Year: 1864

ton of the currency, and endeavOred to show
that so far from being justified by the war, this
of itself was sufficient reason for clingjDg more
tenaciously than ever to a system of finance with
a specie basis. The views there presented have
been so favorably received, to justify the hope
that some cf the former advocates of the paper
money theory have opened their eyes to its inev-
liable tendency, and are not unwilling to retrace
their steps. This has encouraged US to pursue
the train of thought, with some reflections upon
the effect of the imitation in demorazing individ-
ual character.


When few individuals or single community,
embark in any mad enterprise, or engage in a
wild scheme of speculation. sober people about
them not infected with the same disease, look on
with wonder or pity, and use only the more eau
ton and prudence in the management of their
own affairs. so to avoid, far as possible all
connection with the inevitable result of such in
sane folly.


But the imitation of the national currency leaves
no one outside of its influence. Ali property
and all incomes are measured by a standard
which is constantly expanding; if they change
with it, there is the excitement of a rapid appar-
ent increase Of wealth; if they remain stationary
for any reason there is a constant appeal to their
possessor to join the general movement. Sober
people might be willing to let well enough alone;
but to be stationary, is to be left behind and few
endure such complete isolation, to say no
thing of the difficulty of maintaining a secure
foothold amid the rushing crowd


One of contemporaries appears to have
been so well pleased with the picture we drew the
other day Of the hs bits of industry and economy
which the retention of a specie basis during the
prosecution of the war would have maintained and
promoted among the people, that he has pub
lished several articles urging his readers to make
it real, even under the present imitation. The
object is laudable, but the advice is wasted, in
asmuch as il totally ignores tle relations be-
tween rause and effect. Industry and economy
cannot be taught like the dead languages in
classic schools; and if they could, the community
too tar affected with the fever to attend upon
such tuition. The idleness and extravaganza
complained of, can only be removed by taking
away the cause which has produced these inevi-
table results To commend these virtues to the
popular practice while the imitation continues, is
like urging sObrety upon a drunkard without re
moving the bottle from his lips


The effect of this speculative mania is utterly
demoralizing. We are fast becoming a nation
of gamblers The recklessness is contagious,
and the temptation almost irresistible. While
nominal values doubling so rapidly, and
colossal fortunes piling up in such dazzling pro
portions, not only is economy discouraged, as we
proved in our former essay. but the slow gains of
industry despised. and the wages earned,
however augmented through the scarcity of la
aborers, seem paltry by the side of those grander
accumulatiOns which are obtained without the
drudgery of toll Look ut the number of those
who are abandoning positions which we're con-
sidered lucrative. for the sake of embarking un-
trammelcd in the mad pursuit of these gliItering
prizes salary, however large. is no induce
ment to aspiring youth, or even To- aspiring man
hood. What are the few hundreds of of years
savings, when thousands may be gained in an
hour? How pitful seems a moderate, fixed in
comel How ignoble hireng's wages, earned
by straining muscles, or a tasked mind. when
fortune is showering such plentiful gifts upon
those who lay aside the implements of industry,
and follow the goddess with garlands and songsl


How few Withstand these tempting bribes
Look around and count the untainted Go into
the professions, and number those who are piod-
ding the old round, content with their fees. Look
into Offices, countng-houses. banking rooms,
shops and fields We miss more than the faces
absent at the camp Or If We DO not miss them,
we find them in other occupations now. All are
gone mad in general scramble after this 6c
titious gold. 1t is not so much covetous desire
for money as a mania for easely-won wealth
which affects the popular mind. The operators
are not greedy as the miser is after a growing
heard; but they scatter their gains with lavish
hand. because they unused to such abundance
and believe the supply to be inexhaustible. Some
are doubtless periling even their honor to obtain
the means TO embark IN THIS pursuit IL Is use
less to mourn that we not wiser than to
choose system productive of such fearful dis
temper. The practical question relates to the
means of cure.


Have we the courage to go back? Values
will go back too. As The currency shrnks, gains
will shrink shrines which were only gded will
be forsaken; bowers that seemed to be decorated
for a perpetual summer will grow leafless and
bear at the first touch of this frosty hand fruit
that looked ripe and lucious pucked it,
will turn TO ashes on the lip. We shall leave
romance and come to stern realities. The work
man must resume his toll; the student refill his
lamp; the farmer turn again to his plow. The
dollars will come in slowly. and purses will bt
lank that lately sweed with such ample promise
1t will be trying step, after such glorou;
dreams, to come back to tOilsome prosaic life
What thenf Shall we hug the delusion longer
Shall we blow the bubble little longer anC
thinner? What is the advantage of such deceit
when only lengthenng the weary roaC
over which must one day return, and prepar-
ing fresh sorrow for the final disaster. Is il no
time to go backl If we use more emphasis thar
did, also speak with more courage. Her,
and there over the land, there are answerin:
voices from true men who have either seen th
folly of this course from the beginning, or hav'
discovered the mOckery of those promises whicl
have deceived the nation Now is the time Il
discard fiction and cling to the lruth.-[N. Y
Journal of Commerce.