The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-11-04
Daniel Webster on the Evils of a Paper
"a 3 Cnrre,icy.

Daniel Webster on the Evils of a Papc
"a cnrretcy.
Ailtlds time, saws The Clinton Eemoerat
when the question of The currency js attract
ing 80 mnch attention the views of DANIEL
WEDsrER on that subject will be read with
interest. IL will, doubtless, surprise the adj
vocates Of so-called paper currency, thai
that great statesman lef, upon record as de-
cided protest against that kind of money as
ever did THOMAS JEFFERSON or ANDREW
JACKSON. His clear Intellect could not fail Ia
see the disastrous effect which il was certain
TO produce upon the business interests and
| laboring classes, even had ii not been en-
l9hlened by close and familiar acquanl.
ance with the teachings of history. To those
who cannot make up their minds 10 favor q
return 10 the currency Of The Constitution,
aud who consider The policy which favors it
democratic radicalIsm," we commend The
TEL WEBSTER:
The following extract OF speech made
by Daniel Websier 10 The United States Sem
ate in 1882, may be fourd in Bsntons Thirty
Years. Niec, page 244, vol. l.:
ga disordered currency is one Of the great.
est Of political evils. II undermines The vir.
tues necessary for the support Of the social
system, and encourages propenslies destruc-
live rf lis happiness. |, wars against indus
try, ftugality and economy, and it fosters The
evil spirit of extravaganza aud speculation.
o: all The conlrivances for cheating lhe labor
ing classes OF mankind, none has been more
e1eclua than that which eludes them with
paper money. This is The most elfeclual Of
inventions TO ferlilize the rich mans field by
The sweat of the poor mans brow. Ordi.
nary, tyranny, oppression, excessive taxa.
Iion--ihese bear lightly on the happiness Of
The mass OF the community, compaved with
The fraudulent cuuencies and The robbeTies
commilied by deprecated paper. Our own
history has recorded for our Instruction
enough, and more Than enough, of the de-
moralizing tendency, The injustice and the
lnlolerable oppression on the vlriuous and
we!-disposed, OF degraded paper currency
authorized by law OF any way counlenanced
by government
Again he says:
"The paper circulation OF the country s,
al this lime, probably seven'y.fve or eighty
millions Of dollars. Ofspecie, we may have
twenty or Thirty millions, and this principally
in masses in The vaults of the banks. Now,
sir, this is state of things which leads con.
slanlly 10 over-lradng, and 10 the consequent
excess and revulsions which SO often disturb
the regular course Of commercial affairs
Why have we so small an amount of specie
in circulation ? Certainly the only reason is
because we do not require more! We have
but 10 ask lis presence and il would return
But we voluntarily banish il by the great
amount OF small bank notes. 10 most Of the
States !he banks issue notes 10 all low de.
is possible under such circumstances, 10
retain specie in circulation All experience
shows it 10 be impossible. The paper will
take the place Of the gold ard silver. When
Mr.. Pit, in the year 1897, proposed, in Par.
Lament, 10 authorize the Bank OF England to
issue one pound notes, M: Burke lay sick
at Baih of an illness of which he never re-
covered, and he is SAID 10 have written TO the
late Mr.. Canning: Tell MIR. Piu that, if he
consents 10 The issuing of one pound notes,
he must never expect to see guinea again"
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The MulinY in India is likely 10 feet dis.