wealth. Ia the digent seirch that - rercepu-
BILE for something IN which 10 invest, that may
Rtaiu its value when the crisis which they f0re>ee
shall have arrived. Some are endehvotlng to
find tins i'm the stocks OF various companies
railway. mining. or manufacturing: and accord
ingly We find that when gold goes up these siorks
realize m ore than corresponding advance grow
ing out of AN increased demand. There is also
u tendency 10 invest in wild lands, ami LARGE sales
of the Government domain ave being made, Ut
derthe impression that these will ut least, some
time other, restore the original cost, II they
nav no profit 20 the purchaser or his Descendants
They who at the beginning of this war. had
GOODNESS enough to look forward through It's
probable military and financial vici,s'uies, did
not hesitate TO predict that the time was about 20
come when the man without, would lie ~ nearly
good condition the MN with, al estate
In other words, that We were approaching a
period when Industrial enterprise. heretofore
profitable. would &c lse to be SO, and when taxa
ton, realty overlapping the productive ability Ut
the people ia the fields of labor would >eiZe upon
capital; when the public exigeucy. too imp itient
to await The process b. which the golden egg j,
elaborated ana brought to perlection. would in
slst upon going the source. and at whatever
risk, taking possession n OnCce of the matrix IN
which il i conceived
Ii the Government had drawn directly ny tax
alton rom the people sum sufficient TO meet
the current expenses Of the war we should have
az. tl,r OF
the capital at the country had. some lime ago,
commenced: that we are drawing from the resor-
voir much faster than labor taxed 10 its utmost
capacity is able to supply it-that, in short, Gov
eminent absorbing the labor upon hand and
the capital upon the other. is burning the tnan-
cial candle ~ both ends. with the certainty. at no
long time i'm the future TO realize the inc, table
result This fact is KEEP, practically c,ncealel
by the issue of paper promises to pay, which the
officers of the Government assure the people ARE
the evidences OF real wealth. aud which the peO-
pie. partly through crednlity and partly through
necessity. receive such: while they are. in fact
the evidences OF an Insolvency in the nation
which is destined To spread and produce general
bankruptcy.
When the government purchases OF nlan his
properly or his services. and pays him IN prom
ise which i destined to deprecitte 20 ore hall 81
one fourth OF lis nominal value. tie nan may
whom IL continues will lose part or the whole III
proportion il depreciates Pending the nro
cess Of depreciation. the price or mercantile value
of real things j unsettled, and when the lepre,i
alton has reiched its finally, the value OF rea
things will be found 10 be reduced in proportion
Is the aggregate wealth OF the country had beer
absorbed This without the destruction OF any
of the pre- existing sources of wealth and profit
We however. in this war, are u roofing the yer,
At ar han
mes of trade that may not for generations bs
opened-ciosins the mlI ket for production, ant
eXtinguishIng the incentives TO Labor The Ell
feet OF this process upon the future price o things
of real value il is not el>y - calculate but feA
probably at this day. have. even in i'm giah-
ton, conceived the extent o. the melancholy re-
ality.
Ever7 dollar of incOnverti5le currency ISSUED
from the Treasury, il, to its amount. forced
loan from tine reople. The Government Is Dor
ro"in. TO paw it, three millions yer diem curen
expenses IL i selling it, stocks other promise
To pay. in ihe uket. Tor what they will bring il
gold. 10 pay The accrulug interest upOnits iundet
debt This i process that must soon compel ii
own termination. The time IS not tar distan
when the Government will. from necessity, re-
fuse to accept : own promises ia payment o
debts due IL when the alternative offered 10 th'
man who has person or thing which the Govern
ment de>ire-, will be to receive a paper which
Itself repudate>, or nothing As tie Government
expeud> ali the men and property oi watch /
gains possession these men and this propert,
represent - much of the aggregate capital an,
productive energy of the country annhated
Although il cannot absorb land. II absorb> th
represent alive of land; reducing lis quantity
but iucing its price, until. il the process Is car
ried far enough, even the soil will become thinl
of which value can hardly be predicated.-l Gin
Enquirer