The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1839-11-09

"'VNheuhosS anu uespalr. III properly
managed the banks will be useful 10 the
people. They are not SO under their pre.
sent management.
We caf the attention OF our fellow cli-
zens 10 a State Convent ion 10 take this
matter in hand sternly and strictly. The
people will not endure a new emission of
.shinplasters-they are beneficial only to
lhOse who issue them--they are destruc-
tive 10 the farmer, mechanic to the labor
ing maj which class of people are the land
marks and standards Of Popular Liberty
and Freedom.
Gen. Washington's Opinion of Paper
CuTrency--We publish the following let.
ter from Gen. Washingto addressed in 1887
TO Thomas Stone, then a member Of the
Senate Of maryland. The opinion Of Gen.
Washington in this instance was called forth
by the following circumstances. A bill had
passed the House Of Delegates of Mary
laad, proposing the issue Of bills of credit
by the state to the amount Of 1850, 900 to
be loaned in various sums, redeemabIe in
zen years, and drawing the interest Of six
per cent. The senate unanimously refused
thier assent to the hill. In the controversy
which ensued the opinion Of General Wash-
ingson was asked, who returned the answer
subjoined. 1t may be found in Sparks Life
of Washington, vol. TX. page 23l. The
circumstances of that period were in many
respects similar 10 those we are row pas.
sing through. Tie country was already
flooded with paper issues, aRd specie had
been drawn almost entirely from circulation.
What remained unsupported had been chief
iy locked up as stated in the letter, through
the fears Of those who had already suffered
BY the depreciation of the paper currency.
So small was the proportion Of specie 10
paper money that whilst scarcely sufficient
Of the former could be procured for the
wants of government, the aoundance of the
latter had raised the Prices of every thing
lar beyond their actual values, thus OPEN
ing the door for speculations by which the
least designing. and perhaps most valuable,
part OF the community we're preyed upon
by the more knowing and carfty specula-
tors Such is the language Of the great
Washington. Such were his reasons for
advising curtailment Of the paper circua-
ton, and placing the currency Of the coun-
uy on more stable basis, Let every vo-
ter read this letler--let him mark we'll its
contents. The advice is applicable to the
country now as in l7s6.--Posf,
To Thomas Stone, member Of the Senate
Of Maryland.
MOUNT VERNON, FEBRUARY l6 1856.
DEAR SIR R:-YouI favor of the 3Oth ult.
came duly to hand. To give an opinion in
a cause of so much impoHance as that,
which was warmly agitaled tae two branch
es Of yuor legislature, and which from the
appeal that is made, is likely 10 create great
and perhaps dangerous divisions, is rather
a delicate matter; but, as this devrisity of
opinion is on subject, which has, be-
lieve, occupied the minds Of most men, and
as my sentiments thereon have been fully
and decidedly expressed long before the as
sembly either Of Maryland or this state was
convened, do not scruple 10 declare, that,
if | had voice IN your legislature, it would
have been given decidedly against paper
emission upon the general principles Of its
utility as representative, and the necessity
TO assign reasons for this opinion would
be as unnecessary as tedious. The ground
has been so often trod that place hardly re-
untouched. In word the necessity aris-
ing from want of specie is represented as
greater than it really is! | contend, that il
is by the substance, not with the shadow Of
thing, we are to be benefited. The wis
dom oil man, in my humble opinion, can
not at this time devise plan, by which the
credit of paper money would be loug sup
ported; consequently depreciation keeps
pace with the quantity Of the emission, and
articles, for which it is exchanged, rise in
a greater ratio than the sinking value of the
money. Wherein, then is the faamer, the
planter, the artisan bene6ued! The debtor
may be, because, as | have observed, he
gives the shadow in lieu of the substance;
and, in proportion to this gain, the creditor
or the body polite suffers. Whether it be
legal tender or not, it will, as has been OBJ
served very truly, leave no alternative. 1t
must be that or nothing. An evil equally
great is, the door 1t Immediately opens for
speculation, by which the least designing,
and perhaps most 'aluable part of the com
munity are preyed upon by the more know
ing and crafty spectators.
But contrary to my intention and declsr-
ation | an, offering reasons in suDDort nj