Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1862-02-28


bore an enormous disproportion to the
means OF payment that it deprecated
1t could not be expected that revou-
tionary Government could issue two hun
dred millions of bills without basis other
than the voluntary contributions of States,
over which the Government had no con-
troll, aud give them currency, The only
wonder is that there was so mach vitality
in the paper and it maintained its position
50 long as it did. 1t is reekoned that the
cost Of the revolutionary war was about a
hundred and seventy millions of dollars,
/ of which two thirds were raised by the
! Continental Congress, and the present
Government finally assumed about forty
f four millions of it. THIS enormous sum,
equal to perhaps twelve or fifteen times
+ that sum for this Government at this time,
was raised in several different ways. The
most fruitful source of revenue was the
n,tcs, and as they deprecated and went
out ofexistcnec gradually and the increas-
ing discount was spread over so many in
terests and localities, it was perhaps as
equitable as the ordinary methods Of tax
alton Besides this, there was taxation
of various kinds in the States, borrowing
in Europe and running in debt by taking
property and giving certificates Of indebt-
cdncss. There were other schemes, such
as lotteries and taking property in kind,
but they yielded small sums. The great
resource was paper, and the history OF
the paper currency Of that era should in-
spire Us with confidence in this measure.
The French currency expanded with
great rapdity. French vivacity drove
their revolutionary energies hcadlong.-
The first loan amounted to about eighty
million francs, and was followed in very
short time by one Of double that amount;
and in two years, they had issued ever five
hundred million francs OF irrcdeemable
currency based on nothing bat coniiscatcd
estates. This issue considering the char
acter Of the Government making it, and
the amount of population and property
that it represented, would hardly be equal
ed by the issue of eight or ten times the
sum by that Government now. One can
hardly wonder that the circulation thus
thrown BY Government INTO channels OF
business, induced an enormous rise OF
property OF all kinds and that even the
robust washerwomen of Paris complained
that soap had doubled in value But the
experiment was followed, anu boisteFe'
UP As IN the case win our Revolutionary
paper by laws hXin5 a maximum EaI4e
on property unit. ,ne .5sae eo feaens' @5 'n'
enormous sum ot l''ooo'ooo'ooo francs ;
aH4 ll'e same tH.H7 W. 7'HS oIS' q o00
on '''o g. = H.,',' na =, ,,i., - ~ ra5aaa;,
- 80 ~ ''1 -. ,.l;at -
.'ie o,'.' ~ = ,'',e @ ~ - - 80 G i
.as" "t', . ~ ,a,I a',, '0t' - i,t !, -, -,
P'e1''.'I,'' , 80. '.oo,'.'. 90, ra ,b, 49,. CIV
H.. ,,nr.o., of .,syi0r the want. O. thc
d,v Knt + yrss NOT only fine i.1n, Of
fbis n,,,.r but the eoactins of yiolsn;
5gws dntras,i61, every sense Of riabtwbj.h
.,,ten,tel o6 min Of nronouu..ig.. tb,
r,.,,.1nt hostile 10 the re1ubIic to force a
'.;re,iatio, @of n, naner whi ,h caused
.5..b distress and misery.
III, firm, lr..on Of the issues Of those
rev,iuti,n,ry times !. that of moderation.
IT, si,,,Iy ts,oh II. "a avoiJ enorma,,
- TIe Government had hut ou.
m.tbol Of rs;.;n. monsy III. the fa-
IL II. a., ,,-.,-,r..,,,