Piney Woods planter., 1839-12-21
96 LIBERTY. MT. DECEMRER 81 1920

| CEN WAsHEGToE's OPINION OF PAPER CuR.
RENcY.-We publish the following letter from
General Washington addressed in 1857 to
| homas Stone, then u member Of the senate Of
!hary land The opinion uf Gen. Washington
in this instance was called forth by The follow
ing circumstance. 3 bill had pa~Eod the h7yse
oi delegates OF Mary land, propcsing the issue
of bills OF credit by the state to The amount Of
tj5O, ,OGt to be loaned inyarious sums, redeem.
able in ten years, and drawing the interest Of
SIX per cent The senate unanimously refused
their assent to the bill In the controversy
which tIsGcd the opinion of General Washing
ton was asked, WHO returned tho answer sub
Joined. may be found in Sparks Life of
Washington, vol. tx. p. 23l. The circumstances
OF that period were in many respects similar
to those we are now passing through The
country was already flooded with paper issues,
and specie had been drawn almost entirely from
circulation. What remained unczported had
been chiefly "locked up as stated in the let
ter, through the fears nj those who had already
suffered by the depI eciaton of the paper cur
rency. So small was the proportion of specie
to paper money that whilst scarcely sufficient of
the former could be procured for the wants Of
government, the abundance of the latter had
raised the prices of every thlng far beyond their
actual values, thus opening the door for spccu.
lation by which the least designing, and most
upon by The more knowing and crafty specu-
ators.' Such is the language of the great
Washington. Such were his reasons for advis-
ing curtalmert of the paper circulation, and
placing the currency ofthe country on more
staple basis. Lot every freeman repd this letter
snd mark we'll its conter s. The advice is
applicable to the country now as in l7s6.--PosT.
To Thomas Stone, member of the Senate of
Mary land
Mourn VERNON, FEB. 49, 1856
Dear Sir:-Yuor favor of the 3Jth ultimo,
came duly to hand. To give an opinion in
cause of so much importance as that, which
was warmly agitated in the 2 branches of your
legislature; and which, frrm the appeal that Is
made. is likely to create great, aud perhaps
dangerous divisions, Is rathcra delicate matter,
but, this diversity of opinion is ON subject
which has, baieve, occupied the minds Of men,
and us my sentiments thereon have been fully
and decidedly expressed long before the assem-
bly, either OF Maryland or this state was
convened, do not scrupc 10 declare, that, #
had voice in vour Legislature, it would have
been given decidedly Gglinat Il paper emission
upon tn general PRINCIPLES Of its utility as a
representative, and the necessity OF II asa me-
dian.
To assign rea 7ons for this opinion would he
as unnecessary as tedious The grouni has been
touched n a word the nece sity arising from
Il want of specie il represented as greater than
il really is7 contend, that it Is ny the substance
not with the shadow Of thing, we are to be
benefited.
The wisd nm of man, in my humble opin 'on,
cannot at this time devise plan, by which the
credit Of ia per money would be long supportcd;
consequently depreciation keeps pace with the
Quantity of the emission, and articles for which
il is exchanged, rise in greater ratio than the
SINKING value Of the money. Wherein, then isI
the farmer, the planter, the artisan benefited
The debtor nav be because, as ! have observed,
he yivcs the shadow in lieu of the substance;
and in proportion to this gain tho creditor of the
BODY polite suffers. Whether it be a legal ten
der or not, it WILL as has been observed very
truly. lea vc no alternative 1t must be that or
nothiny. An evil equally great is, the door It
Immediately opens for speculation, by which the
least designing, and perhaps most valuable part
Of the community are preyod upon by the more
knowing aud crafty spcrulatoTs
But contrary to my intention nnd declaratlon'
am offering rem sons in support OF my opinion;
reasons too, which of all others are least pleas
np to the advocate of paper money shall
therefore only observe generally, that so many
,eoplc have suffered BY former emission, ttat,
ike a burnt child who breads the fire, no per-
ION touch il who can possibly avoid it. The
,atural consequence Of which will be, that the
pecie. which remains unexp 3rted. will be in
tatly locked up. With great esteem and re-
ard.
Ium, dear Sir, Yours.
GEO WASHINGTON.