The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1860-02-29
Gen. Washington ON Hard Money


At a recent meeting of the Board Of Cur
rency in New York, John Y. Yateman, Esq,
presented to it, a copy Of q letter from Gen.
Warrington, written in 1877, on the subject o!
the Currency. We publish the same below,
remarking that the views entertained by the
eminent Soldier, Patriot and Statesman, on this
subject, are not such as many of the financial
men Of this day harbor. Washington was
thought to be man Of profund wisdom, but yet
he could not appreciate the necessity or propti-
ETY. Of paper money. 1t is to be regretted that
his views had not always prevailed in the Unit
ed States. His views are such rs we like, and
If the people were wise they would adopt them
yet:.
MOUNT VERNON, Feb 27, 1887.
DEAR Sir: Your favor Of the 3Oth ult., came
duly to hand. To give an opinion in q case oi
so much importance as that which has warmly
agitated the two branches Of your legislature,
and which, from the appeal that is made, Is like
ly to create great and perhaps dangerous divis-
ions, is rather a delicate matter; but as this
diversity OF opinion is on q subject which has, /
believe, occupied the minds OF most men, and as
my sentiments thereon have been fully and de.
cidedly expressed long before the Assembly
either ofMaryland or this State, was convened,
do not scruple to declare that, il / had voice
in your Legislature, it would have been given
decidedly against a paper emission, upon the
general principle Of its utility as q representa-
tive and the necessity Of it as medium. To
assign reasons for this opinion would be as un
necessary as tedious-the ground has been so
often trod that place hardly remains untoueh.
ed-in word, the necessity arising from q
want of specie is represented as greater than it
really is. ! contend that lis by the substance,
not the shadow Of thing that we are to be
benefited.
The wisdom of man, in my humble opinion,
cannot, at this time devise plan by which the
credit of paper money would be long supported;
consequently depreciation Keeps pace with the
quantity Of emission, and articles for which it
IS exchanged rise to q greater ratio than the
sinking value Of the money. Wherein, then,
is the farmer the planter and artesan benefited?
The debtor may be, because, as have obser-
we'd, be gives the shadow in lieu ofthc substance,
and in proportion to his gain the creditor or
body polite suffers. Whether legal tender or
not, it will, as has been observed very truly,
leave no alternative. 1t must be that or moth
"S' hh S'i equaiiy 40 Sleot - eHc uUVT IL iW-
mediately opens for speculation, by which the
least designing and perhaps most valuable part
of the community are preyed upon BY the more
knowing and crafty Spectators. But, contra
ry to my intention and declaration, am offer
ing reasons in support Of my opinion; reasons,
too, which, Of all others, are least pleasing to
the advocates for paper currency. Ishall, there
fore, only observe generally, that 30 many have
suffered by former omissions, that. like burnt
child who breads the fire. no person will touch
it who can possibly avoid it, the natural conse-
quence Of which will be, that the specie which
remains unsupported will be instantly locked up.
With great esteem, and regard, I am, dear
sir, &C., GEO. WASHINGTON.