Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1864-08-04
RUINED OR NoTp

"Gold is 100, and tie property Q
the country will be destroyed" say
Mr.. Faintheart. Z
"Gold is going to 200, and / shal
be broke" says Mr.. Weakness.
1 am ruined! Ny bank balancei'
worth only fifty. five cents en- dollsr,
says Mr.. NevPrthink.
Let us stop moment, gentlemen
and look into this mater. Fact:
are better than fears, and principle
is better than prejudice. You are
sufering-yes, suffering, th.re is DO
other word for it-under thedelusior
that the amount of gold ard silver
coin in the country is an Equivalent
of its wealth. Now, do yIu know
that the highest financial Authorities
have never estimated this a Mount al
over two hundred and fifty millions
and it is probably much lSs, even
in time of peace. But suppose we
admit that it is three hundred mil.
lions; and now do you know that,
according to the United Sites Cen
sus of 1860, the wealth oftie country
its real and personal property
was entimaLed (rather too low than
too 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 ofproperty,
you will discover that it is-what Z
hrCy per cont 2 No .Tyepty,tiye pcs
cent. !? Noi-but eXadcIfy hro per
cent-that is, the whole amount of
specie in the country never wastwo
per cent. or the fiftieth part ofthe
specie value of the property; ant if,
at any one time. the whole proprty
of the country had cen forced to
sale for the specie in the connry,
it would not have brought two cnts
on the dollar of its actual spcie
value.
Specie, or the currency that ray
stand for it, is only the converent
and recognized medium for maing
an exchange of products, 1t rere
sents property in the market, pfoer
ty in transit, but never the fixed,ro-
perty of nation. Mo-ey is the
lubricator. Il don't make value it
simply luhricates the machineryand
keeps the wheels of commerceun-
ming smoothly When too abunant,
the wheels run too fast; and 'hen
scarce, there is too much frictin.
And now, Mr. Faintheart. ca you
pick flaw in our statement? ; it
not absolute truth ? But whashall
we say to Mr.. Weakness, ho is
afraid of bankruptcy, and Mr..
Neverthink, who is only afrd of
his bank balance If Mr. Wealn ees
is in debt, 1t is easy to get out. Pay |
up while money is plenty, al be
happy.
II a mortgage on your Ian will
be due next year, provide for now
while you are getting high,rices
for everything you sell. b Mr..
Neverthink, you have-say bank
balance of $4,000. You arafraid
that gold is going up or paper com
ing down about ont of sight, ID you
wish to invest balance in SOP pro-
ductive property. Will youbuy a
house worth only $4,000 inspecie,
and pay for $4,000 in crency?
Suppose you wish to sell tn house
after the resumption of spte pay
ments, it will bring you onlylO 900,
and you will have lost 1000
Will that be shrewd opetion?-
We think we can put yopp" to
something better something which
you can make your bank bance OF
currency not only worth iface in
gold, but apremium besides Invest
in Government Bonds BJ the 10
40's. After the war is or, they
will he worth par in gold d some
thing overland they PAL liberal
gold interest from the benning.-I
If they are not safe, then nproperty !
is safe. The same spirit anarchy /
that would repudiate themould rob 4
you OF your property in W house
If the law viii not profecDu in one
description OF your props. it will
not in another, and yt greatest
safety as well as profit is maintain
ing and strengthening Govern
ment that maintains and pports the
law-Phaadelphia Daily ilegraph.