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

was intended to promote: at besUlts utmost erect
was like that of water sprinkled on blacksmlths
forge, which, indeed, deadens the flame for mo-
ment but never fails to increase the heat and flame
of the internal fire Many thousand families of full
and easy fortune were ruined by these fatal meas
ures and lie in ruins to this day Q79O) without the
least benefit to the country, or to the great and
noble cause in which we were then engaged
After this account of the nature of the system,
the reader will readily believe Mr.. Webster, when
he says, in an essay published in March, 1850,
FRAUDS, cheats, and gross dishonesty are intro
duced, and thousand idle ways of living are at
tempted in the room Of honest industry, economy
and diligence which have heretofore enriched and
blessed this country"
In various parts of his essays, he adverts to the
suerings of the people from the necessary incidents
of the war. The price of foreign commodities was
increased many per cent There was an extreme
scarcity and want of some necessary articles; for
example, much meat was spoiled and lost for want
OF salt to preserve it and many trades and manu-
features either wholly stopped or greatly dmi-
nshed for want of materials. Another hardship
very sensibly' felt vas the force which was used
with all descriptions of in sezing their goods,
wagons STOCK grain, cattle, timber and every thing
else which was wanted for the public service. To
these may be added the captures, the ravages, and
depredatons, the burnings and plumbers OF the enc
NY, which were very terrible and expensive. They
had possession, first last, in the course OF the
war; Of eleven of the capitals of the thirteen States
pervaded the country in every part and lett dreadful
tracks of their marches behind:' burning in cool
blood, great number not only of houses, barns
mills, &C., but also Of most capital towns andVll-
lagos" Yet these evils we're not rs great in the
Judgment of Mr.. Webster, land he was eye wit
ness and participation of these suferngs) as those
which were caused by continental money and lhe
consequent irregularities of the financial SYSTEM
"Re have suffered more from tbs Gasssn he says,
q th,p frOu oTbyr of calamity IL has
killed more men, pervaded and corrupted the
choicest interests of our country more, and done
more Injustice than even the and articles OF
our enemies"
"While we rejoice in the riches and strength OF
our country, have to lament with tears OF
the deepest regret, the most Pernici0uS SHIFTS Of
property which the irregularities of our finances
introduced, and the many thousands of fortunes
which were ruined by it; the generous, patriotic
spirits suffered the injury: the idle and avarcious
derived benefit from said confusion"
Certain compulsory measures Of the Executive
Council o. Pennsylvania, designed to support the
credit Of continental money and of State bills, gave
the fatal blow to the system, in May 1871. Mr..
Webster gives minute account Of the proceedings
but deem it unnecessary to ranscribe them, for,
as he Justly observes, "thcy will appear to q
stranger as intricate and hard to understand as
the prices of stocks in Change Alley" We doubt
not, however, that they perfectly understood
by people of all ranks at that time, inaSmuch as
every variation of the exchange altered the value Of
al their cash on hand"
Thus. he exclams, after having narrated the
proceedings of the Executive Council, and their
important effects thus fell, ended, and died, the
continental currency, aged six years. Bubbles OF
another sort, such the Mississippi scheme in
France and the South Sea in England, lasted but a
few months, and then burst into nothing: but this
held out much longer, and seemed to retain vgo.
sDus constitution To It's Hast: for its circulation was
never Snore brisk than when its exchange was 500
to one and ye! 1t expired without grosn strug
Gle and believe Of all things which suffered
dissolution since life first given to the creation
this mighty monster died the least lamented."
al it saved the State it has also polluted the
equity of our laws; turned them into engines Of OPP
preston and wrong: corrupted the justice of our
public administrations destroyed the fortunes Of
thousands of those who had the most confidence in
it; enervated the trade husbandry andmanufactures
Of country, and gone far todesroy the morality
of our people"
Many who are vet living can attest the truth OF
this sratement-Gowgs on Paper Money, dc.