Year: 1859

From the PhiisfefpAia Gazette.


There are a set of political economists in
this country who affect to sneer at the use Of
the term untavorable balance of trade. They
deny that balance Of trade is unfavorabie
when the difference in the value Of shipments
between two countries is settled by
a transfer OF the precious metals from the
debtor to the creditose state These gentle
men, in the profundity of their wisdom, say
thatCalf uneasiness about the operations of an
unfavorable balance of trade is quite irration-
al That man might as well be apprehen-
si7e respecting the forces that keep the solar
s. stem in place, and regulate the motion of
tie planets in their starry dance. That it is
all right that we should annually ship from
our ports millions on millions Of dollars aAc-
cording to them it Is the best possible evil
dence of a healthy trade, and of the sound
and even vigorous condition Of our country
and the man who would attempt to alter such
a state of things must be ignorant of all that
the most advanced thinkers on economies
have published to the world, and states
man practically seeking to remedy the evil by
legislation, he would show himself bungler,
and miscnievous, meddlesome fellow.


Now, to come to any close reasoning with
men who talk in this way, is like setting traps
to catch moonbeans. After using your efforts
to seize the argument employed, you open
your hands and find there is nothing there
You are dealing with words which, when they
come to be analyzed, are seemed to be COM
pounded of nothing. You have been deluded
by moonshine which has given sheen to
empty air until it looked like veritable SUBJ
stance. What sort of an argument can you
hold with man who maintains that it is no
disadvantage to the United States to send
abroad one hundred millions of dollars, in
gold and silver, year, and who believes, or
pretends to believe, that the precious metals
go from us to foreign countries because we do
not need them at home? Manifestly no good
can come from reasoning with such person.
Those elements, or principles, that men must
have in common, in order to converse at all,
are evidently wanting here. You might as
well attempt an interchange of ideas with a
man who understands nota single word fyour
language, and cannot comprehend any sign
you make to him.


1t is almost too much for human patience to
read in journal generally conducted, or to
hear in your office, or at your dinner table,
from the lips of an oracular looking person, the
assertion that the United States does not need
the precious metals in greater abundance, or
they would stay with US. Gold is like water.
and seeks its level, says the oracle; and SO he
amuses himself with, and sets others to
thinking of Towering stream, instead of the
precious metals But as there happens to be
no analogy between the two things, nothing
in common, the introduction of the figure on
ly diverts the attention from the real question.
Nnxry ..v1f ~ hat liz,
does exist between the movements of the prcc.
ious metals and water. You may have W,
with spring that yields an abundance VI
sweet water for use of your family, and your
next door neighbor may dig deeper well,
and sosdrain yours, and turn your supply of
what is necessary to life into his own reser


volr. This just about the relation that the
United States and Great Britain have occu,
pied to each other for very many years


W. heed the precious metals. They are even
of vital importance to u.s. There must be q
gradual accumulation of gold in the country
If we are to progress steadily in the develope
ment of our resources, or indeed, if we are t.
make any progress at all. To industry in
each and all Of its departments the precious


metals bear the same relation that the blood
does to the body. The whole organization Of the
amman ucpehuS iOf jus Integrity anu actiNltE y
on a due supply ofblood, and so the industry
Of the land, in each and all its parts, requires
that the precious metals should be at Ger.
tain level, and rising level, too, if the supply
is to meet the demand made on it.


In view of the fact that we mentioned a,
the opening of this article-the enormous ex.
port of the specie that has taken place fol
this year-there is no difficulty in accounting
for the gloomy aspect that business continues
to wear. No wonder men will not engage in
active business when they see drain going
on that they know must soon exhaust them
if they possessed a capital of millions. No
wonder the barns and storehouses of our
western farmers groan with unsaleable pro.
duce, when that first essential to a remuner-
ative home market, gold, is shipped abroad
for the benefit of foreign manufacturers who
seek their breadstuffs mainly from the coun-
tries of Europe. No wonder that confidence
is impaired when the grounds of confidence
are being destroy ed and that credit, which,
under proper limitation is essential to business
transaction, is to weak to revive the enterprise
of desponding community