The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-10-28
Washiugton's OPINION on the Currency
Question.

Inc loil owing ietler, written by General
Washington, upon the currency question, in
answer 10 communication from Colonel I.
Stone, member CT The Senate OF MARYLAND,
is remarkable as setting forth precisely the
same views and opinions as those for which
The Democratic party ls contending at this
time. The date of the letter is The 9th OF
February, 1887. AT this early day the COM
prehensive mind of the Father of his Conn.
try saw the evils flowing from currency
which s dangerous when considered either
as representative or medium. This let.
Ter should be read, studied and reflected on
by every man in this country.
MouNT VERNON, Feb. 27, 1887.
DEAR SIR-Your favor of the 3Oth uIt came
duly 10 hand. To give an opinion in case
of so much importance as that which has
warmly agitaled 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 delicate mat
ter; but as this diversity of opinion is on a
subject which has, ! believe, occupied the
minds of most men, and as my sentiments
thereon have been fully and decidedly ex.
pressed long before the Assembly either Of
Maryland or this State was convened, do
not scruple 10 declare that, if had voice
~" "J----I-s:-i--.---, :. ----'s 49," 49, 81
en- decidedly against paper emission, upon
the general principle of its utility as rep.
resentative and the necessity of it as a me.
dunn. To assign reasons for this opinion
would be as unnecessary as tedious; The
ground has been so often trod that place
hardly remains untouched; in a word, the
necessity arising from want OF specie is
represented as greater than it really is. |
contend that it 10 by the substance not The
shadow of thing that we are TO be bene.
fitted. The wisdom of man, in my humble
opicon, cannot, at this time, devise plan
by which the credi, of paper money ould
be long supported, consequently depreciation
keeps pace with The quantity of emission,
and articles for which it Is exchanged rise in
a greater ratio than the sinking value Of the
"bOiO'h ID thC lio
planter, and the arlizan benefited? Ths
debtor may be, because, as have observed,
he gives the shadow in lieu of the substance,
and in proportion 10 his gain the creditor, OF
body polite suffer. Whether it be legal
tender or no., 1t will, as has beer observed
very truly, have no al;ernalive-l mus! be
that or nothing. An evil equally great is the
door it Immediately opens for speculation, by
which the least designing and perhaps mos
valuable par, of the community are preyed
upon by The more knowing end crafty spec
| ulators. But contrary to my intention and
declaration, am offering reasons in support
of my opinion-reasons, too, which of al
| others, are least pleasing to the advocates
for paper money. shall therefore only OBJ
serve generally, that SO many people have
suffered by iormer emissions, that, like q
burnt child who breads The fire, no person
| will touch it who can possibly avoid it /; the
natural consequence of which will be, tha
the specie which remains unexponed will be
instantly locked up.
With great esteem and regard, | am, deal
sir, &C., g., -
GEO, WASHINGTON.