The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-29
BANKS AND BANKING-CoNTINUED.

principles to the Senate OF the United States.
BANKS AND BANKING-CoNTINUED
The evidence before us warrants us in saying that
the great mass of the people are emphatically op-
posed to our present paper currency. They have
become so from reflection and experience, and the
most patriotic and worthy motives They cannot
comprehend why those who have been specially au-
thorzed to manufacture it should be upheld in
making that which is now substantially value
less as we'll at home as abroad. They have heard
the paper promises of banks proclaimed as the
equivalent of gold and silver" and they now have
an opportunity of testing the truth of the COMPARE
Families having this equivalent" have found it so
far from being equal to coin, that it will neither pro-
cure the necessities of living at par pay the Or
binary expenses of interring the dead without
sacrifice. No specie demand can be paid with it.
Nor will any creditor treat these paper promises as
equivalent to gold and silver. The paper currency
issued in this District is eight per cent below par
Even those who make it will not treat it equva-
lent to COIN When they lay by means for rainy
day they do 80 in lawful currency, instead of this
" equivalent which is only 30 in pretenslon,
and not in fact, because it has intrinsic value.
There is not the man living who is brazenfaced
enough to insist before an intelligent person that
these paper promises to pay money are as good and
valuable as real money itself at any place or for any
purpose whatever.
The irredeemable condition of all paper curren-
CIV demonstrates its want of real and intrinsic
value and utter useessness substitute for real
nl,t,n To .nip hot
hypocrisy and false preences do to religion and viz
tue Its violations of law would rank it with statute
crimnality, except for public tolerance or special
legislative indulgences not accorded to petty offend
ers who steal bread to satisfy hunger. Should the
poor and friendless commit offences producing hun
dredth part of the evils which result from the failure
of banks to make their promises equivalent to what
they profess, they would more than fill all our ails
and prisons, and no executive would exert the par
doning power in their behalf. The evils of our pa
per-currency system recently distinctly admit
ted in the National Latelligener in the following
words:
- In commenting, few days ago, upon the financial
evils which generally prevail throughout the
country and which we endeavored to show the nat
ura results of i-regulaed currency, alluded to
the fact that the pending crisis has arisen in the alb
sence of all those extraneous incidental provdenta
visitatons which sometimes bring ruin and desolaton
upon land.
There is deep significance in this fact war had
absorbed resources peslence had interrupted
productive industry If famine had parayzed our nation
al energies the panic which spreads through all
ranks Of society would find in another of these
citing the secret at of its origin and its dsas
trous influence But that such pressure should
spring from the very bosom of prosperity that at time
when the earth has most bounuy yielded her increase
when trade and commerce and industry pursuing
their vocations without interruption when California
furnishing her annual harvest OF goldthat at such
time should be visited by panic like that upon
us be explained only by referring it to evils Of
creation.
For what Is il that has persisted within the last few
montbss Not our houses, nor lands, nor ships nor
wives children not crops nor our productive in
dusty nor manufactures. The cotton and rice of
the South the wheat and of the West the tobacco
of Maryland and Virginia, the hemp of Kentucky, the
wool of Vermont and Ohio are abundant to-day IA
they three months ago, has their Intrinsic raiut
TO producer suffered either change dmi
mutton. What then, has caused this sudden decline in
the nominal values OF all that but few days ago const
tuted prosperity The answer is easy. Is
yeacy wh has persisted That circulating medium which
constitutes the life blood Of trade and commerce and OF
all industrial activity after of plethora and OF
feverish excitement has been suddenly smitten IL by
stroke of apopexy. The contraction of currency has
actually caused its partial humiliation for the ordinary
necessities OF trade and Of business intercourse between
different parts of the country"
The condition Of our imitation currency and the
conseosences are here most strikngly portrayed II
shows that the evils which aflict are 4of our ocs
GRAFTON and that our boosted currency the equiva.
lent of gold and silver, has intrinsic value and
in fact that our professed safe medium is not only
ang and sick, but that "our currency has perished
The IateR,gsner seems to go not only the whole