The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-06-13
Ruined or Not z

"Gold is 100, and the property of the coun-
try Will be destroyed" says Mr.. Faint
heart.
"Gold is going to 200, and shall be broke"
says MIR. Weakknees.
Il am ruined! My bank balance is worth
only nIty-nve cents ON the dollar" saws MIR.
NeverlhInk.
Let US stop moment, gentlemen, aud look
into this matter. Facts are better than fears
and principle is better than prejudice. You
are suflerng-yes suffering, there is no other
word Tor it-under the delusion that the
amount OF gold and silver coin in the country
Is an equivalent OF It's wealth. Now, do YOU
know that the INCEST financial authorities have
never estimated this amount at over two hum
dred and nity millions, aud it is probably
much less, even in lime of peace. But sup
pose we admit that it is three hundred mil
lions; aud now do you know that, according
to the United States Census OF 1860, the
wealth OF the country-its real and personal
property-was estimated (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 OF
property, you will discover that it is-what !?
ftty per cent? No! Twenty-Five per cent !?
No!-bnt exactly t,cO per ceat.-that is, the
whole amount OF specie in the country never
was two per cent. or hltieth part OF the spe-
Gle value OF the property; and If, at any one
time, the whole property of the country had
been forced to sale Tor the specie in the coun-
try, it would not have brought 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 me-
! dunn for making an exchange OF products
1t represents property in the market, property
in the transit, but never the fixed property of
nation. Money is The lubrcator. IL don't
make values; it simply lubrieates the machin-
cry, and keeps the wheels of commerce run
ming 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 il not absolute
truth? But what shall we say to Mr.. Weak
knees, who Is afraid of bankruptcy, and Mr..
Neverthink, who is only afraid of his bank
balance. Ii Mr.. Weakknees is in debt. it is
now easy to get out Pay up while money is
plenty, and be happy.
Ii a mortgage on your land will be due next
year or any year, provide for it now while you
are getting high prices for everything you
sell. But Mr.. Neverthink, you haye-say, a
bank balolce OF $4,000. You are afraid that
gold is going up or paper going down about
| out OF sight, and you wish to invest this bal
ance in some productive property. Will you
buy house worth only $1,000 in specie, and
pay for it $4,000 in currency? Suppose you
wish to sell that house after the resumption
Of specie payments, il will bring you only
$4,000, and you will have lost exactly 5000
Will that be shrewd operation? We think
we can put you up TO something better
something by which you can make your bank
balance-or currency not only worth its face in
gold, but premium besides. Invest in Gov
eminent bonds. Buy the 1O-40s. After the
war is over, they will be worth par in gold and
something overland they pay a liberal inter-
est from the beginning. If they are not safe,
then no property is safe. The same spirit Of
anarchy that would repudiate your property
in the national debt would repudiate il ia your
house. IL the law will not protect you 10 one
description Of your property, 1t will not in an
other, and your greatest safety as well as profit
is In maintaining and strengthening the gov
eminent that maintains and supports the law
philadelphia Daily Telegraph.