Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-30
From the Philadelphia Argus
Daniel Webster on the Evils OF a Paper Currency.

From the Philadelphia Argus
Daniel Webster the Evils n Paper Currency.
At this time-when the question Of the currency is
attracting so much atention-the views of Daniel Web
ster on that subject will be read with interest 1t WILL
doubtless, surprise the advocates of sOcae paper
rency, that that great statesman left upon record de-
cided protest against that kind of money ever did
Thomas Jefferson or Andrew Jackson His clear intel
ect could not fail the disastrous effect which it
was certain to produce upon the business interests and
aboring classes, even had it not been enlightened by
close and familiar acquaintance with the teachings Of
history To those who cannot yet make up their minds
to favor return to the currency of the constitution and
who consider the policy which favors it =" democratic
radicalism, commend the following from their favor
! itc statesman, Daniel Webster.
The following extract of speech made by Daniel
Webster in the United States Senate in 1882 may be
found in Benton'S Thirty Years Tieu, page 244, vol
ume |
"A disordered currency of the greatest of po-
tical evils 1t undermnes the virtues necessary for the
support of the social SYSTEM and encourages prOpens
ties destructive of its trappngs. 1t wars against in
dustry rugalty and economy, and 1t fosters the evil
spirit of extravaganza and speculation Of all the
trvances for cheating the abOrng classes OF mankind,
none has been more eectua than that which deludes
them with paper money. This is the most efectual of
inventions iertilze the rich mans field by the sweat
of the poor mans brow Ordinary tyrrany, oppression
excessive taXation-these bear lightly on the happiness
of the of the community compared with the fraud
ulent currences and the rObberles committed by de-
preciated paper Our own history has recorded for in
structon enough and than enough Of the demor-
alizing tendency the injustice and the intoerabe op
preston on the virtuous and wedsposed of degraded
paper currency authorized by law or any way ccunte
nanced by government.
Again he says
1.-The paper circulation of the country is, at this time
probably seveny-fve eighty millions of dollars. Oh
specie We may have twenty or thirty millions and this
principally in masses in the vaults Of the banks Now
sir, this is state of things which leads constantly tC
overtradng and the consequent and revul
sions which so often disturb the regular course of com
mercal affairs. Why have we so small amount O
specie in circulation? Certainly the only reason
because we do not require more We have but to asl
its presence and it would return, But we volunar.
Danish it by the great amount of small bank notes. Ii
most of the States the banks issue notes of all low de
nominations, even to single dollar How is it possible
under such circumstances to retain specie in circulation
e All experience shows it to be impossible The pape
will take the place of the gold and silver. When MI
Pitt in the year 1897, proposed, in Parliament, t
authorize the Bank of England to issue one pound not
Mr. Burke lay sick at Bath of illness of which he neve
recovered and he said have written to the late Nj
Canning Tell Mr. Pitt that if he consents to the il
suing of one pound notes. he must never expect to see
guinea again'