Year: 1859

There are set of political economists in
this country who affect to sneer at the use of
the term unfayorable balance of trade. They
deny thsfa bsiance If trade is hnfaVorabie
when the difference in the valie Of shipments
ofpEodRce betHeep Two countries is settled by
2 transfer OF the precious metals from the
debtor to the creditosestate These gentle.
men, in the profundity of their wisdom saw
that0aii uisasihsssi aboat the operationsIof al,
unfavofable balance of trade Is quite irration,
adj That a man might as weli-b he apprehen-
sise respecting the forces that keep the solar
8 stem m plaza, andFregqlate,the melton of
u.e planets In their starry dance. That it is
all right that we should annually ship from
our ports millions on millions Of dollars. 3ssAc-
cordlng to them it Is the best possible evil
dsnce Of a healthy trade, and of the, sound
ana even vigorous condition of our country
and the man who would attempt to alter such
2 state of things must be ignorant Of ALI that
the most advanced thinkers on economies
have published to the world, and q states
man practically seeking to remedy the evil by
legislation, be would show himself bunsler,
and mischievous, meddlesome fellow. Gaw,


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 CON-
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 a 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 not single word of your
language, and cannot comprehend any sign
you make to him.. 'di H1 7f7s5 nh ~


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





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 a 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.
Now we point out q resemblance that really
does exist between the movements of the prccs
ious metals and water. You may have wtn
with spring that yields an abundance of
sweet water for use of your family, and your
next door neighbor may olga deeper well,
and so.draln yours, and turn your supply of
wnatis 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.
We need the precious metals. They are even
OF vital impor lance to us There must be a
gradual accumulation of gold in the country
It we are toprogress steadily in the develope-
ment OF our resources, or indeed, if we are to
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
animal depends for .its integrity and activity
on due supply of blood, and so the industry
OF the land, in each and all it's 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 at
the opening of this article-the enormous ex-
port of the specie that has taken place for
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 q capital of millions. No
wonder the barns and storehouses of our
western farmers groan with unsaleable pro-
duce, when that first essential to 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 .si.. -,