Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-09-19
BE deemed and a~dJudsed gully ola m-rdcmeaoo,.

deprecIaie. tli at last they reached a discoun, of TWEEN.
thirty IOriy. and a, one time forty one per cent.
What course dId the Government ofEngland then pur-
suei Why IL paid the public crcditors in this deprr.
cioted paper. aud IN aothing else. The loan had been
made ma spceic.-the interest Was paid in notes al this
enormous deprecianon.-iwicc or thrice as great rs
that oi the bank paper of the United States during the
last war. or during the suspension of specie payments
SINCE. IL never entered into the Imagination OF the
English Government 10 allow for tas depreciation
and the public creditor knew that II he did ma tAo
lhIs, lac wun'd get nothing. Aud yet the saving 10 thc
Government was clearly understood and noted: fr Il
~ calculated by an English writer -NusHer-,hlt
ON the debt contracted before $500. the Government
gaincd-1nd The fund holders ofcoursc lJs:.-no less
than thirty seven millions sterling. or one hundred aud
thirty seven 1877 lnihiois oldu,lar, the diicr,ncs bet.
wcen the paper and specie.-Combine the provisions
OF these laws and observe their cneci GA az American
Who had money due To him IN England from either
the government uT indIN iduals. lllis fortune was In
The English funds. hc received his interest m paper lie.
prcciaicd TO forty per cent. Bat Ifhc wished 20 con.
vert II INTO gold TO bring h0mc-ii hc changed ms notes
Tor god At the market nie-if when his note uftNcn-
~ pounds was worth only twelve pounds hc cychaug.
cd II for gold al any rates less thpn the twenty porudS.
he was liable to be put ia jttI aui fined. H. instead Of
gold. hc wished % bring home British merchandise.
aud passed oihiS tN0niy pOInd tuie for less tho1 wen
~ pounds, when every body knew II 10 be worth only
twelve pounds, or even tor his travelling cvpcusts. ca
changed II for less than twenty pounds, he was again
liable 10 be put in jail, aud fined.
1.-THE debt to him was fr,:n an individual English
man las case was rather worse, hc was obliged 10 r.
ccive noionly the interest but thc principal IN this de-
prccIated paper. u for a dr1t ct one hundrcE pounds
htS English debtor offered HIM PAPER which WAS worih
only sixty polnds. he was Obliged 10 take it or get not
ming. Bur il the EngIishmln was inclined 10 oc just,
To dn as the american States have done, make up.thc
difference by paying specie. or its equivalent, both the
creditor aud The debtor might be found cypiaiing
their honesty IN the same Jail, the act of parliament
making II criminal in both 10 do an American that act
Of justice which the American States require to be
done 10 an Erglshman. And yet, 30 short Is the 70
memhrancc at onc's own injustice, the English seem
10 have iorgo,ton all this, and rail AT their ncichIsr n
ior simillr acts, with the most cuiirc uncousci JUSTICES
ofwhat they themselves done Even tina, most exec.
lieut. tempered man, Walter Scott. in his Life of Ma
poleon, cannot furbcar To sheer at the French,
when he says that "ihc rs siguuls were raised % PAR
by gu.iiOtning those who sold or bought them ~ less
,han their full value.
He forgot that during n much longer pcrol IL m the
breed circulation of assignats ia France, all hose who
sold ur bought Bank npies in England AT less than
their full value, wcrc-not absolutely gHillO;incd, thai
not being the English fashiOn-but fined and put in
prison, with this difference too. which might d~iscOmppsc
The loyalty Of Scott. that If the contuml American
who would not believe that sixty was equal to one
hundred, was put To death IN France. Il was done 10y
JacObIns and tcrrorisis, whereas his couuiryman i'm.
prsoncd III England for the same offence, had the con
ISOLATION OF knowing that the law which condemned
him was enacted, rs it grlciously purports, "by the
Kings most excellent Majesty, by and with the advice
oi the Lords spiritual aad temporal, and Commons, u
his present Parliament assembled" TO make the cas-,
OF the American States at all parallel to This, ii wnul,
be necessary Ia follow the example of England, and lsi
forbid their banks 10 pay specie; 81, borrow from thes,
banks uil their issues become deprecated; 81, lheI
declare by legislative resolution that there was no de
precIauon increased, pay the public debt in this paper
aud force all foreigners TO take it IN payment Of debt
not merely from the Government, but from all private
American citizens; and end, 5hly, by en1ciing. that il
any EnglIsIman should receive for any debt a ten dol
lar note for less than ten dollars, although il was wOuI
only six do!lar-, or having received II, should exchange
II either Tor specie or goods for less Than ten dollars, he
should be fined AID put IN Jail Al the discretion OF The
American Judges.
Fortunately for America her whole conduc, has been
the direct reverse Of all this. One orthc fundamental
laws Of the Union Is that no State shalt make any
tailg bat gold and SILVER coin a tender ia paymenrio.
conirlcs;" and This power, Which Is wirhdmwh from
me SlIicS, has never been exercised bv the Federal
government. You remember, al the gloumiest period
ui tie last war with EIgland-,hai very ENGLAND.
"herc at thhi moment, and during several years prcyi.
ous, paper money was n legal tcnder-ihe American
government declined that measure. The Sccrciary Of
the Treasury, Mr. Dallas, declaring, in his official re-
port Of October 18Th, 1911, that the extremity Of that
day cannot be anticipated when an honest man. and
enlightened statesman, will again venture upon the
desperate c~NPcdient of a tender law No tender
~ HAs' WtttloIct btel li4nocu III the l ulieu StltCT-
The courts have never been closed against Foreigners
Ihey have never been forced 10 take paper money
they have never been punished for RECEIVING II, or for
passing II at any rate they pleased; and every dollar
OF principal or lniercsidue To them by the Government
nls been paid. How faithfully that principle was car.
Rcd iuio execution !, seen IN n very remarkable man.
ncr ia the treaty between the United States and Enc.
land N the year 1879. 10 was then agreed 10y the L..
States, that Iuasmuch as British subjects who had debts
tue 10 Them from American citizens found difficulty il
collecting them, the United States assumed to make
full ind complete compensation for The same ~ the slil
CrediiOr.' For which purpose commissioners were 10
be appointed 10 examine and make awards o. the claim
ants, "and The United States undertake 10 cause he
sum 50 awarded To be pail IN specie 10 such creditor
Or cIiimlnt UrlJi dciEciOI.' Afterwarl fudiug
trouble IN adjusting the dciuils.the United States agreed.
BY a cOnveutiln between Mr.. Rufus King and Lord
HINlrshug,- IN lSO2, to pay n gross sum OF six hun.
drrd thousand pounds, which was accordingly done NJ
what was then par. four dollar and fOriv.fOur cents for
The pound sterling. Nbw thIs payment by the United
States az specie ~ the debts of individual citizens, was
made when the government Of England did not pay
even the interest on its own public debt IN any thing
bot If~rcdocmlble paper. What then, one naturally
asks, Is the occasion Of this new dcuuHcIauOn! Il is
this-the United Staies have borrowed abroad ccrtain
sums TO make improvements. That these will be re-.
paid. 40 man can possibly do-bt. On a single occasion,
however. one Of the tweniy-six States, ia the midst OF
a Temporary financial embarrassment and the excite
incutOi political contentious, inadvertently suffered the
quarter day 10 pass for tventy-fOur or Ory.cight hours.
but then fastened 20 repair tho omission by not merely
paying the interest. bat by paying IL in gold and sil.
yer. lest the foreigner should lose any thing by The
exchange.
10 isa singular coincidence, that. in the very same
year, 1893, when England began her paper money
system, which lasted Cor more than twenty years. the
government Of France. too, came in contact with is
public creditors. The debt Of France was then about
nine hundred and Eistysiv (966) millions Of dollar.
tho fufgroaf ohpuf ftrfy.rfr1f Fl-# rp1ffvv4 az I.fT-.
bat 10 order 20 continue the Invasion OF Germany and
Italy, the army required GfiysiI millions, So and
this could only bo had by taking 1t from The fund hoL
der and 50. as the historian has d. 10 was "regu.sife o.
take a decisive measure iu regard 30 the debi" This
decisive measure consisted in uayingo Of nominaIly two
thirds OF the capital ina fresh and worthless paper and