Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-10-06
The Decline Of Gold and the inereas'
ing Stability of the Government.

The Decline Of Gold and the inereas-
Ing Stability of the Government.
The financial crisis cf the country is
rapidly approaching if it is not already at
hand. The long effort made by gold gsmb-
Iers, spectators, foreign intriguers, who
wished the republic III, has already ez-
bausted its power and thspanie has begun.
Everything must consequently come down
from the lofty hight of unnatural initiation
to level corresponding more to the laws
of supply and demand So certainly, as
Grant Sherman and Sheridan are yet to
deal the rebellion ruinous blows, so sure
must prices fall in accordance with the
decline in gold which has marked the
financial history Of the past week. The
speculation in all the necessariss of life,
must be checked andthe people viii again
see the decline of prices to point within
the bounds Of reason. The indications of a
coming panic in which the men who fail
to stand from under will be crushed, are
now at hand The failure of several banks
in Chicago, and the hurried fall Of produce,
show that the financial storm is brewing
which is to sweep in fury over the land
And this viii come about because it is
evident that the stability of the nation II
well assured. As gold runs down the
strength and permsnency of the nation go
up. Indeed the world is rapidly learning
that we have, as a nation, the most ample
resources of any power In the world
European capitalists see that though our
debt should accumulate during five more
years, it would then rest more lightly upon
our people than does the English debt up
on the Lnglish people. To carry on a
gigantic war, and at the same time
carry on peace that is
wondrous in its prosperity, is an evidence
to them that the financial strength Of this
United States Government is far greater
than that Of European nations that can
scarcely build dock or ship without
calling upon foreign capitalists. The iela-
tive proportion of bank currency and pa
per money is by far greater in England
than in this country. Indeed, so tar as
the liquidation of its National debt IS con
cerned, that is a project never contempla-
ted The principal is virtually repudiated.
To attempt its gradual reduction by taxa
tion, would revolutionize the British En-
pire. But it is the stability of the English
government, its ability to meet the interest
on all its obligations, that gives such en-
tire permanency to the money OF
England, and keeps gold at par
But the United States is proving that it
contains within itself the elements of per-
manence and perpetuity. Hence Gold
must come down near unto its par value.
1t has already fallen, within few weeks,
from 27O to $50. Further successes of our
armies must bring it down to I5Oa and thence
to lS0. The merchants and manufacture
ers who still hang to inflated prices, may
therefore find, in a few weeks, that they
have pulled their own buildings upon their
own heads. Those who are wise, will,
therefore, be ready for the crash and panic
that may be at their doors They will en-
deayor, as rapidly as possible, to convert
their goods into the more valuable and sta
ble greenbacks of the nation.