The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-07
Initiation the Bane OF NaliOns the Ruin Of
Commerce and the Robbrr Of the Poor.
What Was Thought by the
Great Men Gone.
The Opinions of Clay, Webster, Jack.
son, Benton, Van buren,, Craw-
ford and Calhoun.
LESSONS FROM THE PAST.

pauch the currency cannot be stayed, At ieast we
may place clearly upon record the folly and crlmi-
naity OF It's Issue, as adiudged by the best and
wisest statesmen VINO have preceded the present
Congress IN those seats OF honor aud trust as wei
AS IN the administration OF the government We
nave heretofore given copious extracts rom the
records of the fathers OF the Republic, OF the
trainers Of the constitution ana OF the early PRIEST
dents of tie United states upon tins question.
They ali concur in the danger and criminaiity OF
irredeemabe paper, whether issued ny the general
government, by states or by private corporations.
To-day we submit TO our readers another i'm
pressive series OF opinions left on record BY our
later statesmen upon tins question. They include
among them the names most eminent Tor intellec-
tual power and practical sagaclty among the last
two generations OF the public men o! America. III
Congress will proceed, IN the teeth OF all the les
sons OF experience and OF political authorizes such
a these, TO throw the financial affairs OF the
country INTO chaos by the issue of stll more mil
lions Of irredeemable paper We are determined,
least that they shah 90 ]. with their ewes open.
We viii begin with
HENRY CLAY.
The great statesman OF .'the American policy
while a warm friend 10 naIionai bank with cur
rency based on specie and uniform throughout lac
Union, was lifelong enemy to An irredeemable
currency HIS views 10 tins efecf were often
urged. but never more forcibls tnan IN speech
In the senate on the sub-Treasur, Oil, september
D. 1887. Mr.. Clay said =
The great evil under which the country labors i
the suspension o. the Oanss 10 pay specie. In re-
gard 60 the currency II : hoi mat gwen amount
oi hank notes III not now command AS much a.
the sane amount Of Specie would have done
prior 10 the SUSPENSION; out y IS the
iuiure, he danger ~ az mcoavertibie paper
money benz INDEFINITELY or permanently
liked np0n fne people that Gs.> them VITA
spprehenslons Oar great object SHOULD be 10 re-
establish SOUND currency, ana thereby 10 restore
tire exchanges 1no rev fue business ol the coan-
Try II there 30 IN regard 70 CURRENCY one truth
Which rlle united experience a. the whole COM
merc!sA ~oriu has established | ad supposed Ii
that emissions paper ctIst tuted tie very
worst o. all conceivable species OF currency. The
obecriars 10 Il are mrs. rnar il j. tmpracfIcable
II ascertain q s5rsorf what amount Cal. DC issued
v ithout depreciation; and. second. tnat there i
~ adequate security aad IN the nature oil things,
none can exist. against excessive issues.
JEREMIAH MASON.
rms eminent New England lawyer and senator,
whom Daniel Webster regarded the abiest man
VINO sst in Congress IN ms day thus wrote IN 1919
- the policy Of the Treasury toward suspension
ofspec,e payments
can perceive no honorable or wise motives Tor
taxing sepree44ge4 paper loI duties. i cannot
even CONJECTURE waa- vii bc Dallas pan as 10
paper bank. / thinE Iaay nut Only nut down
tue schemes OF tnis mouatebans. but probably
erect lair AMI sofia lnsHtutlun ior the nation
wbica viz ncee-,aril, crush all tGese issues OF
ireaee uable paper.
DANIEL wFBsTfg
The great expoGnGer 81 the constr utiou, as
Webster has been called, early TOOK ground against
lie paper money deiGsion. In discussion in the
House OF Represe tatives IN 1916, Dill proyid-
ing the collection OF the only IN legal
currency Of the United States Mr. Webster said
Wars and invasions are NOT always the most
cersain destroyers Of national prosperity. They
come IA no questionable shape. they announce
their own approach, anu The general security IL
preserved b. me general alarm. Not with the
evils OF debased coin, a deprecated paper cur
rency or q depressed and falling pubic edit Not
with the plausible and insidious mlscuiefs OF
paper money system. These insInuate themselves
N the shape OF facilities, accommodation and
relel. fney nold out the most Iailacous nope oi
Al easy payment Q! debts and lighter burden OF
taxauon. II IS easy Tor portion OF the people 10
Imagine that government NAV properly continue
10 receive deprecated paper because tneI have
received II ana because 1t Is more con-
yenIent 70 obtain II tnan 70 obtain
oiaer paper or specie. But on these sub.
Jects II j. that government ought to exercise
It's own peculiar wisdom and caution IL Is BOUND
70 oresee the eyn before every man reels IT, and to
lake all necessary measures TO guard against III
although they iIaY DC measures attended with
some almeultY ana not WITHOUT temporary neon
yenience. In my humble judgment, the evil de-
manss the Immediate attention OF Congress. The
great Object 70 settle the question taat legal
currency rs TO be preserved and that we are no.
about TO embark on the ocean OF paper money.
Again, In speech the Bank or the United
States, delivered the Senate on the 15th OF May,
1882, Mr. Webster thus spoke Nothing more iorci-
Die or directly applicable to the present financial
condition oil our country could De quoted than
these words OF wIsdom:-
A sound currency T. an essential and ndispen-
sable security tne fruits OF Industry ANA honest
enterprise. Every man OF property or industry.
every who desires TO preserve what he
honestly possesses or to obtain what ne can
honestly earn haS q direct interest IA main ain
M a sale cifc al2ting medium. disoraered cur
rency Is one 81 tue greatest oi political evils. II
undefmihes the virtues necessary Tor the support
81 the social system and encourages propensltIes
destructive oi ~ happiness. &c wars against IN
dustry, Fugahty ana economy, ana II fosters the
eyl spirits Of eXtral agGnce anu speculation. of
ali the confnyances Tor cheating the laborlng
casse6 Of maukina none has nccn more e1ectua
thah that WNlch oeuoes them with paper money.
TINS IS the NOS enccTual 81 Inventions 10
lefthize 1ne reA mans hed Dy the sweat
vi the poor mans brow. Ordinary tyranny, op-
preston, xctsslye taNa'lon-taesc bear lightly on
Tue happihess y me mass q the community, com
pared win Fraudulent currency and the rob-
berries committed ~ deprecated paper. our own
history has recorded lor our instruction enough
and more than enough 81 the drnoraliztnQ tend
ency, the injustice aud the ntoierabe oppression
on The virtuous ana well disposed nl 4 degraded
paper currency, Authorized DY Jaw u In any way
eountenanced By government
Again. IN financial speech Of March Is 1894
Mr.. Webster declared
do not think any government can MAINTAIN an
exclusive paper system without running to eXcess
and thereby causing depreciation nGld Inc I'M
mediate converubtlty ol bank notes into specie TO
be an Indispensable security for their retaining
their value.
And still again, in q speech in the senate on the
2ls: December, 1926, Mr.. Webster declared
BY paper money in its obnoxious sense ! under.
stan0 paper issued on credit alone, without CAM
tai without funds assigned Tor Its payment. resp-
ing only on the good faith and me future ability OF
those who issue II. II we understand by currency
the legal money OF the country and that which
constitutes a lawful tender Tor debts ana IS the
statute measure OF value, then, undoubtedly, moth
ing IL included but gold ana silver. Most un
questionaDly there is no legal tender and there
can be no legal tender Ia TINS country under
the authority OF this government, or any
huf l.
stitution principle. perfectly PLAIN and OF thu
very highest importance. The states are expressl!
prohibited from making anything but god ant
such express prohibition Is applied TO Congress
Jet as Congress mas no power granted 10 IL IN thi
respect but to coin money ana 10 regulate ~
value oil foreign coins, u clearly has no power
substitute paper or anything else Tor coin as
ega tender "a payment OF debts and IN uiscnarg
vi contracts.
ANDREW JACKSON.
That distinguished soldier. who immortalize