The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-11-04
Daniel Meb,ier on tbc Esits Of q Paper
Currency.

Daniel Nv Eeb,ter on tbe .Esiis Of q :a'ape
Currency.
AT tis time ,savs dhe Clinton Bemocra
when the question Of The currency is s'iraes
irg 50 much attention the views oi DANfE
WEBSTER onihat suhjeci will be read w'il
interest. ii will, doubtless, surprise The al
vocates Of "a to-csIed paper currency, ths
that great statesman leh upon record as de
c'ded protest against that kind Of money al
ever did THOMAS JEFFERSON or ANDnEw
| JACKSON. His clear intellect could not fail &c
see the disastrous effect which it was certain
! 10 produce upon the business interests and
laborng classes, even had rot been en-.
tahlened by close and familiar acquanl-
spce with the teachings Of history, To those
who canno, make up beit minds 10 iavor n
return 10 the currency OF The Constitution,
and who consider the policy which isvors il
"Democratic radcalsm," we commend the
following kom Iheir iavtrite statesman DAN
IEL WEBSTER:
The following extract OF speech made
by Daniel Webster n The United States Sem
ate IN 1892, may be fourd in Bent0n's Thirty
Years Tier, page 2i4, vol. /:
"a disordereG currency is one OF the great.
est Of polilica! evils. Ii undermines The vir-
tues necessary for The support OF The social
system, and encourages propensities desuuc'
tive If its happiness. |! wars against indus
try, frugaliy and economy, and 1t fosters the
evil spirit OF extravagance and speculation.
o. all The contrivances for cheating the labor
ing classes OF mankind, nohe has been more
e1ec;ual than that which eludes them with
paper money. This is the most elfectual OF
inventions TO feHiize the rich mans field by
The swea, of the poor mans brow. Ordi-
nary, tyranny, oppression, excessive taxa
iion--lhese bear lightly on the happiness Of
the mass OF the community compated with
the fraudulent Cunencies and the rohheries
commiired by deprecated paper. Our own
history has recorded Tor our instruction.
enough, aud more than enough, Of the de-
moralizng tendency, The injustice and the
'utolerable oppression on the vlrtuous aud
well-dsposed, of a degraded paper currency
authorized by law OF any way counenanced
by government
Again he says;
"Thr paper circulation OF the country is,
at this time, probably seven'y.fve or eighty
millions Of dolIars. OF specie, we may have
twenty or thirty millions, aud this principally
in masses in The vaults of the banks. Now,
sir, this is a stale of things which leads con.
stantly 10 over-lrading, and 10 the consequent
excess and revuls ions which SO often disturb
the regular course Of commercial affairs
Why have we 50 small an amount of specie
in circulation Certainly the Only reason is
because we do not reqnire more! We have
but 10 ask it's presence and it would return
Bnt we VOLUNTARILY tauSh it BY the great
amount oi small bank notes. Ia most of the
States The banks issue notes to all low de.
nominations, even 10 a single dollar. How
is VI possible under such circumstances, 10
retain specie in circulation! All experience
shows il TO be i'm, ossble. The paper wall
take the place Of the gold and silver. When
Mr.. Pit, in the year 1877, proposed, in Par
lament TO authorize the Bank OF England TO
issue one pound notes, Nj. BIrke lay SICK
n, Ba,h, OF an illness of which he never re-
covered, and be is 81 1 to have wi ten to the
late Mr. Canning: Tell Mr. Pin that, If he
consents to the issuing Of one pound notes,
he must never expect 10 see gGjnea again"