Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-02-18

doers, and instead of prohibiting, actually
I, saoclion private injustice, and take away from
4 tne victims all hope of redress, and even the
very name of remedy, nothing but demoral-
lzation, fraud, and oppression, can be expect
ed 10 RESULT. A government which debases
spe com, is dishonest. A government which
u compels its citizens and subjects to take the
j debased coin at its nominal amount, sanctions,
RI nay, enjo;ns, private dsho iesty. We know
TINS language seems harsh; but we also know
"a very genera! impression has prevailed, that
a government can, by some mysterious process
il never defined and never understood, iuves
4 alty inaterial, however worthless, with the
'ftsdallties and attributes of money. Iagenioas
I books have been written by learned men to
demonstrate the truth of the proposition, that
whatever the law makes moIey, is money.
a mischievous fallacy, big with fatal conse-
quences to public and private prosperity, as
well as to public and private morals! What
does the counterfeiter do who presents to YOU
coin having the semblance of the genuine,
and perhaps containing fiflieth or hun
dredth part pure metal! He cheats you of
your substance, and your law inficts upon
him severe retrbution. What does that gov>
ernmert do which presents you with coin
debased in like manner, bearing the impress
and name of the same coin undebased, and
compels you 10 receive it in payment of its
Indebtedness 10 you? What does it do but
counterfeit in open day and plunder by law!
And where is the distinction, in real guilt, be-
tween the large handed robb ,r who thus pll
lagos with legislative sanction, and the miset.
able wretch who defrauds on smaller scale!
But the wrong inflicted on the creditors of
the government, is not the only wrong which
the legalized debasement of the CO gives rise
to. 1t enables every debtor to ply his debts
with the same proportion Of its real amount.
1t compels every creditor to receive in pays
ment, less than the real amount of his claim
But it does not, and cannot, change the moral
obligation to pay; 1t does not, and cannot
change the moral right to demand and receive
payment. A higher law than any which hu,
man government Can enact, takes hold of the
relations between debtor and creditor-the
law of Christian fidelity TO engagements OIL
the one hand, and the law of merciful ant
paternal consideration for the indebted on the
other--a law equally opposed to frauduIen. e.
vasions of just obligations on the one side
and the remorse!ess exactions Of insaia.e av
arlce on the other. This great law, unchange
able and eternal, resplendent with the mingled
beams of mercy and justice, no human legis
latlon can reach or. affect. No human law cal
invaliiate one of its obligations. No statut
of mans framing, can repeal one oflts provis
ions. Its eternal sanctions stand in subim
contrast with the petty penalties which stat
utes impose. 1t claims the homage ofthe gov
eminent and people alike. 1t excuses no dew
alton from the recttude which it enioins, il
whatever forms of law it may be wrapped up
1t is easy 10 see what frightfuI inroads upon
pure morality, law which forcbly changes
the relations of debtor aud creditor must oc,
casion. We mean law which gives to a
mere nominal payment, the fvrce aud effect oil
a real one Such law makes dishonesty'the
rule, aud forces all men in their transaction:
; TO couform to it. 1t changes suddenly a6C
arbitrarily the relations which exist among
the members of society. 1t takes away from
one class large portion of their property
and vests it in another. 1t ha ) anot her conse,
quence; it advances the nominal prices of all
exchangeable commodities and thus opens the
door to boundless speculation and fraud. Few
are sagacious enough to perceive the real
causes Of the advances which they witness
stall fewer are able TO estimate the real extent
of their influence or to ascertain the degree OF
its permanence. Transactions, therefore,, du.
ring the time this influence is operating, must
partake, TO grea er or less extent, of gamb-
ling character. In time, it is true, the course
of business will adjust itself to the new stand
ards, and will flow again in regular channels.
But what marks of desola'on will not the evil
leave behind when it passes away. How mas
nv fallen characters! how many ruined for
tunes! what blasted expectations! what dis,
appointed hopes! how many friendships brok-
en- up and destroyed? how much domestic
peace invaljdated and desolated? But 1t Is not
in debasements of the coin alone, that the 6 vii
influence of governmental Interference with
the circulating medium Is seen and felt, How.
ever convenient the dehasement of the curren.
cy may sometimes be to an indebted govern
ment. it always recoils upon the government
ITSELF For every government is supported
chiefly by taxation; and when it receives, ss
it must, the deprecated coin in payment of
taxes, it soon finds that Its revenue Is made.
quate to its expenditures. Under these cir
cumstances, resort must be had either to
an increase of taxes, measure always odi.
Gus, or to loans, not always practicabe; or to
an advance in the standard of value itself; or
to Legislation, requiring payments to the gov
eminent in different medium from that in
| "H'SN sHS SnSo"SSo oahohS JIG pCOplG dTt
made. All these different measures have been
resorled to by differen, governments at differ
ent times. The infamous Heliogabius, who
made Consul of his horse, in order, it is
said. 10 raise the monstrous sums necessary
to support his licentoUsness and extravaganza
put forth new issue of the coin in which
the taxes of the Empire were payable, con-
tanning perhaps double the quantity of gold
which coin regularly contained, and required
payment of the taxes in this description Of
money, thus exacting double the amount with
out increasing the nominal rate of taxation.
The same expedient has been tried by other
governments under similar circumstances. 1t
is unnecessary to trace the consequences Of
interferences OF this sort. Extended in their
operation to the whole community, it is obvi
Gus that they increase the burdens Of ever,
debtor, and augment the demand of every
creditor, This proceeding is even more rep
rehensible than the debasement ofthe coinage
as it adds to burdens already sufficiently heavy