Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-09-22
.re.suEy bad l22 Mareh, lsss.l Mr. Calhoun

'tI now undertake to affirm positively, and
without the least fear can be answered, what
heretofore have but suggested, that paper
issued by Government, with the simple
promise to receive il in all its dues, leaving
its creditors to take it or gold and silver at
their option, would, to the extent that il would
circulate, form a perfect paper circulation,
aehich could not be abused 6y the government;
that would be as steady and uniform in value
as the metals themselves and that if, by pos.
sibility, it should depreciate, the loss would
fall, not on the people, but on the govern
ment itself; for the only effect of deprecia-
tion would be virtually to reduce the taxes, to
prevent which the interest of the government
would be sufficient guarantee. 1 shall not
go into the discussion now, but on q suitable
occasion l shall be able to make good every
word 1 have uttered. .oOuld be able to do
n,ore-to prOOe that Il Is t0ithtn lte constitu-
tiOndl poI0er of Congress to use such a paper,
IN the management Of its finances, according
20 the most rigid rule Of constituting the con-
stuution and that those, at least, who think
that Congress can authorize the notes of
private State corporations to be received in
the public dues, are estopped from denying
its right to receive its own paper If it can
virtually indorse by law, on the notes of specie
paying Banks, receivable in payment of pub
lie Dues it can surely order the same words
to be written on blank piece Of paper"
In his speech on the removal of the de-
posits, January, 1884, he said
"Whatever the government receives and
treats as money is money in effect; and if it
be money then they have the right, under the
constitution, to regulate it. Nay they are
bound by high obligation to adopt the most
efficient means, according to the nature of that
which they have recognized as money, to give
it the utmost stability aud value"
OF the use of paper money, Mr.. Calhoun,
in his speech on the bill authorizing an issue
of treasury notes, l9 September, 1889, said ::
ut is, then, my impression that in the
present condition of the world, paper cur
rency, in some form, if not necessary, is al
most indispensable in financial and COM
mercial operations of civilized and extensive
communities. In many respects it has vast
superiority over metallic currency, especially
in great and extended transactions, by its
greater cheapmeSs, lightness, and the facility
Of determining the amount.
In addition to this bright authority of Mr..
Jefferson aud Calhoun of the value of just
such paper currency resting, not simply on
one isolated value, as gold, but on all other
UutueS including gold, who can doubt for
A-S@@HNS
people over the pretended specie basis cur
rency woich whenever attempted, has ended
in convulsion and ruin every decade of years.
Gold is no standard of value for its value
changes aud fuctuates as much or more than
other commodities, but the money of the peo-
pie based on their entire wealth aud its in
terest fixed, when used as loanable capital, at
the net annual insresse Of labor, or per cent,
would create standard of value as uner- |
ring in the measure of values, as the yard |
stick, the bushel, the pound weight, in de- |
clding length, quantity or weight 1t would |
be one and the same money for all without |
distinction. It would, at once retrieve from |
the depression, to which they have been sunk |
by spectators and knaves, the values of labor
and property, aud, promptly, revive to life |
and action all the stagnated aud dead energies
and Industries of the whole land. while being
a money in which all the people have the
same interest and stake. il would attach them
ali equally to their government, and give them
the Same interest in its stability and perpet>
uation.
Iu the third resolution, my object in iu>
structiug the nominee, whoever he might be,
to vote on the currency in the spirit of the
first and second resolutions, was twoiold -
First to guard and rescue the interest of the
people, aud in the next place to lessen the
responsibility of the nominee. hold it to
be important not only that the people, on an
important and vital question, should know the
vietos of their nominee, but that he also should
know the views of his constituency ndfhat if |
their views are different from his, he IS bound to
accept their Uieps'and give mp His oIc1 rs they |.
are the prinapais and he,only ehe ageni. and ]
Eepresentatiyel AID 4 bqnhd = -.
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