Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-07-13
Ruined. or Not 2

Ruined, or Not ?
Gold is 1870, and the property of the
country will be destoyed, says Mr, Faint
heart
Gold is going up to 200, and shall be
broke, say Mr.. Weakness.
i am ruined ? My bank balance is worth
only 80 cents on a dollar, says Mr. Never
think.
Let us stop a moment, gentlemen, and
look into this matter. Facts are better
| than fears, and principle is better than pre-
judice. You are suffering-yes, suffering
there is no other word for it-under the de-
lusi n that tile amount Of gold and silver
coin in the country is an equivalent of Its
wealth. Now, do you know, that the high
est financial authorities have never estima-
ted this amount at over two hundred and tlt-
ty millions, and it is probably much less,
even, III time Of peace. But suppose We
admit that it is three hundred millions ::
and now do you know that, according to the
United States Census, in 1860, the wealth
the cOuntry-its real and personal prop
erty-was estimated (rather too low than
! too high at fifteen thousand millions Il
you will take your pencil and cypher out the
! proportion that three hundred millions III
| specie bea 70 fifteen thousand millions OF
| properly you viii discover that it is
|
| five per centum No but exactly two per
cent that is the whole fimount Of specie in
| the country never was two per cent, or a
! fftie5h part Of the specie value OF the prop
erty, and If, at any one time, the whole pro-
perty Of the county had been forced to sale
for the specie in the country, it would not
have brought two cents on the dollar Of its
actual specie value. ...
Specie, or the currency that may stand
for it, is only the convenient and recognized
medium for making an exchange OF products.
1t represents. property IN the maket, pro-
perty in transit, but never the fixed proper
ty Of nation Moneyi8 the lubricator. 1t
does not make values it simply lubricates
the machinery. and keeps the wheels Of COM
merce running smoothly. When too abun-
dant, the wheels run too fast ; and when
scarce, there Is too much friction.
And now, Mr. Faintheart can yOu pick
a flaw in our statement? Is il no5 absolute
truth But what shall we say to Mr. Weak
knees who is afraid of bankruptcy, and Dir.
Neyerthink, who is only afraid Of his bank
balances II Dir. Weakness is in debt, it
is now easy to get ont CT if Pay up while
money is plenty, and be happy.
If a mortgage on your land viii be due
next year, or any year, provide for 1t Low
while you are getting high prices for every
tHlDg you sell. DnL, VT. NeNeftnlnk, you
have say, a bank balance Of $4,000. You
are afraid that gold is going up or laper. GO
ing do&n ab6ut out Of sight, and you wish
10 invest this balance ii productive proper
". VIII you buy a house worth only SI0,-
900 in specie, and pay for it SIS, 900 in cur.
TeEc%? Suppose you wish to sell that house
after the resumption of specie payments, it
will bring you only $4,000, and you will
have lost exactly $1,000. VIII that be q
shrcwd operation We think we can put
you up to something better-something by
which Jotf can make your bank balance or
currency, not only worth its face in gold,
but premium besides Invest in Govern
ment Bonds buy -4O's After the war
is over, and they pay liberal goldi interest
from the beginning. If they are not safe,
theii 10 property is safe. The same spirit
OF anarchy that would repudiate your prop
erty in the national debt, would repudiate
1t in your house If the law will not pro
tect you in one description Of property, it
viii rot in another, and your greatest safety
as well As profit is in maintaining and
strengthening the Government that main
tains and supports the laws.