The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-11-18

dculs made the action Of the govemmsnt conform 70 the
niss fSs sSdea which now being .ds 70 the qa.ns
~ Of money from the mines Of California legitimate
oueation Il il the product Of scusi labor and IL effect
Osnnanent The quantity produced up late period and
received at the mint lite three millions of dol
sir toll was acsssant. and there was great sspendure
Of human iiie Produce exchanged Tor IT, boh In its
$ advantage ia the ara and ior currency and because
an equal amount Of labor has been expended In
is production iss conversion into yoin OF in,o some
pro6 The great durability Of the coin prevents any sudden
Gminulioa q their quantity Their value cannot be speed
gold applied TO the arts the small quantity capable Of
Gssg procured with incsssant labor and hs laws
o.Ssr smpoymsn any unusual psodaovsnss. IN
shining lrom speedily diminishing the value Of money
ydes and they lead 70 what has ever been desdefaum
ia . curreocy--i~sariebdrsy
muisuation that with few revolutions of the printing
press six tunes as much money may be issued by the gov
Produced in the Toll Of upwards Of yearhal $40 900
may be issued immediately Tor ejaculation Ia the country
re xsas o al ods r Re- !.
debts likewise diminished The issue OF the twenty
millions in It's Immediate ssc,s would produce the a.ier
would be the opPosiiv OF IL and thus benefit the creditor
Can be shown thai the constitution contains any power
II any supposss that cam. what the limit of
powert May The government dinnsh the value Of the
the power .houia be ried Those who
hat .aDsat He says, have lin our power o appeal
the history Of Great Brtsin and every other country in
Europe, and TO that Of the United States 70 show that
OF making unrestricted issues Of paper money, without
abusing IT, Or which i the same thing, without issuing il
ton whose abors have been extolled BY ali sncceedne
generations and by the enighened Of all countries granted
n ea,e ~ (Which 81 as
Is this vast power an incident 10 some other ON s face
gearing % be slight These ere questions which Mr.
not to the satisfaction OF the country
There is = vast disproponon between the quantity OF
Of The 5mer i required 10 The value
Of The latter and conduct the operations OF business Little
proportion, the amount Of properly The sudden ad
dion Of ooo 70 the quantity Of money would ac,
currency, suddenly made the famous expansion OF like
His object IN contracting the issues Of the bank I'M
the peoples but failing in that step The system Of expan
sion resorted to- make the sale easy Of his banking
houses and branches scattered over the country was
height IN 1861 and ended in widespread ruin and dis
aser There Were other causes for the continuance Of
country is fired with the hopes of gain which have their
origin in unwse issue Of currency Twenty millions
duced by like in 1884 Like causes produce like
results. is an old apothegm.
euect Oh the on inc pdOnal deDt VIII be
perncious in the extreme The debt, much of it, Is rem
bursabe n about twenty years after its If it be.
comes the foundation OF currency, there will be an
tere not only ts payment but increase the
amount Schemes of internal improvement reaching from
harbors and lighthouses up the greatest schemes mad
ness and folly, will be pressed Congress- until bank
Inpicy has done its office eectualy in all departments
The growth OF the country will thus be retarded the
national character stained and dspnoed and the hopes
OF the real friends Of America crushed and destroyed
fo these we hope that the ss now being made
end in disappointment. ~