The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05
THE MADISONIAN.
WASHINGTON CITY.
THURSDAY, OCTOBER 8, 1887
orricE y STREET, BETWEEN NINTH AND TENTH.
WASHINGTON CITY.
In THOSE THINGS WHICH ARE ESSENTIAL, LET THERE
DE uNIrY--IN NoN-EssENriALs. LIBERTY, AND IN ALL
THINGS cHARITY.-Aagustia


to enlarge the metallic circulation by the pro-
hibition Of small notes, and the power Of the
General Government of erecting standard
at the Treasury, was looked to as the means
much to be relied upon as auxiliary" to its
accomplishment. But principles seem to
have changed on this subject, quite as signal
ly, since last spring, as they have in respect
to the deposites since 1884. Some are in
clined to roll back the loo rapid progress Of
civilization half century, and return to hard
money and the strong box, according to the
practice of early times, Of the Celestial En-
pire, and some other despotic countries of the
east. Some indeed urge return to the
palmy days Of the Roman Republic, and pro-
pose to defeat the corrupting Vaccinations Of
the Rag Barons" by the adoption Of cur
rency Of corn and iron, and the collection Of
revenue by depreciation.
England confdes in convertible notes which
boar &h1 credit Of specie France collects
her revenues by an hundred thousand receiv-
ers, somewhat more expensive it may be i'm
agined, than the fiscal agency of the Bank Of
England.
In Italy and Spain, the victims of the
mountain banditti purchase their ransoms
in hard money, for villiany and guilt ex-
tend no confidence even to innocence
The policy Of priests and despots embraces
the metallic medium, because confidence,
IL. oc IL
ems enterprise, and stimulates people to
emulate their masters. After the world had
slumbered upwards Of thousand years, in ig-
norance and darkness, Germany awoke, in
the 10Th century, to a sense Of the high moral
and social distinction Of man, and gave new
wings to the hopes Of Europe by the introduce
ton Of the credit system. It doubled her pow
err and for a time gave her the preponderance
in "Gaul." From the codes which were
formed in the forests of Germany, we are
indebted for some Of the most essential fea-
lures Of the American Constitution. The
system passed into Britain, and made her mis-
tress of the sea. 1t aided in stimulating the
various voyages Of discovery, which resulted
in the settlement of America. At the COM
mencement Of the Revolutionary war, we had
no gold and silver at all commensurate with
the wants of the country. Confidence and
credit took their place'and carried US triumph
antly through, thanks to Robert Morris.
The second war came. and the same resource,
rallied our conquering armies, and rugged and
manned triumphant navy. We have cult
waited peace, enlarged our territory, and con-
nected and affiliated the interests Of twenty
six states, by the most unexampled works Of
internal improvement. Have we ever had,
up to 1884, specie circulation greater than
thirty millions! Yet, we have paid off about
two hundred millions Of debt. Confidence
and credit, the secrets of our success, are the
pride and glory Of Republics; hard money is
the policy Of despots.
Our policy is to preserve and regulate the
credit system. 1t reposed upon the banks.
Their paper forms the actual currency Of the
country. Restore it othe constitutional stand
ard. Eradicate correct reform, where these
thiiiSS are neCeSSdIy anu JuSuhdule. lntuSe
larger portion Of the metals into circulation,
sufficient for minor dealings, to protect the
poor against the danger Of losses by deprec-
alton or otherwise. That can never be done
without the prohibition Of small notes. Mel
Their will specie ever circulate, when at pre-
MUM, Two currencies of unequal value can
never circulate together. Specie and small
bills will never circulate together; the latter
will drive out the former. If the Government,
insists upon gold and silver exclusively, in
payment of duties, the people will see no.