The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1862-02-12

The money lenders credit depends on the
credit Of the State; for Of what value is
all that he has, il the political existence
OF the State be destroyed Z The euor
nous paper issue in period of war, is
confessedly based on the loans Of the
Government and yet the credit of the
inferior is exchanged for the credit of the
superior, with large profit to the inferior ;
thus reversing the order Of reason. and
affronting common sense.
Further, as the expenditure Of the
State increases, its sacrifices increase and
the profit Of tho money lenders mul,iplies
itself in fearful proportions. In fact, the
moEey lenders gain from the public loss,
it the State preserve itself: and if it per,
lshes, the money lenders, being only cili
zens, personal or corporate, have a com.
mon loss with the res. Of the community.
This is incontestable unless it be that
the money lenders are not a part Of the
whole. If this be 80, there is an end Of
the unity Of society, which the definition
Of State imports.
1t is needless to embarrass the subject,
by considering the extension Of this sys-
tenn Of exchange Of credit, beyond the
sphere of the Confederacy for foreign
paper money has no circulation and
whatever price State securities may bring
abroad, the exchange is the subject Of
speculation on one side, and necessity on
the other. Jt would be ruiuous, and i'm
peril our ultimate independence.
The Bank paper in circulation, which
has almost entirely superseded money, "a
the measure Of value, in the commerce CT
men, is simply the evidence of the debts
due by the Banks, to the multitudinous
holders Of their paper. Its sphere of op.
GRAFTON extends no further than the credit
OF the Banks; and instead Of that sphere
being as extensive as the commerce Of so.
c'ety,-as the measure ofjustice, or of val
ue, between man and man in society,
should be,-each Bank has it's own
sphere Of credit, dependent on innumera.
be circumstances, which none can define
or comprehend. Thus it happens that the
measure Of commerce becomes unsettled
and ever tluctuating; and men trade with
one another, as they would do If there
were no standard Of weights ard meas
ures. The material value Of this paper
money is iuappreciable, and its circulation
depends wholly on uncertain, ever var,.
ing human opinion.
A great deal has been written, and
more said, about the basis of this ar,i.
fetal unsubstantial representative Of the
measure Of value /; and for long time
after its introduction, its use was recon-
mended by its convertibility, at the will
Of the holdsr,into money, which is the real
catholic measure Of value. This univer
sally received money, or measure, was
gold and silver, certified by the stamp Of
some recognized sovereignty which sim
ply showed how much of these precious
metals was contained in each piece, so
certified or stamped, and denominated
coin. Hence its name money, from
noneo, to shew for the stamp which
converts the metal into coin, shows it's
real value; and where the sovereignty is
acknowledged, the coin circula,es as the
measure of value. Hence 100, the infa.
my Of adultera.ing coin; for it is an act
OF injustice, perpetra.ed by falsehood.
From this first departure from the sim
pie truth, we have progressed so far, ,ha.
the medium circula,es without its basis.
IL is like an inverted cone, with nothing
but An imaginary point TO stand upon
These pretended measures Of value need
q measure &; ard in each State there are
a confused crowd Of Banks, with no
among themselves. The bank
ing system, within few years past, has
ceased to depend on the convertibility Of
the paper medium into coin, at the will
Of the people although its early advo'
Gates pretended that the use Of specie, as
its basis, was lis essential characteristic.
They went so far as to say that BY with,
drawing the precious metals from circu.
'ation as money, portion only would be
needed for the basis Of Bank paper and
the residue would be added to the avail.
able wealth Of the community. Now,
however, the portion so reserved can be
dispensed with, and at cycles, diminish
ing in circumference at each periodical
revolution, an irredeemable paper cur
rency, without any standard, is recon
mended as the proper measure Of value. |