Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-06-14
RuIned Or NntR

"GOId is 100, and the property of the
country will be destroyed" says Mr.. Faint
heart,
"GOld is going to 200, and I shall be
broke" gays Mr.. Weakness.
al am ruined Ny bank balance is
worth only ffty-Gve cents on the dollar"
says Mr.. Nevsrthink.
Let us stop 8 moment, gentlemen, and
look into this matter. Facts are better than
fears, and principal is better than prejudice.
You are suffering-yes, sufsrng, there is no
other word for it-under the delusiOn that
the amount of gold and silver coin in tie
oOuatry is An equivalent Of its wealth.
Now, do you know that the highest financial
authorities have never estimsted this amount
at over two hundred and fifty millions, and
it is probably much less, even In time of
peace. But suppose that ne admit that it is
three hundred millions and now do you
know that, according to the United States
Census of 1880, the wealth of the country
its real and personal prOpsrty-Was estimst-
ed (rather too low than too high at .flteeu
thousand aillions. II you will just
take your pencil and cppher out the pro-
portion that three hundred millions in specie
bears in fifteen thousand millions of pro-
Perty, you will discover that it is-uhGt?
fifty per cent? No Twenty-Five per cent.
No but exactly tioo per oeHt.-that is, the
WhOIs amount of specie in the country never
~ he
specie value Of the property; and if, at any
time, the whole value of the property Of the
country 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 thar may stand for
it, is only the convenient and recognized
medium for making Al exchange of pro-
ducts. It represents property in the market,
property in transit, but nevOr the fixed pro
psrty of a nation. Money is the IubricAtOr.
II don't make values it simply lubricAtes
the machinery, and keeps the wheels Of com
msrce running smoothly. When too abun-
dsnt, the wheels run too fast; and when
scarce, there is too much friction.
And now, Mr.. Fainthesrt, can you pick a
aAW in our ststemsnt2 Is it not absolute
truthH But what shall We ssy to Mr.. Weak
knses, who is afraid Of bankruptcy, and Mr..
Heverthink, who is only afraid of his bank
balance. II Mr.. Weakness ia in debt, it is
now easy to get out. Pay up while money
is plenty, and be happy.
If a mortgage on your land will be duo
nsXt year or any year, provide for it now
while yOu are getting high prices for every
thing you sell. But Mr.. Nevsrthink, you
have-say, a bank baIsncs Of S2O, 900. Ycu
are afraid, that gold is going up or paper 60
ing down about out Of sight, and y u wish to
Invest this balance in some productive prop
erty. Will you buy house worth only
81, coo in specie, and pay for it SIS, 600 in
currency. Suppose you wish to sell that
house after the resumption of specie pay
msnts, 1t will bring you only SIG. 600, and
you will have lost exactly s.. 900. Will that
be shrswd operation? We think We can
"put you up" to something better-sOme-
thing by which you can make your bEnk
balance or currency not only worth its face
in gold, but q premium besides. Invest in
Government Bonds. Buy the 1O-4O's. After
the war is over, they will be worth par in
gold and something nver-Rnd they pay
liberal gold interest from the beginning. If
they are noe safe, then no property is safe -
The same spirit of anarchy that would repu-
diate your property in the national debt
would repudiAts is in your house. II the
law will not protect you in one description of
your property, it will not in another, and
your greatest safety as we'll as profit is in
maintaining and strengthening the Govern
msnt that maintains and supports the law
Philadelphia Daily Telegraph. I55