The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1864-07-08
Ruined or Not 2


"Gold is 100. and the property Of the coun-
try will Be destroyed" says Mr.. Fsinthsart.
"Gold 10 going to 200, and shall be broke"
says Mr.. Weakness.
II am ruined My bank balance d worth
only fty.fve cents on the dollar" says Mr..
Neverthink.
Let Us stop Q moment. gentlemen. and look
into this matter. Facts are better than fears.
and principle Is better than prejudice. You arc
suffering-yes. suffering. there is no other
word for it-uuder the delusion that the amount
Of gold and silver ooiHin the country 10 an
equivalent of Its wealth. Now. do you know
that the highest financial sdthorities have never
estimated this amount at over two hundred and
6fty millions. and Il Is probably much less. even
In time OF peace But suppose We admit that
II Is three hundred millions and now DO you
know that according to the United States Cen.
sus Of 1850. the wealth OF the ecountry-its real
and personal propsrty-was estimated (rathsr
too low than too h,gh) at ffissn thousand mil
Honsi II you will just take your pencil and
cypher out the proportion that three hundred
millions Of specie bears to ffteen thousand mil.
lions Of property, you will discover that Il is
what, Atty per cent? No! Twenty-Five per
cent? No!-but exactly t,vo per cent That's.
the whole amount Of specie In the country never
was two per cent. or fttieth part of the spe-
clio value Of the property; and II. at any one
time. the whole property Of the country had
been forced to sale for the specie In the coun.
try. II would not have brought two cents on
the dollar of It's actual specie value.
Specie. or the currency that may stand for 1t,
is only the convenient and recognised medium
for making an exchange Of products. 1trepre-
sents property In the market, property In tran
sit. but never the fixed property Of nation.
Money Is the lubricator. It don't make values;
It simply lubricates the machinery, and keeps
the wheels Of commerce running smoothly.
When too abundant, the wheels run too fast;
and when scarce. there Is too much friction.
And now, Mr.. Faintheart, can you pick
aaw, In our statementi Is It not absolute
truth, But what shall we say to Mr.. Weak
ness, who Is only afraid Of his bankruptcy. and
Mr.. Neverthink, who is only afraid OF his bank.
balancel If Mr.. Weakness is In debt, 1t Ii now
easy to get out. Pay up while money is plenty,
and be happy.
II mortgage on your land will be due next
year or any year, provide for II now while you
are getting high prices for everything you sell.
But Mr.. Nevcrthink, you have-say, q bank
balance Of $40, 900. You are afraid that gold
is going up or paper going down ABOUT out Of
sight, and you wish to invest this balance In
some productive property. viii you buy
house worth only $4,000 In specie, and pay
for Il $50 In currency! Suppose you wish
to sell that house after the resumption Of specie
payments, II will bring you only $40, 900. and
you have lost exactly $4,000. viii that be
shrewd operation, Wethink We can "put you
up" to something better-something by which
you can make your bank balance or currency
not only worth It's face In gold, but premium
besides. Invest In Government Bonds. Buy
the 10 40's. After the war Is over, they will
be worth par In gold and something Overland
they pay liberal gold interest from the begin
ming. II they sro not safe, then no property
is safe. The same spirit Of anarchy that would
repudiate your property in the national debt
would repudate It In your house. II the law
will not protect you in ono description Of your
property, II will not another. and your greatest
safety rs we'll as profit Is In maintaining and
strengthening the Government that maintains
and supports tho law.-Phiiadelphia Daily
Telegraph.