Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-12-09
Discussions aboutsPaper Money.

We resume our review of some of the most
celebrated ESSAYS written during the early days
the Nations history, in reference to the issue of
paper money. In our former articles on this
theme, we made partisan appeals, and only
alluded to the present condition of things 30 far
as to show that there was no point now in dispute
which had not been discussed in the old contro-
versy. We might have gone further and illus
trated this assertion by showing that the oppo-
nents of the Government paper money theory. al
though among the first patriots in the land.
assaulted before the close of the eighteenth cen
tury, bv the same coarse terms of abuse used by
political organs in these days; and when their
guments were too strong for refutation, their
motives denounced after the same uncour
teOus fashion.
We promised in our last TO introduce our read
ers TO n series of essays written in North Carolina.
These were republished in Philadelphia in Au-
gust, 1887 The author admits that money has
become inconvenlently scarce, and 1.-The difficulty
of paying debts has been very common" Ger
tainly. he adds, when any article is scarce. the
general remedy is TO make more; and if it shall
be found when money is scarce. that private and
public debts be honorably discharged 10y
emission OF paper, the expe lent is admirable, for
it is the most easy process by which debts were
paid
The author assumes, without any attempt at
proof that it is wise to be honest aud imme
diafely asks whether the issues in question
not prohibited BY this consideration. A paper
currency, which is legal tender when it may be
deprecated 30 or 30 per cent. he thinks is not
generally considered an honest tender; and he
adds many reasons why such "A currency will not
in the sequel prove useful TO the States. There
are many people, he adds WHO say that the
money ought not To have depreciated; they say
that necessity justified the manufacture; and they
argue that We are bound to receive such payment
as the law prescribes But will any man say that
it would be perfect justice to pass law by which
every creditor should he compelled to receive
three fourlhs, two thirds of his debt, instead
of the whole debt? And vet such law would
be perfectly similar To the tender of deprecated
paper. except that it would be "A proof of more
frugality and plan dealing; for it would be calling
things by the right name, and would save the ex
pense of paper coinage. Our author goes to
insist that however convenient deprecated paper
money may appear to those who use it in the dis
charge of debts, he is certain that the credit AS
vel as the finances of the country is injured bv
it, and this injury and suffering will continue and
increase until the cause is removed.
He does not argue against the use of bank
notes. or conlound these with an inconvertible
paper currency. When person has the option to
refuse receive the paper, and knows that he can
exchange it for gold, he may prefer it. But it
never was found (and he questions if il ever will
unless when it was believed that they might be
exchanged for solid money; nor could they be so
circulated If they were declared To be legal
tender. The reason is obvious the whole value
is imaginary, and men do not believe by compul-
sion Every attempt to force a to believe
that paper is equal in value To coin. implies a
consciousness that it Is not equal. Our author
goes on 10 prove these propositions at great
length, but we need not follow him. The best
of i tla H. he
which he was then con'ending furnished his vim
dicaton in its own history
Writing with the full consciousness that he
was advocating great principles, whose outwork
ins no law of man could let or hinder, he pie
lures the unlriendliness to industry the injury TO
the poor, the damage to good morals, the nha
ton and overthrow of credit the burden of tax
alton on the frugal and temperate, in favor of the
idle, the profgate and luxurious. and the gradual
expectation o. specie from the country.
All this was nothing but prophecy as il
dropped from his pen; but the final result might
haze sat for il before the painter, and never 90
tanned so true a likeness. deprecated paper
currency made legal tender, he declares to be
the poor expedient of a day, tending in its inev-
table results To the destruction not only of prop
erty. but OF the Government itself. eff it is
true that men have not virtue enough to bear
a Government that is perfectly free, the proof
is like to come from that quarter. The re
lief given by paper money is neither durable nor
honest"
We commend these thoughts, garnered for us
in patriotic aye. to the attention of the people
OF this day and generation. Expedients for a
day are only the hounderings of little minds in
of trouble. where honesty and courage are
the only SavOrs. We are now involved, and
must perpetuate the mischief, i the argument of
moral weakness caught in delinquency which is
thus made the excuse for further wrong. The
people have been patient during the past year,
but the too intelligent not to the evil
and danger and those who have this matter in
hand cannot escape their full measure Of reSpon
sibiliiy. They did not into this danger in the
dark, for many warning voices were uttered Ii
they persevere in course frauglt only with evil,
they must rot complain that they are held re-
sponsible for The disastrous result New York
Journal of Commerce
HEAVY Lossis.-A British paper estimates the