The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-11-19
webster on Paper Money.

4
In Webster's celebrated speech on th'
Tariff, delivered in 1924, In which he ex
pressed himself opposed to leeislatiug lo
1.-The benefit Of the Manufacturing Interest a
lhe expense OF the Agricultural and Com
rnsrcisl interests, he evidently looked with
no favorable eye upon the issue Of paper
mOnry. Abiding to the dcpreciNied epndi.
rion Of the currency for ssme time alter the
war, he said that "thot the Bank Of the Uni
ted States was instituted to correct this evil;
but for causes which il is not necessary now
to enumerate, il did not bring back the cur
! rency OF the country TO q sound state"
Thus We perceive that the United States
Bank did not possess and exercise that be
nefcent influence upon the currency, that
It's lrieLds Of to day claim Tor il. "Thr
paper system of England" said he, "had
certainly communicated an artificial value
TO property. 1t had encouraged speculation
and excited over trading. When tie shock,
tHeIeIOTcy CdnlVB uHu th.s NiOicHt pressure
for money acted at the same moment on the
Continent and in Englsrd, iIh ncd and
unnatural prices c. uld be kept up no lurger
A reduction took pace, which has been cs
,imutcd to have been ct least equal to fall
of thirty, if not forty per cent. The depre'.
sion was universal; and the change was felt
in the United States seserp4y, though not
equally go in every part. The Speaker has
uludcd TO the sireng inclination which Cx
lists, or has existed, in various parts Of the
country, to issue paper money, as proof o
great existing difficulties. Ifeg, rd Il rather
as productive cause OF these dificultrs
and the committee will not lail to observe
that there is, at this moment, much the
lou1est complaint of distress precisely where
there has been the greatest attempt to re.
Iieye it by systems OF paper or dit. And On
The ether hand, content, prosperity and frp
pness are most observable in ihusc partI OF
he country where here has been the least
sndeavor to administer relief by law. In
ruth, nothing is 81 banefuI, 50 utterly ruin.
,us to all true industry, as interfering with
he legal value Of money, or attempting to
,aise urfiicil standards to supply its place.
Such remedies suit we'll the spirit OF extra
1asance, but they oap the foundation Of all
honest acquisition. We may assure
once for all, sir, that there can
be no such thing us payment of debts by
legislation. We NAV abolish debts indeed,I
we may transfer property by visionary and
violent means, but we deceive both our.
selves and cur constituents, if we Fl liter
either ourselves or them with the hope tn It
there is any relief against whatever pressure
EXITS, but IN economy and Industry"
Thcee truths, uttered by Mr. Webster
quarter of century age, appy with equal
force at the present time; aud they will up
ply in every succttding state OF financial
distress in which the community may be in
u VIC W oIt VII IdS tiu'
we cannot do without banks Of issue. The
statement that issues Of paper money not
only "suit well the spirit Of extrava. .ant
specu!a tlon, bu, sap the foundation Uf ull
honest uc4uiSition," is truth plain to every
obscrvunt and intelligent mind. To it, we
are indebted for Our present difficulties
This is admitted, and yet many who admit
it src disposed to look to ths Legislature
ind Congress for some measure OF relief.
But, to use the language Of Dir. Webster,
" hich is both truthful and torcible, 1--WE de.
ceive both ourselves and our constituents, II
we flsner either ourselves or them with the
hope Tint there is any relief against what
ever pressure exists, bu; in industry and
The Legislature can DO nothing
Congress can do nothing-to work out
relief. Economy must take the pace Of
cxtravaganc; industry, the puce Of indo
lence, and metallic currency, us near as
can be, the place Of paper currency.
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