Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-12-23

On the 3tst of May, 1881, the continental bills
ceased to circulate as money but they were after.
wards bought on speculation at various prices from
400 for l, up to 1000 for l.
The value of the continental paper was not the
same in different parts Of tue country. TIE ex-
change was, for example, December 25:h, l779. at
IS fer in New England, New Yark, the Car,',lss,
and Georgia, and at 40 f,r in Pennsylvania, New
Jersey, Delaware, Maryland and Virginia.
An account taken from the books Of mer-
chants in Virginia shows that the depreciation there
regularly followed that in Philadelphia, though, to-
wards: the close, it sometimes Jagged a month or
more behind. Thus, when exchange was at Phila-
delphia at 100 for l, in January, ISL, It was in
Virginia at 70 for |: and iii April, when exchange
in Philadelphia was at 1875 for it Was IN Virginia
at 100 for l.
AS late as May, 1871, speculatians were entered
into at Philadelphia 20 purchase continental money
a, 225 ior /, and sell at S,ston at 70 Tor +:
1t is worthy Of remark that the depreciation Of
continental money never stopped the Gil culatioa Of
it. long as il retained any value at ALL it passed
quick enough: and would purchase hard money or
any thing else as readily as ever, when the ex
change 200 for l, and when every hope, or even
idea, Of its being ultimately redeemed at nominal
value had entirely vanished.
The facility Of raising ways and means, in the
early part Of the war, by issues Of paper, led to
much extravaganza in the conmissary department,
and prevented the establishment Of a sound system
of finance 1t is said that when proposition
before Congress to establish regular revenue sys
TEN, one member exclaimed, "Do you think, gen
tlemen that will consent to load my constituents
with taxes when We can send to our printer, and
get wagon load Of money, one quiIe of which
will pay for the whole!
Oar ancestors we're lavish If their blood IN dc.
fence of their rights. If it through wish 10
save their treasure, that they r.sorted to paper
nj I'd in ha,rf, As
mode Of raising revenue, 1t u,igh be compared 10
tax the expenses of collecting which were many
times as gre.. the h,nug ut into the treasury.
Tue benefit the governms +. derived from it, was in
no way commensurate with tine burden 1t imposed
on the people. Mos. of the loss fell on the Wings
as it was in their hands the paper deprecated Tie
Tories who had from the beginning no confidence in
it, made it rule to part with it as soon as possible.
This continental money was, in its true character,
a SIMPLE evidence of debt due by the government:
and NAV as SUCH in the first stage of its operation,
be compar ed to the forced loans which the poten-
tates of Europe have at times extracted from their
subjects. Asa forced currency it may be compared
to the base coin which the same potentates have
issued in other seasons of difficulty. the resort
to it can be justified f can be justified at alp
only on the plea of State necessity plea so easily
made that it ought never to be admitted without
close examination.
1t is difficult to believe that people so devoted
to liberty as were the Americans Of that day, would
have been backward in their contributions for the
! necessary expenses OF war, It they had not been
taught by some of their leading men that taxation
was quite unnecessary, and that paper money would
supply every financial want. "What shame it
isr said patriotic old lady, "that Congress should
let the poor soldiers suffer, when they have power
| to make just as much money as they choose
| The best, if not the only excuse, for the policy
which was adopted is, perhaps, to be found in the
! opinion then prevalent that money was something
| which derived its value from the authority of gov
eminent. In no other way can we apologize for the
acts which imposed severe penalties on those who
refused to exchange their merchandise for paper,
and which in some instances even outlawed the sup
| posed offender.
When the continental money was first issued, an
expression of doubt as to its value, involved sus-
picon of dsaffecton to the cause of the country
As the issues increased the prices of goods neces'
sariy rose but this attributed to combinations
of the merchants to raise the price Of their merchan-
disc, and to sink the value of continental money
| They were called Tories, spectators, and many
| other hard names; and their stores were forcibly
broken open, and their goods sold at limited prices
by committees Of the neghbors
1.-THE fatal error" says Mr.. Webster, ":hat the
credit andscurrency of continental money could be
kept up and supported by acts of compulsion, en-
tered 50 deep into the minds Of Congress, and all
tlenartments of administration through the States,
that no considerations ofeustice religion, policy,
or even experience of its utter inefficieacy could
eradicate it, it seemed to be kind Of obstinate deli
rum, totally deaf to every argument drawn from
Justice and right, from it's natural tendency and
mischief, from common justice, and even from com.
mon sense" .-........
"Congress began, as early as Jan. 1lth 1916, to
hold up and recommend this marlin Of naa'sidism,
when continental money was but five months old.
Congress then resolved tina. whoever should refuse
to receive in payment continental bills should DC
declared and treated as enemy Of his country,
ssnd be pre,luded from intercourse with its inhab
tants.'i e. should be ouths'oed: which is the Sc
yercst penalty Except Of life and limb) known to
This ruioous principle was continued in practice
for five successive years. aad appeared in all shapes
and forms. j. e. in tender acts, in Limitation q
sr;ces il, awfut and Threatening declarations, IN
pena1 laws, with dreadful and ruinous punlshIents
and in every other wey that could be devised ans
slI executed with relsa:ess severity by the h,gaes
suthorties then in, being viz: by Congress Dy ns
semblies and Conventions ofths sues, au ~
mitsess of inspection, (whose powers IL those a.s.
oere nearly sovereign and even by mtary .e,;
and though men of ali descriptions STOOD =, i;f
hefore tlis monster of force, without daring W
hand sgaiost Turing 81 this period ye. - vs. mr.
strained energy always proved inesctna. % iG pu
4 noses- but IA every increased tae es "a.