Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1864-08-10
Ruined or Not!

'Gold is $50, and the property of the
country will be destroyed" says Mr..
Fairtheart.
"Goldis going up, and 1 shall be broke"
says Mr.. Weakness.
81 am ruinedl My bank balance is not
worth fifty cents on the dollar" says Mr..
Neverthink.
Let us stop a moment, gentlemen and
look into this matter. You are suffering
under a delusion that the amount of gold
and silver coin in the country is an equiv
alent of its wealth. Now, do you know
that the highest financial authorities
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 that we admit that
it is three hundred millions: and now do
you know that, according to the United
States Census of 1860, the wealth of the
c~ountry-its real and personal property
was estimated (rather too low than too
highl at fifteen thousand millions. If
you will just take your pencil and cipher
out the proportion that three hundred
millions in specie bears to fifteen thou
sand millions of property, you will discov-
er that it is-what? fifty per cent? No.
Twenty-Five per cent? Nol-but exactly
two per cent.-that is, the whole amount
of specie in the country never was two
per cent, or a fiftieth 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 not have brought
two cents on the dollar of its actual spe-
Gle value.
Specie, or the currency thatmay stand
for it, is only the convenient and recog-
nized medium for making an exchange
of products. 1t represents property in
the market. property in transit, but lei
er thefxed property of a nation. Money
is the lubricator. 1t don't make values;
it simply l~ubricates the machinery, and
keeps the wheels of 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 a flaw in our statement? Is it not
absolute truth? But what shall We say
to Mr.. Weakness, who is afraid of bank.
ruptcy, and Mr.. Neverthink. who is only
a raid of his bank balance. If Mr.. Weak
knees is 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 due
next year or any year, provide for 1t now
while you are getting high prices for ev
erything you sell. For example, if YOU
mortgage is due three years from date
and you have the money, and your cred
itor won't take it-you have only to inves
the amount in U. S. notes bearing Sever
and three-tenths interest per annum, anC
it is certain to be ready for him. Blu
Mr.. Nsverthink, you have-say, a banl
balance of $4,000. You are afraid thai
gold is going up or paper going dowr
about out of sight, and you wish to inves
this balance in some productive property
Will you buy a house worth only $1,000
in specie. and pay for it $4,000 IN cur
rency? Suppose you wish to sell tina
house after the resumption of specie pay
ments, it will bring you only $4,000, anC
you will have lost exactly $4,000. vii
that be a shrewd operation? We viii
put you up" to something better
something by which you can make you
bank balance or currency not only worth
its face in gold, bit a premium besides
Invest in Government securities. Aftel
the war is over, they will be worth pal
in gold and something overland they
pay a liberal interest from the beginning
If they are not safe, then no property il
safe. The same spirit of anarchy thai
! would repudiate your property in the ma
tional debt would repudiate it in you
house. If the law will not protect you
in one description of your property, it
will not in another, and your greatest
safety as well as profit is in maintaining
and strengthening the Government that
maintains and supports the law.-Phaa
Dail TELEGRAPH.