The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1864-07-21
Gbe garfasttr @a5ette,
RuINrD or Norl

r. p - RUINED ON NoIf
Gold is 100, and the property of
the country will be destroyed" says
Mr., Faintheart
Gold is going to 200, and I shall
bo broke" says Mr., Weakness
oEI am ruinedi My bank balance Is
worth only fifty-fve cents on the dol.
lar, says Mr.. Neverthink.
let US stop moment, gentlemen,
and look into this matter Facts are
better than fears, and principle better
than prejudice, You are suffering
yes, suffering, tnetc is no other word
for it-undef the delusion that the
amount Of gold and silver coin in tho
country is an equivalent of it's wealth,
Now, do you know that the highest
financial authorities haro never csti-
mated this amount at ovor two hun.
dred and fifty millions, and it is prob
ably much less, exon in time Of peace.
But suppose we admit that il is three
hundred millions; and now do you
know that, according to the United
States Census of 1860, the wealth Of the
country,--its real and personal prop.
erty-was estimated (rather too low
than too high at fifteen thousand mil
lion. Ifyou will Just take your pencil
and cipher out the proportion that
three hundred million of specie bears
to fifteen thousand millions of proper
ty, you will discover that it itis-what? q?
fifty per cont? No? Twenty five per
cent? No!-but exactly tuo per cent
that is, the whole amount Of specie in
the country never was two per cent,
or fifteenth part Of the specie value
Of the property; and it, at any one
time, the whole property Of the coun-
try had been forced to sale tor the
specie in tho country, it would not
have brought two cents on the dollar,
of its actual spocie value.
Specie, or the currency that may
stand for it, is only the convenient
and recognized medium for making an
exchange Of products. 1t represents
property An the market, property in
transit, but never the fxod property
of a nation. Money is the ubricator.
1t don't make values ii simply lubri.
Gates the machinery and keeps the
wheels Of commerce running smoothly.
When too abundant, tho wheels run
too fast and when scarce there is too
much friction. s. s... ..g
And now, Mr.. fainthoart, can you
pick hawin our statement? Is il not
absolute truth2 But what shall we
say to Mr.. Weakknees, who is afraid
of bankruptcy, and Mr., Neverthink;
who is only afraid of his bank balance.
If Mr.. Wcakknces is in dcbt, it is now
easy to get out. Pay up while money
is plenty, and be happy.
If a mortgage on your land will he
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, a
bank balance of 100000. You are
afraid that gold is going up or papcr
going down about out of sight, and
you wish to invest this balance in some
productive property. Will you buy
house worth only $40 900 in specie,
and pay for it $4,000 in currency ?
Suppose you wish 10 sell that house
after tho resumption of specie pay.
mcnts, II will bring You only $40, 900,
and you will have lost exactly $4,000:
Will that be shrcwd operation p
We think We can "put yon up" to
something better-somcthing by which
you can make your bank balance or
currency not only worth its face in
gold, but premium besides. Invest
in Government bonds. Buy tho 10.
40's. After the war is over, they will
be worth par in gold and something
overland they pay liberal gold IN.
tercst from the beginning. If they arc
not safe then, no property s.saic,--
The same spirit Of anarch that would
repudiato your property in the national
debt would repudiate it in your house,
If the law will not protect you in one
description Of your property, it will
not in another; and your greatest
safety rs well as profit il in maintain.
ing and strengthening the government