Piney Woods planter., 1839-12-28

aENcY.--We publish tho following letter from
General Washington addressed in 1887 TO
lnomas Stone, then member of the senate of
a,yiand. The opinion Of Gen. Washington
IN ihis instance was called forth BY the follow
lng circumstance. bill had passed the house
" uelegales OF Maryland, proposing the issue
oi bills OF credit by the state to the amount Of
E35O,O0O to be loaned in various 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
Wnlch ensued the opinion of General Washing.
ton was asked, who returned the answer sub
joined ltmay 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 unsupported had
been chiefly "locked up, as stated in the let.
ter, through the fears Of those who had already
suffered by the dep, ecation of the paper cur
rency. So small was tho 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 thing far beyond their
actual values, thus opening the door for specu.
lation by which the least designing, and most
valuable part of the community were proved
upon by the moro knowing and crafty specu.
lators. such is the language of the great
washington. Such were his reasons for advis.
ing curtailment of the paper circulation, and
placing the currency ofthe country on a more
staple basis. Let every freeman read this letter
and mark we'll its contents The advice is
applicable to the country now as in i766.--Posr.
To Thomas Stone, member of the Senate of
Maryland.
MOUNT VERNON, Fen. 16, 1856.
Dear Sir:--Yuor favor Of the 30th ultimo,
came duly to hand To give an opinion IN
cause OF so much Importance as that, which
was warmly agitated in the branches of your
legislature; and which, from the appeal that 10
made, is likely to create great, and perhaps
dangerous divisions, is rathera delicate matter,
but, this diversity of opinion is on subject
which has, Ibelieve, occupied the minds of men,
and as my sentiments thereon have been fully
and decidedly expressed long before the assem-
bly, either Of Maryland or this state was
convened, do not scruple to 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 a
representative, and the necessity of il asa me-
dum.
To assign reasons for this opinion would be
as unnecessary as tedious. The ground has been
SO often trod that place hardly remains un-
touched. In word the necessity arising from
want Of specie ia represented as greater than
il really is? contend that it ls by the substance
not with the shadow of thing, we are to be
benefited.
The wisdom of man, in my humble opinion,
cannot at this time devise plan, by which the
credit of paper money would be long supported;
consequently depreciation keeps pace with the
quantity of tho emission, and articles for which
it is exchanged, rise in greater ratio than the
sinking value Of the money. Wherein, ti:en is
the farmer. the planter, the artisan benefited!
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 Of the
BODY polite suffers. Whether il be legal ten
der or hot, it will, as has been observed very
truly, leave no alternative. 1t must be that o:
nothing. 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 preyed upon by the more
knowing aud crafty spoculators.
But contrary to my intention and declaration,
am offering reasons in support my opinion;
reasons too, which of all others ere least pleas.
ing to the advocate of paper money. | shall
therefore only observe generally, that SO many
people have suffered by former emission, that,
ike burnt child who breads the fire, no per
son touch il who can possibly avoid it. The
natural consequence of which will be, that the
snecie. which remains unsupported, will be in
statly locked up. With great esteem and re-
gard.
GEO. WASHINGTON