Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-07-03


to be worth one hundred francs, 81, (ol
about twenty dollars in our money,
was currently exchanged for i've sous
?, six deniers, or rather less than three
pence, Tor about six cents American
money! and this too 5n6tWfths thstanding !
law p1nishing with twenty years i'm,
prisomment In irons any one who shOuld
be convicted of the offense of taking as
signats at less than par. The ultimate
result was thai 90 835y 600 600 French Oi
the nominal value Of 81 s3l3, ,O00s s09O steF-
ling, was left as a mere waste paper in
the hands of the holders. Such depre-
ciation as this amounted practically to
the resembling of every contract in the
country" r
The impracticable schemer who
would tell farmer that h he were to
use hundred half bushels instead of
one TO measure his grain, that it would
increase the Quantity ia his bin he
would be laughed at for his folly The
man who thinks that wealth can be
created in any other way than by la
b0TiOus delVing in the earn and slkiIful
adaptation of the varied productions
and acquisitions of labor to the wants
of life, is an impFactieable dreamer.
The man who supp poses that the Gov
ernment, BY the use of the printing
press at its command, CA at pleasure
create Wealth,sis certainly not blessed
y with common sense AoSW1bhs landing
all that may. be said TO Che contrary, &c
is Substantially true that 8 paper dollar
is only valuable so far a. if fepfeseuts-
q gold dollar. Calculating money at
the rate OF four per cent. interest, dol
lar payable fifty years hence without
interest is worth less, than fourteen
cents payable. at that time 18th interest;
payable in forty years less than TWEEN
4 ty-oents in Thirty yeafs less than t1ir-
| ty cents. and in ten years less than sixty
seven cents. The extent Of Che de-
probation of paper depends on the
1 certainty or uncertainty Of its final pay
m6ub. The public mind taking all
these. things into consideration, dis
counts the paper, which il takes, and
this discount is the depreciation. The
! depreciation of orr present United
States note is about forty per cent. If
| with less than four hundred millions
there is a depreciation of forty per cent.
| from the true standard, what would be
| the depreciation If the anaouut exceeded
two thousand milliOnsa Would it not
amount to eighty OF ninety per eent.I?
ment as measured by this standard +?
What would be the taxes? A farmer
under such a system would be compel
led to carry his money to the county
treasurer by the Wagonload, and in
bags instead of his pocket, But it is
said that it VIII pay de5te. + ~ htl would |
give credit and be compelled to take |
this deprecated paper 1nsreturn? Who /
that had farm orstocl<y o. anything val |
uable, would exchange Tor such trash, |
which neither bore interest or any evil /
dence that it would be paid z But it is |
said the amount would not exceed two |
thousand millions. How do we know /
it would not /? 1t is said Congress would /
make that pledge; but Congress has al
ready made such pledge, and If Il Yio-
lates this pledge may it not violate
that 2 Therefore, who would believe
Congress3 Who can doubt that the in-
crease of Government expenses, as
measured by the debased standard, /
would render additional issues neeessa-
ry, and that these issues would cont1n-
ne until the paper ceased to circulate
and the business of the country brought
to dead lock.
The act of June 80, 1854, is the enl-
bankment that protects rs from food
which threatens to oveTWhelm ana ut
terly prOstrate every material interest
Of the country. IL stands up to-day be-
tween our people and bankruptcy. Dis
regard this pledge and you not only rOb
the boudholder, the holder OF greene
backs, but also the widow and orphan
of their annuIfies, the laborer of his sale
ary, the soldier the soldier widow and
soldiers children Of their soanty PEN
sion. Those who favor this scheme
would, in addition to the present sum,
throw upon the country within the
next five years over seventeen hundred
millions of paper money, worthless as
q medium OF exchange, worth less as a
measure of value, worthless alike to
farmer, merchant, manufacturer, or Ia
borer, so depreciated, cumbrous, and
uDwieldy, that it would be thrown
away like the Continental currency of
our fathers as trash, which retarded andl
prevented, rather than facilitated, eX-
changes. The end would be a grand
of all contracts between the
Government and the people, and be-
fTEyaan and R16
grant that this currency would not de-
preciate to the extent described, and
suppose what is very improbable, that
ten years hence it still retained som 9
value, have you any doubt but that
some patriotic and honest gentleman,
who had an eye TO the votes of his dis
trict, would rise in his seat and argue
in favor of its reputation upon the
ground that capitalists had it bought up
for song, and, therefore, il would be a
great outrage to require the people to
be taxed for its redemption? II it
needed an additional kick to send 1t to
the rag-bag, it would in this way FINAL
ly receive il. Repeal the act of Jun
of greenbacks to be governed simply by
''the discretion and caprice of the is
suers," A." and you will go back to specie
pay ments with such tremendous force
as to crush every commercial and in
dustrial interest of the country. You
y
kline, in which manufacturers would fail,
merchants become bankrupt, cred it
and labOrers thrown out
of employment. Years in which cries
would go up from thousands of famish-
ing and desperate men, who, rather
than suffer their wives and children to
perish of hunger and cold, would bid
defiance to all law and take whatever
their necessities required. In our cities
riot, debauchery, and crime would daF-
IL =. IL 4
eous, during which no property would
be secure and no person could hope to
lie down in safety and when these ca |
lamities shall have eliminated, the
storm of passion, misery and crime
abated, and order again restored, the
nation would find that by this act of
consumate folly, &c had lost the accu-
mulated wealth of more than half a CEN
tury. It Is said, and / have no dOu bt
truly, F'that the distress and suffering
oecasioned bV the depreciation and fl
nal worthlPssness of the Hs~iEnHtS in
the time of the French revolution eX-
cpeded a hundred fold that caused by
the prison and the guilOtine."
The advocates of this scheme furget
that our departure from the coin stand-
ard under ordinary circumstances
would have been most uuwisr, aud
that we were driven from IL by the ne
cessitieS of the time. Becoming ianil- :
iariZed with the Government green
IL
crease in The quantity of this money
will in sonie why increase the commod-
tiles whose value ID is intended to meas
ure. TIiey can conceive that lengthen-
ing the yard stick would in nowise in
crease the cloth to be measured, but ap-
pear blind to the fact that an increase
in quantity of the measure of the values
cannot increase the value TO be measur- ,
ed, nor can they conceiV g that the meas
ure itself may be made so extremely
long as TO be unwieldly and utterly
worthless as a measure.
PAYMENT OF THE FIvE-TwENTIEs.
The proposition to continue the five- {
twenty loan, and ultimately to pay ii
in gold, is Objectionable because 1t con-
tinues a burden undiminished, when
we have the right as well as the ability
to make it lighter, and put it in form
more shtfaf Glory to those who are COM ]
PEELED to carry it. The loyal people, ]
rieh and poor, who stepped forward in