The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1827-01-18

NO man would hoard II for u was the
iighled torch OF the play, and pushed from
hand TO hand because the last hotter was
m continual fear of being saddled viii
The loss. IL could be used Tor nothinp
else. IL was tit for nothing but money
and msorably uuti, Tor that. II could not
De sent on, OF the country Tor u ne srtdI
eggaS was printed on the face Of II. Ia
Parls DIR. Franklin might have formed
some sheets OF IT into paper kites and
thereby have lurod fire from the clouds
but the whole two hundred millions would
not, IN single city of Europe, have pur-
chased hun solitary match 10 light hs
candle.
Whatever that depreciation was, and il
must have been great, it was all loss 10
the officers and soldiers Of the army Tor
no depreciation wns ever extended so far
back az 10 cover this description of loss,
sustained during tins period of the war.
The movements of this depreciation, af-
ter March 18th, 1880, that Congress did
not attempt to measure. They did, in.
deed, on TINT day, take an observation on
the sinking value Of that currency, and
then resolved that il was thirty nine. for
tleth below par, or in other words, that
one continental dollar was worth two and
a half cents in hard money; and still, as
they then say, was sinking. "Sir, TO this
hour IT might have been sinking" had
II not fallen below the level of circulation,
aud been redeemed from that degraded
condition, nj one hundred for one. by the
operations of the funding system, so that
lhe'whole 2,W,0oO,Od0 actually cost the
government but 2,0u0,O00. BY resou-
hon of thet same 18th March, 1850 Con.
qresE made one attempt more, TO give
some value TO some portion of this curren.
cy, by buying up and burning the other
parts of IT, This was TO be effected by
new emission of paper bills, bearing inter.
est az six per cent. redc4cmable in six
years in specie, made by the individual
States, and endorsed by the United States.
This emission was called AZ the Treasury
Board inden,s, at the army, the forty one
money; because for some time, the army
was paid ~ giving them one dollar of this
money ~ lieu OF forty OF the old continon
lal. In the trading market of the country.
passed dollar for dollar with oil former
emissions For this last child Of financial
necessity had the family disease, and soon
lied OF depreciation, like all its elder bro
hers. This summer Of 1850 was cmphati
ally the season of peril to our national
lp4epc ,dawe. Congreee had, r;th ihr..
medtt' dohe more than any other govern
meat had ever effected with The same
means, they had sustained the war five
years, with almost nothing but paper mo
ney. The army, paid what they were
paid, clothed, and fed on this had done
and suffered more than any other army
ever did in defence Of the rights and LID
erllcs of human nature. The south was
reduced 10 British dominion. Lincoln
captured at ChariCstown, and Gates van
Iulshed at Camden. The key Of the
north had been sold, and waa, by treach
FRY, almost delivered into the hands Of
The enemy. The value Of the national
currency had vanished. From necessity
this had been strown over the country
thick hs au:umnnl leaves ;--and, like those
leaves, 1t was then vbluclosa. Congress
had no resources. They could not 'con
their hearts and drop their blood for
drachmas,i else had the nation possessed
a fund richer than Pmtug' nine What
could they do ? Give up the contest ? No.
These were not the men 10 yield in
question of right.--1hey knew that sue.
cess would amply remuncrate all it might
cost that the States had ability 10 bear
them out; that they had the power to
pledge this ability to the army; had they
believed that the good faith of the people
would not fail to redeem that Pledge
With these views, and resolved 10 win or
lose all, Congress, in the autumn OF that
year, reorganized the army, under advice
of the commander in chief. The promis-
es therefore made to the aodicrs were
and they were assured that
each man who enlisted and served during
the war, should receive all the arrears Of
his pay and eighty real dollars in addition
Congress did. on the 2lst Of October, Of
that memorable year 1850, by their reso-
luton Of that date. promise each officer
who SHOULD continue in service till the end
of the war not only the full pny which
should then be due 10 him, but also half
pay during the remainder Of his liio.---
These pTOnlseB were made aud given,
not To qniet o mutiuous army, as was as.
serted the last session, but because Com
gross bad literally notLing bnt promises 70
giye.--No. let any one say that such pro-
miscs were Of greater value than the ser
wee 10 DC performed. They had slngu-
lar peculiarly that Congress had no
funds wborewiih to fulfil them; not that
each Of the states, and tho present United
States. and all the people Of them, OF the
present. and all future generations, arc not
bound by them until performed: No, not
that or that. but because these promises
could never have been performed unless
the army had been victorious. J. was but
like sayinT TO some MASTER of INC chase
if YOU will hunt the hon and can snbdue
and Aay the royal beast, sc promise you
some portion of his skin; but Il you fad
and arc yourself overcome ~ the battle,
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