Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-15
wASHINGTON'S OPINION ON THE CURRENCY
QUESTION

The following letter, written by General Wash
ington, upon the currency question, in answer to a
communication from Colonel 7. Stone, a member
o. the Senate of Maryland, is remarkable setting
forth precisely the same views and opinions as
those for which the Democratic party is contending
at this time. The date of the letter is the 9th
February, 1877. At this early day the cOmpre.
hensve mind of the Father of his Country saw the
evils flowing from currency which is dangerous
when considered either as a representative or a
medium. This letter should be read, studied and
reflected on by every man in this country.
MOUNT VERNON, Feb 27, 1877.
DEAR SIR:-Your favor of 30th ult. came duly
to hand. To give an opinion in a case of so much
Importance rs that which has warmly agtated the
two branches Of your Legislature, and which, from
the appeal that Is made, is Likely to create great
and perhaps dangerous divisions, is rather a deli
cate matter; but this diversity of opinion is on
a subject which has, believe, occupied the minds
Of most men, and my sentiments thereon have
been fully and decidedly expressed long before the
Assembly either of Maryland OF this State was
convened, do not scruple to declare that, if had
a voice in your Legislature, it would have been
given decidedly against paper emission, upon the
general principle Of its utility a representative
and ths necessity of it a medium. To assign
reasons for this opinion would be unnecessary as
tedious; the ground has been often trod that a
pAdCb iAdIull ItuldluS uuLOuCleu5 IN a worn, the
necess ty arising from want of specie is repre-
scented as greater than really isl contend that it
Is by the substance not the shadow of a thing that
are to be benefited The wisdom of man. in my
humble opinion, cannot, at this time, devise a plan
by which the credit Of paper money would be long
supported, consequently depreciation keeps pace
with Jhe quantity Of emission, and articles for
which It is exchanged rise in greater ratio than
the 81 liking value Of the money. Wherein then, is
the farmer, the planter and the artisan benefited?
The ebtor may be, because, as l have observed,
he gives the shadow in lieu Of the substance and in
proportion TO his gain the creditor, body polite
suffer. Whether il be legal tender or not it will
as has been observed very truly, leave alternative
it I1ust be that nothing. An evil equally great
Is The door it Immediately opens for speculation by
which the least designing and perhaps most valuable
part Of the community preyed upon by theimore
know ug and crafty spectators. But contrary to
my IN teution and declaration, am Offering
IN SUI port Of my opinion-reasons, too which, of |
all others, are least pleasing te the advocates for
paper money. shall therefore only observe gener-
ally, That so many people have suffered by former |
emlss Ons, that, like burnt child who breads the |
fire, person will touch it who possibly avoid /
il; III natural consequence of which will be, that
The 81 ecte which remains unsupported will be instant
.y loo kedup
With great esteem and regard, am, dear sir, Sc,
Nc, GEO. WASHINGTON.