The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-16
RICHARD J. MATCHETT, PRINTER.

RICHARD J. MATCHETT. PRINTER.
Extract from the speech of DR.. FRANCIS f.
PHELPS, of Dorchester County, detiUered
in committee Of the whoie, an the House Of
Delegates of MARYLAND, January l4th and
18th, 1910, on M. GrGUes's Resolutions on
the Currency, and TO instruct the Senator'S
and Representatives. from, Maryland IN Con
.gress, to vote for the Sub-treasuy Bill
Mr.. PHELPS said, having disposed Of the ar
gument upon the right of instruction, he would
then proceed to consider the resolutions, IN the
order in which they had been submitted; and
first we are requested to declare by our votes
that we regard "goId and silver The only con-
st;tutionaI currency" However specious or
plausible this proposition may, at first view,
appear, for one, stand prepared to deny the
position. Let US for one moment refer TO Inc
law and the testament upon this subject, let us
examine the constitution itself, and see what thal
instrument says upon the subject OF currency.
Not one word, to the best otmy recolecton.,-
In section eight, article the llh,' 1t PROVIDES
that 'ethe United States shall coin money,
shall regulate the value thereof and regulate
the value of foreign con" but with regard to
CURRENCY there is no provision. Mr.. z. said,
now. sir, let us consider whether the trainers
ofthat immortal document intended to prohibit
the circulation of all other currency, save the
precious metals. In order properly to under
stand this subject, we must reler to the period,
TO the time, and circumstances which were
prevalent when this instrument was hrst spo-
ken into existence; and The first TACT which ell
cts our attention is the circumstances OF bank
paper being used as currency anterior to,
and ever since the adoption of the constitu-
ton of the United States. The Secretary of
the Treasury, so early as seventeen hundred
and ninety-one, two years alter the formation
of the government, issued his treasury order
making bank notes receivable Tor government
dues; and, said Mr.. P, one year after that Or
der issued, it was sanctioned by law oil Con-
gress. Frem that time until the present, IN
war and in peace, in prosperity and In ad-
versity, under all parties, under every admlh-
istration, has shank paper been received and
circulated by the government and by the peo-
ple as currency. The very nature, the very
genius of our government would justify, would
sanction. would approve this fact. Sir, not
only is bank paper currency, but bills OF eX-
change, drafts, promissory notes, and every
other evidence of Indebtedness can but be re-
garded as currency, Gold and silver, we are
free to admit, is the only basis OF currency, and
the only legal tender; and all the evidences OF
Indebtedness before spoken of are as much re.
deemabe in gold and silver, as is bank paper
This hard money doctrine is doctrine that
has been spoken into life in the evening; yes, in
the evening of our short day; doctrine "con-
ceived in sin and brought forth in iniquity;'
doctrine which you and your party have pro-
mulged; doctrine which, II carried into Ell
feet would sap the foundation OF the very gov
eminent under which we live; would turn into
sorrow and sadness that JOY and gladness
al. ~ MAN q H.,
the land, who is possessed of honesty, industry
and generous enterprise. Again, what pro
norton of gold and silver is there TO that Of
other currency according to the true intent
and meaning of the term as have defined it?
Some writers, said Mr.. P, upon polilical econ
omy, say the proportion of the precious me-
tails 10 that of currency, is not more than one
dollar to every twenty in circulation. Others
saw one to ten Admit the minimum as being
true then, if you carry into effect the spirit
and genius OF the resolution under coisid-
Grafton. what change would it work upon
all the laws of trade and enterprise? What
change would il effect between the rela-
ton of debtor and creditor? How would
it paralyze the energies of every poor man ID
your country? What blight and mildew would
be stamped upon the trade and commerce Of
your nation? From the contemplation OF such
a picture, the heart sickens, and turns away in
loathsome disgust; yet, sir, This hard money
doctrine, this gold and silver, the only constitu-
tonal currency, il carried out, must produce
in real life, picture of which have only given
the light and the shadow. The hour of three
o'clock having arrived, Mr.. Phelps here gave
way TO a motion TO adjourn.]
On Wednesday, Mr.. p. resumed his re-
marks, and briefly recapitulated the positions
which he entertained on yesterday. He then
passed on to the next resolution in order,
which declares the ''pesient effect Of paper
money on the necessary confidence between
man and man, necessary confidence in the
public councils, on the industry and morals oil