The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-06-24
Rnined or Not!

Rnined or Not!
"Gold is 100, and the property of the
country will be destroyed" says Mr.. Faint
heart.
Gold is going to 200, and l shall ibe
broke" says Mr.. Weakness.
." | am ruined! My bank balance is worth
only ffty-fve cents on the dollar" says Mr..
Neverthnk
Let US stop a moment, gentlemen, and
look into this matter. Facts are better than
fears, and principle better than prejudice
You are sutiering--yes, suffering, there is no
other word for it-under the delusion that
the amount of gold and silver coin in the
country is an equivalent of its wealth. Now,
do you know that the highest inantial au-
thorities have never estimated this amount
at over two hundred and fifty millions, and,
it is probably much less, even in time of
peace. But suppose We admit that it is
three hundred million; and now do you
know that, according to the United States
censu. of 1862 the wealth Of the country
its real and personal property-pas estimat-
ed (rather too low than two high) at fifteen
thousand millions. If you will just take
your pencil and cypher out the proportion
that three hundred millions in specie bears
to fifteen thousand millions in property, you
will discover that it is-what? !? fifty per cent?
No! Twenty-Five per cent? No but ex-
actly two per cent-that is, the whole amount
OF specie in the country never was two per
cent, or tiftieth part of the specie value
of the property; and if, at any one time, the
whole property of the country had been
! forced to sale for the specie in the country
! it would have brought two cents on the dol
! lar of It's actual value.
! Specie, or the currency that may stand for
/ it, is only the convenient and recognized me-
/ dium for making an exchange of products
! 1t represents property in the market, proper
/ ty in transit, but never the fixed property Of
a nation. Money is the lubricator. 1t don't
make values it simply lubricates the ma
chinery, anb keeps the wheels of commerce
running smoothly. When two abundant, the
wheels run too fast aud when scarce there
is too much friction.
And now, Mr.. Faintheart, can you pick a
flaw in our statement Is it not absolute
truth ? But what shall we say to Mr.. Weak
ness, who is afraid of bankruptcy, and Mr..
Neverthink, who is only afraid of his bank
balance If Mr.. Weakness is in debt, it is
now easy to get out. Pay up while money
is plenty, and be happy.
If mortgage on your land will be be due
next year or any year, provide for it now
while you are getting high prices for every
thing YOU sell. But, Mr.. Neverthink, you
have, say, bank balance of $4,000. You
are afraid that gold is going up or pa.
per down about out of sight, and you wish
TO invest this balance in some productive
property. VIII you buy house worth onl,
$4,000 in specie and pay for it $4,000 il
currency? Suppose You wish to sell tina
house after the resumption OF specie pay
ments, it will bring you only $4,000, ant
you will have lost exactly 5000 Will tha
; be shrewd operation? We think We cal
"put you up to something better-some
thing by which you can make your bank-bal
) lance or currency not on Y worth its face Ii
gold, but a premium besides. Invest in gov
ernment bonds. Buy the ten-forties. Ate
the war is over, they will be worth par il
gold and something over; and they pay
liberal gold interest from the beginning.
they are not safe, then no property is safe
The same spirit of anarchy that would repr
diate your property in the national del
would repudiate it in your house. If tn
law will not protect you in one descriptio
7 of your property, it will not in another, an
your greatest safety, as well as profit, is
Il maintaining and strengthening the govern
1t ment that maintains and supports the law.
I PHILADELPHIA Daily Telegraph.