Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-08-13
Paper Money an the Federal Con-

AAu QUESTION: ot tht SuEi0nNl "eo III
secondary one in the organization Of the
National Government Indeed the pro-
position which ultimately led to our
present constitution aud union, came
from a convention called to consider the
commercial defects Of the coulcderaoy,
which were principally caused by the
want of reliable medium OF exchange
aud measure Of values. Daniel Webster
says.
The establishment Of sound and uni
form currency was one OF the greatest
ends contemplated il The adoption Of the
Constitution. If we could explore all
the motives Of those who framed and
those who supported the Constitution wc
should hardly find more powerful one
than this
And the opinions Of many eminent
men as well as tao debates iu the FEEDER
al Convention that framed, aud in tho
State Conventions that adopted the Con
stitution, attest the truth Of Mr. Web
ster's statement Judge Story, speaking
Of the issues Of paper money and general
financial measures following the royoiu.
tionary war ays
They cntailcd the most enormous evils
Ga the country, anG introduced d system
OF fraud, chicanc.y and psoAigaoy which
destroyed AL private confidence, aad .a.
Guatry, and all enterprise
Chef Justice Marshall. speaking for
the Supreme Court Of the Uni.ed States,
says Of the same paper money expert
mcuts
such q medium has always been liable
10 Huctuatiou, ita value Is continually
changing aud those changes, o,r1u great
and sudden, expose inliyiiuas 81. i'm
uonso loss, are the source Of numerous
sgeca.aiious, alt destroy oil cou6L nee
bc;wcca man and man
James Madison, The Father Of the
Constitution arguing for It's adoption,
says
The prohibition o. bills Of credit
mus, give pleasure 10 every citizen ~
proportion to his love Of justice AID his
knowledge Of ,hc tsao spring Of pros
pcrity The loss which America has
sustained from the pesuient effects Of
paper money, on the necessary confidence
between man, and the necessary confidence
in the public councils on the industry
and morals Of the people, and On the
character Of Republican government, con-
sti'utss an enormous debt against the
States chargcablc with this unadyisod
measure which must long remain unsatis-
6ed or rather u Is an accumulation Of
guilt which can be expiatcd no otherwise
than by 3 voluntary sacrifice on thcu altar OF
justice Of the power which has been the
Instrument of it,
Alexander Hamilton. in a report to
Couu First Secretary Of the United
States Trclsury, said Of paper money
emission, by the government
Tho emitting Of paper money b. the
authority Of the government, Is wisely
prohibited TO the individual States by the
National Constitution, and the spirit Of
that prohibition ough; not TO be di,rc-
garjed BY the government Of the United
States Though paper emissions under
the general authority might have some i'd
yantage> no, applicable, aud be itoc
from disadvantages which are applicable
to like emissions by the States ratoly
yc, they are OF nature SO liable 70
abuse, and it may even be affirmed, SO
certain Of being abused that tuo wisdom
OF the government viii be shown in never
trusting itself with the use OF so seducin &
aud dangerous AZ expedicnt
The debates ~ the Federal Convention
that framed. aud in the State Conventions
that adopted the Constitution, are equally
explicit as ~ the importance Of the sub
Zee; and lae sentiments Of the members d.
the Conventions The proposition 10
authorize CoDgr-ss O. "cWit bills oi
credit was rejected Ia the Federal Con-
yeuuoa. During the debate upon 1t, Mr..
Ellsworth .l.l
ia Is d favorable moment 10 shut aud
bar the door against paper money The
mlschlO.s ol the various experiment
which have been made arc now fresh in
the public mind, aud have excited tac
dlgu.. Of q. 'bc respectable glltoi tLo
country. BY Withholding ibis power
from the new government more friends
Of influence viii b, gained 8, j, than by
almost anything else Paper money cat
In ne case be necessary. Give The gov
erument credit aud other resources Will
offer. The power may DO h4ra., never
gool
Nj Wilson said
III would have sa!u;ary influence on
the credit O, the United States to remove
the possibility OF paper money This eN-
polieut eau never succeed while It's mis-
chiefs arc remembered, and as long as it
can be resorted 20, it will be q b-r TO
other resources.
Nj Butler was equally positive in his
opposition to paper money aud Mr.
Langdon said he preferred to reject the
whole plan rather than retain words
authorizing such emissions.
Mr.. Madison says:
"He became satisfied that striking out
the words to emit bills Of credit, would
not disable the government from the use
of public notes as far as they could be
safe and proper, aud would cut of the