Evening star. [volume] (Washington, D.C.) 1854-1972, 1864-06-02
RUINED OR NOTI

"Gold is 1870, and the property of the country
will be destroyed" says Mr.. Faintheart-
"Gold is going to 2OO and shall be broke,'
says DIR. Weakness.
81 am ruined! My bank balance is worth
only fifty-ff cents on the dollar" says Nr
Neverthink.
Let us stop moment, gentlemen, and look
into this matter. Facts are better than fears,
and principle is better than prejudice. You
are suffering-yes, SUFFERING there is no other
word for thunder the delut ion that the amount
of gold and silver coin in the country is an
equivalent of its wealth Now, do You know
that the highest financial authorities have
never estimated this amount at over two hun
dred an fifty millions, and it is probably much
less, even in time Of peace. But suppose we
admit that it is three hundred millions; and
now do vou know that, according to the United
States Census of 1sG0, the wealth Of the eoun-
try-its real snd personal property-was esti-
mated (rather too low than too high) at fifteen
thousand millions If you will just take your
pencil and cyphsr out the proportion that three
hundred millions in specie bears to fifteen
thousand millions of property, you will dis
cover that it is-whatl fifty per cent? No
Twenty five per cent? No!-but exactly tl7o
per cent that is, the whole amount Of specie
in the country never was two psr cent or .
f1fteth 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 brougbs
two cents on the dollar OF its actual specie
value.
Specie, or the currency that may stand for it,
is only the convenient and recognized medium
for making an exchange of products. 1t repre-
sents property in the market, property in transit,
but never the fixed property of a nation. Money
is the lubricator. 1t don't make values; 1t sim
ply 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.. Fsintheart, can you pick q
flaw in our statement Is it not absolute truthi
But what shall we say to Mr.. Weakness, who
is afraid Of bankruptcy, and Mr.. Neverthink,
who Is only afraid Of his bank balance. II
Mr. Weakness is In debt 1t is now easy 70 geS
out. Pay up while money is plenty ana DO
happy.
ia mortgage on your land will be due neAt
wear or any year provide for 1t now while you
are getting high prices for every thing you sell
Rnt MIR. Neyerthink, you have-say bank
balance OF $4,000. You are afraid, that sold
Is going up or paper going down about ont OF
sieht. and you wish to invest this balance in
some productive property. Win you buy q
house worth only $4,000 in specie, and pay for
1t SIS, GOO in currencyl Suppose you wish 70
sell that house after the resumption Of specie
payments, it will bring you only $1,000, and
you will have lost exactly $s,000 VIII that
be q shrewd operationl We think we cam
"put you up" to something Notwithstanding
by which you can make your bank balance or
currency not only worth its face in gold, bat
premium besides. Invest in 0overAlasne
Bonds. Buy the TO- a0's. After the war u evers
tbov will he worth mar In rold and aoyasSht1sc
Overland they pay liberal gold interest ffoun
the beginning. II they are not safe, then 10
property is safe. The same spirit Of anarchy
that would repudiate your property In tne na-
tional debt would repudiate it In your sesse.
If the law will not protect you in one desen1-
ton Of your properly, 1T will net 10 another,
and your greatest safety as well as pront is in
maintaininr and strengthening the Govern
ment that maintains and supports the law.