can never be run to pay, cannot be worth more than a hundred per cent. premium on its shares! Illinois illustrates the rash speculations of the Western States.

Other interests have also been pushed to their utmost tension by inflated credit; but the two interests mentioned will be sufficient to endorse my argument, that every kind of property must fall, day by daydown-lower and lower-till it finds a substantial value. Nothing can raise it but inflation again, and who is so bold as to recommence that?

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Expand, expand!" said the financial sages to the banks. They did expand-and burst! Speculation has carried prices to a dizzy height. They must find a level. Expansion placed them in the air; contraction brings them to the ground again.

Let the merchants make up their minds to look the enemy in the face, and not pursue the ignis fatuus idea that a let-up is close at hand to dispel

the nightmare of a hard winter.

The nature of the dis

THE TIMES ARE CHANGING. ease requires a powerful remedy. What is that remedy? Hard currency. Rodin, in the "Wander

ing Jew," resorted to the tortures of a galvanic battery before he rid himself of the cholera.

Hard currency will mend the steam engine; nothing else can. At any rate, we must try it for awhile]

The Bank of England issue no notes under $25. The Bank of France issue none under $20, (although lately a smaller note has been recommended). In America no note should circulate under $10. This would soon bring the American eagles out of the old stockings in the farm houses.

Cushing compliments the ladies, and uses metaphor when speaking on the crisis. Banks, more statesmanlike, gives figures. "In round numbers," said he, at Faneuil Hall, "the records show $300,000,000 of specie in the country." If so, there you have hard currency by the wholesale.

Andrew's valuable work gives the following table:

Our Imports of Bullion in 1857 amounted to.... 12,461,199

Our Exports from our mines show the sum of...

70,000,000

Which completely turns the tables.

This table will show the

Amount of Coinage at the Mint, and Amount left the Country during the past Seven Years:

Amount of Coinage since 1850, in round numbers, $415,000,000

Amount of Exports,......

Excess of Coinage over Exports

286,000,000

$129,000,000

Estimated Amount of Coin previously in the country, 171,000,000

$300,000,000

Giving an average of about Ten Dollars each to the twenty-eight millions of people in the country.

Hunt gives the entire coinage of the United States since the time of the first director, David Ritten

house, to the close of last year, at the several mints,

Showing Number of Banks-Their Capital Stocks-Amount of Notes in Circulation-Specie in their Vaults, and Indebtedness of the People to the Banks, during the respective Years of the Three Great Financial Revulsions of 1837, 1847, and

Mark one feature:-While the Banks have nearly doubled their capital, the specie in their vaults shows no proportionate increase,

California and Australia saved the Banks from breaking before; but there was no new gold field to postpone the evil day this time.

These tables will furnish food for the reflecting mind. I give them to show that we have specie enough for a hard currency.

Bear in mind, that of the $6,000,000,000 of gold and silver in Europe and America previous to 1831, only $2,400,000,000 was used as currency.

The issue to-day is: hard money and cheap labor— or paper currency and dear labor. The prudent merchant can have but one opinion. Franklin was before the age with his lightning-rod, but behind it when he recommended paper money. Washington was in favor of hard money; Jackson would have no other, much to the disgust of Biddle; and James Buchanan is of the same opinion. The President, with prophetic foresight, foreshadowed in his speech in the Senate on the Sub-Treasury Bill, the crisis that is upon us.

"When," said he, "the collapse comes, as come it must, it casts laborers out of employment, crushes manufacturers and merchants, and ruins thousands of honest and industrious citizens."

Paper money and protection on the one side, against hard money and free trade on the other. Protec