The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-04-23

10 a well-esteemed woman eight years
his senior.
NOTES ON TIE CURRENCY.
There is no precipice, there is no
chasm, no possible yawning gulf be-
fore this nation 30 terrible, SO appal-
ling, 80 ruinous, as this same bill that
is before -lOwen Lo\ eioy, in de-
bate on Legal Tender Act.
There never was, or ever could be
use for any other kind, (than redeema-
BILE currency, except for spectators
and gamblers in stocks; aud this 10
the utter ruin of tho labor and morals
OF the country. A specie currency
gives life and action to the producing
classes, on which the prosperity Of all
is founded. Andrew Jackson.
Among the evils growing out OF the
rebellion, Is that Of an irredeemable
currency. IL is an evil which / hope
will receive your earnest attention. It
/ is the duty, aud one of tho highest du-
/ ties, Of the government, 10 secure TO
its citizens a medina Of exchange OF
/ fixed and unyarying value. This i'm
plies return 10 specie payment, and
/ no substitute for it can be devised
/ L. S. Grant, First Annual Message.
A return 10 specie payments at the
earliest period compatible with due re-
gard % all interests concerned should
ever be kept in view. Fluctuations in
the value OF currency are always inju-
rious, and 90 reduce these fluctuations
TO the lowest possible point will always
be a leading purpose in wise legisla-
tion. CJnyeTtibility, prompt and cer-
tain conyertibility into coin Is ncknowl-
edged % be the best and surest safe
guard against them. - Abraham Lin
coin, Annual Message, Dec. 1852.
The loss which America has sustain
ed since the peace, froin tho pestilent
effects of paper money, on the necessa-
~ confidence between man aud man,
on the necessary confidence in the pub
lie councils, on the industry and NOR
ais 81 the people. and on the character
of Republican government, constitutes
an enormous debt against the States
chargeable with this unadvised meas
ure, which must long remain unsatis-
fed, or rather il IL an accumulation Of
guilt which can be eIplated no other
wise than by voluntary sacrifice on
the altar Of justice Of the power which
has been the instrument Of it James
Madison, ia the Federalist
The evils OF redundant paper cir
L. -.
Ii alternately raises and sinks the value
Of every mans property. IL makes
| beggar OF n man tomorrow who IS in
dulging in dreams Of wealth to-day. 1t
converts the business Of society into a
mere lottery; while those vino distrib-
ute the prizes are wholly irresponsible
20 the people When the collapse
comes, as come it must, il casts labor
eIs out Of employment, crushes manu-
incturers and merchants, and ruins
thousands Of honest and industrious
citizens. - James Buchanan; Debates
in Congress, volume IA, part ]. 1887,
page 80.
Ofnll the contriyances for cheating
the laboring classes of mankind, none
has been more effoctual than that which
deludes them with paper money. II is
the most eflectual Of inventions for fer
tilizing the ricA mans field by the
sweat OF the poor mans brow. Ordi-
nary tJrauny, oppression, excessive
taxation, bear lightly on the masses OF
community, compared with fraudulent
currencies and the robberies committed
by deprecated papsr money. We have
suffered more from this cause than
from any other cause or calamity. IL
has killed more men, peryaded and
| corrupted the choicest interests of our
country more, and done more injustice
than even the arms aud articles OF our
enemy. = Daniel Webster.
The Committee thought an assurance
should be given 20 the country. if this
bill becomes a law, that il is not 10 be
resortod 10 ns policy; that il was
what il pretends 90 be, but n temporary
measure. The opinions OF the secreta.
~ OF the Treasury (Mr Chase are per
fectly we'll known. lie has declared
that, in his judgment, IL is and ought
20 be, but a temporary measure.
And all the gentlemen who have writ
ten ON the subject, except some wild
| speculatOr in currency, have declared
| that as a policy it would be ruinous to
say people. A stronger objection
than all that have urged, 10 that the
loss must fall upon the poor Wm. Z.
FessendeD, Chairman Senate Finance
Committee, in debate on Legal Tender
Art.
The history of the irredeemable pa
pcr currency repeats itself whencvCl
and wherever it is used. It increases
present prices, deludes the laborer Will
the idea that he Is getting higher wage
aud brings a fictitious prosperity from
! which follow imitation OF business aus
credit and excess Of enterprise in
J ever increasing ratio, until IL is discOv
cred that trade aud commerce have be
come fatally diseased, when con
fidence l. destroyed, and then come
r the shock to credit, followed by disns
3 ter and depression, and n demand 70
J | relief by further Issues. The univcrsa
D use OF, and reliance upon such a cur
b rency tends 30 blunt the moral sens
} aud impair the natural self-depeadenc
b Of tho people, ard trains them TO Oh
1 belief that the Government must al
e rectly assist their individual fortune
2 and business, helps them iu their pei
o sonal affairs, and enable them To- dis
, charge their debts by part ii payment
n This convertible paper currency begei
10 the dolusion that the rem dy for pr
vate pecuniary distress is n legislatiy
It measures, aud makes the people ur
j, mindful Of the fact that the true rem
/. cdy Is a greater prodution aud les
y spending. aud that real prosperil
/. comes only n, m indiyiiu ] Efforts on
2 thrift. When xchanges a again mad
b, IN coin. or IN currency CO vcfiable ini
~ it ~, the will ~ the holder. this tru'
/, rill be under 'ood aud 'ed upon.-
i lR. II. Bnltov, Secretary United Stat
h Treasury.