Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-12-18

1879. January, Z, s, . April, l3o' ZUO
E MaPch, 10, 10 10 May zO0' '00
On the 3lst of May, 1881, the continental bills
ceased to circulate as money, but they were after
wards bought on speculation 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 the country. The eX
change was for example, December 95'h, l7i9, at
80 for in New England, New York, the Caro't ,"S.
and Georgia. and at 10 for 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 month or
more behind. Thus, when exchange was at Phia-
delphia at 100 for l, in January, 1871, It was in
Virginia at 70 for /: and in April, when exchange
in Philadelphia was at l35 for I, it IN Virginia
at 100 for l.
As late as May, 1871, sPeculationS were entered
into at Philadelphia 20 purchase continental money
at 225 for l, and sell at Boston at IS for l.
1t is worthy of remark /" that the depreciation Of
continental money never stopped the circulation OF
it. As long it retained any vaue at all, 1t 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 nope, or even
idea of its being ultimately redeemed at nominal
value had entirely vanished.
The facilisy.of raising ways and means, in the
early part OF the war, by issues Of paper, led to
much extravaganza in the commiSsary department,
and prevented the establishment of a sound system
of finance. 1t is said that when proposition was
before Congress to establish regular revenue Sys
tenn 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 quire Of which
will pay for the whole
Our ancestors were lavish Of their blood, IN de-
fenced their rights. II it was through wish to
save their treasure, that they rcsorted to paper
money, they did not succeed III their object. As
mode of raising revenue, itmight bc compared TO
tax the expenses of collecting which were many
times as great the brought into the treasury
The benefit the government derived from it was IN
no way commensurate with the burden it imposed
on the people. Most Of the loss fell on the Wings
as it was in their hands the paper deprecated The
Tories who had from the beginning no confidence in
it. made it rule to part with it as soon possible
This continental money was, in its true character,
a simple evidence of debt due by the government:
and may as SUCH in the FIRST stage of its operation
be compared to the forced loans which the poten-
taes of Europe have at times extracted from their
subjects As a forced currency 1t 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 Gf be justified at al)
only on the plea Of State neceSsity-a plea easily
made that it ought never TO be admitted without
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, if they had not been
taught by some Of their leading that taxation
was quite unnecessary, and that paper money would
supply every financial want. What shame it
is" 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-
picion of dsatection to the cause of the country
As the issues increased the prices of goods neces
sary 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 shat the
credit and currency of continental money could be
kept up and supported by acts of compulsion, en-
tered so deep into the minds of Congress, and all
departments of administration throug the States,
that considerations of justice religion or policy
or even experience of its utter ineffciency, could
eradicate it it seemed to be kind Of obstinate deli
rum, totally deaf to every argument drawn from
justice and right, from its natural tendency and
mischief from common justice, and even from com.
mon sense"
Congress began, early as Jan. 18th, I776, to
hold up and recommend this marin Of Haaniaisn,
when continental money was but five months old.
Congress then resolved that whoever should refuse
to receive in payment continental bills should be
declared and treated enemy of his country
and be pre5luded from intercourse with its inhabi-
tants,' e. should be OutlaUed: which is the Sc
verest penalty Except of life and lmb,) known to
our lays"
This ruinous principle was continued in practice
for five successive years and appeared in all shapes
aud forms, j. e. in tender acts, in limitation Of
prices in awtuL and threatening declarations, in
penal Laos with dreadful and ruinous punishments,
al din every other way that could be devised, and
all executed with relentless severity by the highest
author ties then in, being viz: by Congress by AS
semhlies ned Conventions of the States and by com
mites Of .Gspeeti0n (whose powers in those days
were nearly sovereign and even by military force:
and though men e all descriptions stood trembling
before this monste of force without daring to lift
hand against it dur. Qg all this period, yet its unre-
strained energy always vowed Intellectual to Its pSr
poses but in every case We eased the evils It was
's'isneo % remedy, and desSSo>,~t Toe Dement'S IL