Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-02-11
An Old Discussion Of the Money Quos'
WOE tiOn. u


Tar discussion OF the comparative merits
Of hard money and paper currency is not
new III the political history OF the country,
During the admnistration of Gen, Jack.
son the entire attention OF our public men
was given 10 financial questions. The de-
bate went over the entire ground Of the re-
A.. latons of tho general Government TO paper
money and led 10 an important change OF
financial policy The President, who was
strongly opposed to recharter OF the Bank
of the United States, removed the public
funds from It's custody. The money taken
from tho ono depository was placed in the
keeping Of many State banks, and, not ex.
pected 10 be Immediately called for, was lent
10 customers An era Of expansion and
aDeculation followed which alarmed the
President and his friends. To check this
tendency the "specc circular" was Issued
requiring gold and silver TO be paid at all
entries Of public lands in the Governments
land offices. The use of State banks as de-
positories proved disastrous and the Govern
mcnt finally resolved on being the custodian
q of lis own funds and transacting all its own
business in gold and silver. After period
Of expansion, suspension by the banks OF
specie payments, depression and financial
suffering, the policy was established which
continued in force until the breaking out OF
the civil war. The Independent Sub.Treasury
act worked so satisfactorily as to silence OBJ
iectlons, and was held by the Democratic
party to be one OF the greatest OF their hard
won triumphs. Ii asserted that 1t was the
hard.moncy party of the country and was
proud of the name.
The history of the country during the pc
riod of ten years following 1884 is full Of in
struotion for us to-day. The superior value
of q specie currency was sbundantly Illus
trated. Mr.. Benton, who was iamiliaIly
known as "Old Bullion laid down the
broad proposition that ours was intended to
be a hard money government, and originated
the taking formula "that hard money was
the right money for hard hands"
The many speeches made at the time by
this champion of gold aud silver as the only
proper circulating medium for the uses OF
the Government, and, as far as possible, for
the people also, evinee sagacity which ap.
pears more remarkable with the advance oil
years. 1t was his habit to fortify his argu.
ments by reference TO the examples of
France, One passage from speech deliv'
cred In 1887 could have been as truly spoken
of France in 1875, and Is not only an exam
pie OF the. appositeness Of the Illustration,
but is IN additional proof OF the value OF the
hard-money system which the first Napoleon
gave to that much tried country. Mr.. Ben
ton said:
have repeatedly given 1t as my opinion tha
the French currency is the best in the world. II
has hard money for the Government; hard mon
ey for the common dealings Of the people, and
large notes for large transactions. This currency
has enabled France TO stand two tnvasions-tht
rayaging by 100000 men,two changes OF dynasty
and all without any commotion or convulsion IN
trade. It has saved her from the revulsions which
have afflicted England and America for so many
years. 1t has saved her from expansions and con
q fractions, aud ruinous fluctuations OF price II
has saved her, for near forty years from debate
on currency. 1t has saved her from aknowlcdg'
of our sweet-scented flowers, sound currency, un
sound currency, plethorie, dropsical, inflated
bloated; "the money market tight to-day, lttl,
easier this morning" II has saved France from
discussion on the currency; while In England an'
with 9s y is banks, banks, banks morning. nool
and night breakfast, dinner and supper; sitting o
standing at home or abroad in steamboat or rail
road car, In Congress or out OF Congress, II II nj
the same thing-bAnks, banks; banks, currency
currency, currency, meaning all the while pape
money and shinplastcrs, until our very brain
seem rs IL they would be converted into lamp
black and RAYS.
This blast at the paper-money follies o
his time is applicable, with a few changes o
while the description Of the French none.
system has been confirmed by recent events
Since the delivery of Senator Benton
speech France has been republic, an EN-
plre, and republic again; has been sue
cessfully invaded by one OF her neighbor'
has seen her capital in the possession of he
foes, has been subjected to the most enoT
nous military fines known to modern histo
ry, has been humbled to the dust, yet ha
paid the contributions exactcd, running u
to milliards on milliards, has done this with
out disturbance of the course of trade, ha
success that it was never, at any point Q
time, more, than trifing, and has recovere
her prosperity. In the suppression of re
bellfon the people Of the United States wer
victorious; they have had no more tina
their own expenses to pay, and yet in tn
process of recuperation they have been ou
stripped by vanquished and humiliated nj
tlon. There is no satisfactory cxplanatio
of this difference but the difference of tn
financial systems of the two peoples. TIL
French are specie. loving and spccle-pa,
ing people. They grapplcd at once wit
their financial problem and have seen 1T SUI
'cessfullY solved.
1t is remarkable that, with such passag
of our recent national history behind u
there should be need Of fresh discussio
by Americans Of the elementary principle
OF finance. We have known, to our sorrow
the evils Of an irredeemable currency, an
II would naturally be supposed that "
would permit no delay in the effort to max
our escape from them,-N. T. EVsairg Pos