The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-08-26
Tic MoundsyllIo currency plank.

The MoundsYIlIe Currency Plank.
We arc pleased to see that the Demo-
cratic papers concede that the Republic
can Congressional platform adopted at
Moundsville gives forth no uncertain
sound on the subject Of the currency. It
sets It's face against all attempts to flood
this country with further issues Of ire
dccmablC paper money. This is right
how could honest and intelligent men
make any other sort OF declaration?
Long ago the great Daniel Webster said
that "of all the contrivanccs for cheating
tho laboring classes humankind, none have
been more cfEectual than that which de-
ludes them with paper money. 1t is the
most efIectual OF inventions for fertilizing
the rich mans field by the sweat OF the
poor mans brow. Ordinary tyranny, OPP
preston, excessive taxation, bear lightly
on the masses of the community, compared
with fraudulent currencics and the rob
berries committed by deprecated paper
money"
ave have suffered more from this
cause" said Webster, ethan from any
other cause or calamity. It has killed
more men, pervadcd and corrupted
the choicest interests OF our country
more, and done more injustice than
even the arms and artihccsof our enemy"
Webster is not the only great statesman
who las thusspoken outin warningtonesto
mankind on this subject. Lord Macauley
writes rs follows in regard to tho evils OF
deprecated paper, in his history OF Eng
Iand
'The evils produced by a bad state Of
the currencyare not suChas have generally
been thought worthy to occupy q promin-
ent place in history; yet it may be doubt
ed whether all the misery inflicted on the
English nation in quarter OF II century
by bad Kings, bad Ministers, bad Parlta-
ments, and bad judges, was equal TO the
misery caused in single year by bad
currency" ..
An other great Englishman, no less IL
man than John Stuart Mill, one OF the
greatest political economists the world
ever saw, speaks out on the same subject
us follows:
"Aithough no doctrine in political econ
omv rests on more obvious grounds than
the mischief Of II paper currency not main
| tanned Mt the same value with metallic, by
either cOnvertibility or by some principle
OF limitation equivalent to ii; and although
accordingly this doctrine has-though not
till aftor the discoveries Of many years
been tolerably cticctually drumued into
the public mind, yet dissentimcnts are
still numerous and projectors every now
and then start up with plans for curing all
tho economical evils OF society by means
OF an unlimited issue OF inconvcrtible pa-
per. There il, in truth, great charm in
the idea. To be able to pay of the ma
tional debt, defray the expenses ofgovern.
nent without taxation, and, in fine, to
make the fortunes OF the whole commune
ty, is a brilliant prospect when once man
is capable OF believing that printing! few
characters on bits OF paper will do it. The
philosophers stone could not be expected
TO do more"
The greatest financier who ever admin
istcrcd the Treasury Department in this
country was Alexander Hamilton, and no
man had more experience in paper than
he had and be said that paper emissions
by government are Of anature so liable to
be abused, that the wisdom OF the govern
mont will be shown by never trusting il
self with so seductive and dangerous q