The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-11-07
from 10 present rates o City d hundred PEI cent

from its present rates 10 fifty or hundred per cent
a corresponding increase Of our paper currency
would so raise the prices that the duty would be no
real protection. The whole fault in this respect, is
with the banks in mutations Of the currency, and
tariff. 1t follows that this pretended excuse for
bank faithlessness falls TO the ground fll
few have raised their hands towards Heaven rolled
up their eyes, and asked, In an excusatory manner,
What has become Of all the specicY7 The answer in
stead of relieving the banks from the odium Of promise
breaking win show that the absence of abundance
Of specie is wholly chargeable to papernoney ma
king banks. When good and bad currency are at
tempted to be circulated together the former is te-
every possible occasion. Our paper currency, be-
ing poorer and less confded in than gold and sill.
ver has been pushed into every possible channel
and the specie held in This naturally results
in bank paper becoming almost exclusively our
circulating medium. The demand for coin, while
the banks protested ability to redeem was limited
and comparatively little was Bank paper held
the field Of circulation. Some old-fashioncd people
who behind the times in this fast age, quietly
hands, to meet future necessities But the great mael-
strom which has swallowed up gold and silver is
found in our manufactures of gold and silver ware
and jewelry. Not being in demand for coin, because
the banks had made the paper currency in use the
manufacturers have used these metals to produce ar
ticles, some Of material use, but mainly to crafty
a disposition for show and splendor. We think it
safe to say that there is in this country moro in cost
of gold and silver and personal ornaments than
there is coin in the pockets Of the people, and in
thousands upon thousands of houses more than there
is Of every kind of currency, including bank paper
This truly amcntable state of things is chargeable
almost exclusively to the paper SYSTEM by its ex-
pelling gold and silver from circulation. When
banks fail to redeem their bills, tho most dull
observer must see that all who can do so begin
to hoard the real money. They do this because
it possesses real value, while paper has none Hence
this scarcity Of coin is also attributable to the per-
nicious paper system, and affords no excuse for
banks refusing to pay their debts. Every excuse
fails them. In their agony they tell that if the
people would only have confidence in them their bills
would be as good gold and silver and they would
redeem them and pay their debts This reminds Ills
Of Yemima Wilkinson, who gathered her followers on
the shores of Of the beautiful lakes in western
New York, where she held the property of all her
faithful followers. Skeptcism arose. and doubts
We're raised as to her being the true representative
Of the Supreme Being on earth To remove all
doubts she proposed to walk upon the waters of the
lake Before taking step upon them she called the
members of her church, one by one, and inquired if
they had faith in her ability do So and all save one
answered affrmatively. His want of confidence in
dnced her to postpone the miracle for week, when
assembling, every Of the faithful expressed his
unlimited confidence in her ability to walk dry-shod
upon the waters. Thereupon this famous damsel
abandoning the lake, returned home, declaring
that, as all had full faith, it was not necessary
for her to walk upon the water TO establish con-
fdence in the minds of her people, which was all
that she desired 1t is so with the paper-ssuing
banks If You have not faith and confidence in them
they won't pay you have it, then there is no ne
cessity of paying So between the want of confidence
and the actual enjoyment of it they entirely omit TO
pay at ALL The of the banks leads MS to the
conclusion that they occupy about the same position
as that most extraordinary woman, Miss Wilkinson,
and that their prctensions have about the same fou
datons as hers. We shall have confidence in their
ability when they actually pay. We can put no
trust in system like Miss Wilkinsons, which rests
solely in faith without works, and to believe which
requires to disregard the truths of philosophy and
all the lessons of experience. We not likely
soon to place confidence iii what has been continu
ally dcceivng the public and disappointing expocta-
tons, by whomsoeyer endorsed. We don't believe
that bank paper make good and safe cur
rency any more thanw do that the young lady could
walk upon the water.