New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-04-02


Three hundred millions divided among them would
give TO each person one hundred dollars. And Is
there" they ask, individual In America una
bile in the course hteen or twenty years to
nav that snalls gain suppose the whole
debt assessed. as to be, on the inhabitants,
in proportion pectivc estates. what
would then be he poorer people Per.
hans notten dc wenty years be taken
to pay the det DER OF inhaoIan's VIII &c
more than dou and the ability to pay increased
Of course more than two-fold.'
Subsequently Congress recurs to the same sub
icct and pledge is given to the public for the
fall payment of all their paper emissions. A con-
trary sentiment is rejected with scorn "The Pnde
Of America" they say, "revolts from the idea
Her citizens know for what purpose these ennis
sions were made, and they must be redeemed.
No thought of Reputation was for a moment toll
Grated. They had created the paper currency,
tbev suggested feasible scheme for its redemp'
tau and thew held the honest purpose OF executing
that scheme But they had no power. The jeai-
msy Of the States counteracted their good inten-
| tions. What THEY could not redeem themselves
was assumed by generous constituency. The
people whe bore the brunt Of an eight years war,
and VIGOROUSLY established independence, sus-
tanned. without a murmur, the whole tax, and vol
UNFAIRLY reduced to utter nothngness the greatest
item in the cost OF the Revolution and thus waived
all claim upon posterity for its payment
This was undoubtedly lsays Mr.. Breck) severe
tax vet when examined with care it will be found
less heavy than it seems at first sight. Letus take
the largest sum by which the people could ever
have been affected; say three hundred millions at
twenty for one, which is only half the rate fixed by
Congress. Twenty for one, on three hundred mil
lions, will give fifteen millions Of sound money
These fifteen millions having been used as currency
for six wears, give an annual average of two mil
lions and half That sum among population OF
three millions would not be poll tax of one dol
lar or if three millions OF inhabitants be divided
into families of six persons each making five hun
dred thousand families the annual loss per family
would be only five dollars.
No system OF credit as we all know by sad ex'
perience, san be made durable when, in the shape
of currency, the issues exceed the wants OF a me
dunn Of trade, or when, in the more permanent
form Of bonds certificates Of public security they
come forth, without competent tax to pay the in
terest and sinking fund to discharge the princi'
pal. The overssues in Continental money being
excessive, fell off in value of course, while, as
natural consequence. property of all kinds rose in
proportion. This increase of the price OF goods,
was attempted to be remedied in most OF the
States by acts Of Limitation, fixing under high pen.
allies the maximum at which property should be
sold. These ordinances were rigdly enforced.
Stores were broken open by authorized Commit
tees and goods seized and sold at the limited legal
prices while the owners stood accused before the
public Of design to deprecfate the currency and
were called tories and spectators, and otherwise
stgmatized as enemies to their country.
But these high-handed prosecutions and robbie
ries did not arrest the depreciation on one side,
nor the appreciation on the other. Money sank
and goods rose Yet an army of more than thirty
thousand men, and small navy, were supported;
the wheels of Government kept in melton, and the
enemy kept at bay. How could such paper funds
sustain such an expensel A writer in 1910 says;
"Posterty will hardly credit IL but the universal
rage and zeal OF the people, through all the States Tor
an emsn cipaton from power that claimed right to
bind them al phatersr, supplied all defects and
made aPpareat impossibilities really practicable"
1t was great error Of the States in making this
paper money a legal tender. 1t was source Of
immense injustice between debtor and creditor
1t favored most the slack, the disspated, the lazy
and dilatory, who paid their creditors often at one
twentieth of the value Of the debt when it was con-
tracted. This sad expedient was suggested to the
States by the Continental Congress itself But
that body, which consisted Of about fifty members
oil great abilities and spotess integrity, had the
candor to confess their mistake, and urged upon
AL al fto~
much solicitation, effected, yet not until thousands
OF fortunes had been ruined, including chiefly the
most generous and patriotic while the benefit went
alone TO the avaricious and idle.
Those persons who happened to be the last hold
ers of the Continental bills put up quietly with
their loss. They were kept in circulation at a
great discount until May, 1881, when they fell to
Eve hundred. and subsequently to one thousand
paper dollars for one Of silver and ceased as
rcncy. Two hundred millions lost all their value,
and were laid aside The campaign of 1871 was
carried on in silver coin. In General Washing
tons account current with the United States the
last transaction in paper currency is dated May,
/ ISL.
The discredit and final rejection of the Continen.
tai money, was owing, in great measure. to the
ilberal terms Of the articles of Confederation. Had
Congress possessed unfettered the power of taxa.
ton and the evying ofimposts the emissions would
have been moderate, and somewhat proportioned
to the specie in the country.
The Continental money endured for nearly six
years. and during that long period worked as a
most powerful State engine; and was, says a
writer who saw its operation "a prodigy OF reve.
nue., aud of exceeding mysterious and magical
agency" An abortive attempt was made. some
time after, to dig up the skeleton Of the monster
I but IL never was resuscitated
~ Capt ]. w. Zabriskie who is among those
who fell in the recent battle a, Buens Vista said to be
a brother Of Col James c. Zsbriskie Of New.Bruns.
wick M.
| tE Hon ROBERT c. WINTHROP was passen.