Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-06-04
"A6s0lute" Money.
Opinions OF Eminent Men Opposed to an
Irredeema BILE Currency.

"a return to specie payments at the
earliest period compatible with que re-
gard TO all interests concerned, should
ever be kept in view. Fluctuations In
the value of currency are always inIurl-
Gus, and to reduce these fluctuations to
the lowest possible point will always be
leading purpose in wise legislation.
Converti0ility, prompt and certain con-
vertibility into coin is acknowledged TO
be the best and surest safeguard against
them. "-ABRAHAM LINCOLN, AHnadL Mes
sage, Dec. 1862.
"Such medium (irredeemable paper
money! has been always liable to iluctua-
lion. Its value is continually changing;
and these changes, often great and sud-
den. expose individuals to immense loss.
are the source of ruinous speculaiions,
and destroy all confidence between man
and man. CHIEF JUSTICE MARSHALL.
u. s. Supreme Court decision
THE Secretary recommends no mere
(irredeemable) paper money scheme;
but on the contrary. ii series of measures
looking TO sale and gradual return 10
gold and silver as the only permanent ba-
sis. standard and measure OF value recog-
nized in the Constitution. SALMON p
CHASE, annual Report as Secretary Of the
Treasury, 1862.
The loss which America has sustained,
since the peace, from the pestiIent effects
OF irredeemable paper money, on the
confidence between man and man, on the
necessary confidence 10 the public coun-
ellis, on the industry and morals ot the
people, and on the character OF republic
an government, constitutes an enormous
debt against the States chargeable with
this unadvised measure, which must long
remain unsatis6ed, or rather II Is an &C
emulation of guilt which can be expi-
ated no otherwise than by voluntary
sacrifice on the altar OF Justice OF the
power which has been the instrument OF
it.'-JAMEs MADISON. IN the FederGLtSt.
Paper emissions by the government
are of nature so liable 10 abuse, | may
say so certain to be abused, that the wis
dom of the government will be shown by
never trusting itself with so seducing and
dangerous power. '-ALExANDER HAM
mToN-Rep0rt Vhen Secretary Of Treas-
Ury.
"Of all the contrivances for cheating
the laboring classes OF mankind, none
mas been more effectusl than that which
deludes them with irredeemsble paper
money. II is the most efiectual OF in
ventions tor fertilizing the rich mans
field by the sweat OF the poor mans brow.
Ordinary tyranny, oppression, excessive
taxation bear lightly on the masses OF
community. compared with fraudulent
currencies and the robberies committed
By deprecated paper money. "-DANIEL
WEBSTER.
I'VE have suffered more from this
cause than from any other cause or ca
lamity. IT has killed moro men. pervad-
ed and corrupted the choicest interests OF
our country more. and done more injus-
tice than even the arms and articles OF
our enemy. DANIEL WEBSTER.
Capital may DO produced 10y industry
aud accumu ated by economy. but Jug
glers only will propose 10 creaie il by
legordemsin tricks With paper. '--THoMAS
JEFFERSON.
Surely we must al be against Gre
deemable) paper money. We
must all set our faces against any propo-
sition like the present, excep! as q tenn
porary expedien.. rendered imperative by
the exigency OF The hour. Ke-
luctantiy. painfully, l consent that the
process (greenbeck), should issue. And
yet | caunot give such vote without
warning tue government agains, the
dangers from such and experiment. The
medicine OF the constitution must not De-
come its daily bread. CHARLES SUM
NER. Ip The deblte on the issue OF me FrSt
Iegdl tender notes
The Committee thought an assurance
should be given 10 the country, II this
bill becomes law. tina, it is not to be re-
sorted TO as Ia policy; that il was what /.
pref ends to be. but temporary measure.
The opinions OF the Secretary OF the
Treasury (Mr. Chase) arc perfectly well
known. lie has declared that in his judg-
ment. it is, and ought 10 be, but tempo
rarv measure. 4 stronger Oh
lection than all that have urged, is that
the loss must fall most heavily upon the
poor. "-WM. F. FEssENDES, Chairman
SeHate Finance Committee, IN debate on
LeQal Tender Act.
"No one would willingly issue paper
currency no, redeemable on demand, and
make it legal tender. It is mover de-
sirable 10 depart from the circulating me-
dunn which. by the common consent OF
civilized nations, forms the standard of
value. "-THADDEUs STEVENS, Chairman
FayS and Means Com, in debate on legal
tender act.
The evils produced by a bad state OF
currency. are not such as have generally
been thought worthy to occupy prom
inent place in history ye. i, may well be
doubted whether all the misery inflicted
on the English nation in q quarter OF
century by bad kings. bad ministers, bad
parlismenls and bad judges, was equal to
the misery caused in single year by
bad currency. LORD MACAULAY, IN His
t0ry Of England.
The theory (ol paper iDaation) in my
belief, is departure from the true prln-
ciples OF finance, the national interest,
national obligation 10 creditors. Coz
gressional promises, party pledges on the
part of both political parties, and OF the
personal views and promises made by me
in every annual message sent to Congress
and in each inaugural address. u. ).