Piney Woods planter., 1839-12-14

ZEN. WAsnINGToH's OPINION or p.pr, ~.
nhNcf'-We publish tho following letter S,o",
General Washington addressed in l7s7 'oln
ihomasstone, then a member Of The ec,,a,o ~
wary 'and. The opinion Of Gen Washing,on
~ lhls instance was called forth BY The f.IIo,v
rs ,ps rireuhSlance. a bill had passed the house
or s'n nhsaes oi maryland, proposing the issuc
q hi'ls ofcredt by the state to The smonn. 'aS 80
'y5ob,oOu to be loaned in ynrious sums. re,,aon
! "o'e N Ten years, and drawing the interest ~
| 81 per cent The senate unanimouslv rcfnsoa
thcir assent to the bill In the conirovcrsu
winch tnsucd the opinion of General Wnsl,irc
.'n was asked, who returned the answer m,5.
J,lhed' II may be found in Sparks liCo Of
ashlngton, vol tx. p 23l. The circumstance
IL Poriou were IN many respects similar
~ 'hose we are now passing thrcuph 'rbo
country was already flooded Will, paper isenrs
aha Sp, ce had been drawn almost entirely from
circulation. What remained unexported bnd
been chiefly "locked up, /" as stated in tho H.,
Ter, through the fears If those who had nlreodr
saaered by the dep eeiation of the paper cpr.
rehcy. 30 small was the proportion Of specie
A piper Lioney that whilst scarcely sufficientof
- iormcr conld be procured for the wanta ~
fernment, the abundance Of the hitter Ina
ised the prices Of every thing far beyond their
aciual values, thus opening the door tor fpecu.
Iation by winch the least designing, and most
valuable part OF the community were prcved
upon by the more knowing and crafty spccn.
ialars. such is the language Of The rreot
Washington. Such were his reasons for adyis.
ing curtalment of the paper circulation. ana
placing the currency oftho country on n,nrc "ac
staple basis Let every freeman read this letter
ana mark we'll its contents. The advice i
to the country now as in l79G.-posT
To Thomas Stone, member of the scnatc of
Maryland.
Mnr.r U.n. -
Dear air:-Yuor favor of the Both ultimo
'"hio daiy TO hand. 10 give an opinion m
Gauss Of 50 much importance as that. which
vas warmly agitated in the 2 branches Of vonr
esiSiatafe; ana which, from the appeal that's
made is likely to create great, and perbans
dangerous divisions, is rathera delicate matter.
Toat' ms diversity OF opinion is on a subject
'hch has, believe, occupied the minds of men.
ha a. my sentiments thereon have been fully
ha uaeidedly expressed long before the assem-.
ny either OF Maryland or this stato wna
nnvencd, do not scruple to declare that. II
had voice IN your legislature, it would have
eeh given decidedly agansta paper emission
Poh ths general principles of its utility asa
representative, and the necessity of il as me.
ham.
10 assign reasons for this opinion would be
. unnecessary as tedious, The ground has been
olten trod that a place hardly remains un.
ouchod ln word the necessity arising from
want OF specie Is represented as greater than
really ~ contend, that it IS by the substance
ot VITA the shadow of thing, we are to be
anefittcd.
The wisdom Of man, my humble opinion.
'lnnot At this time devise plan, by which tho
redt OF paper monev would be long Supported.
depreciation keeps pace with tbn
Iuantity OF the emission, and articles for which
- eNchanged, rise in greater ratio than TIM
ihKing Yaiuc o. the money. Wherein. then is
he farmer, the planter, the artisan beneftted7
Inc debtor may, be bccauso as have observed
ic gives the shadow in lieu of the spbstonce.
Ina IN proportion to this gain, the creditor Of The
,ody pohtIc suffers. Whether it be a legal Ten
Ter or not 1t will, as has been observed very
ruiy' leave no alternative II must be that ~
ioth'ng An evil equally great is, the door Il
opens for speculation by which The
east designing, and perhaps most valuable DART
u the community are preyed upon bv the more
moving aud crafty spectators
Bat contrary to my intention and declaration,
am offering reasons in support of nv opinion; II
eesons too, which Of all others are least nlens H
ng to the advocate Of paper money. shall Fl
heretorc only observe generally, thai so panv
eople have suffered by former emission. thai.
re burnt child who breads the fire. M nrr
On touch i who can possibly avoid il. The H.
atural consequence of which viii he that thr IN
peeie, which remains uncxported, will he in.
-at,y locked Up. With great esteem and re.
ard.
lam, dear Sir, Yours.
GEO WASHINGTON. w
HI
One WulId conclude fror7 tho t,me,aeo E8