Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-10-17

fairs In several OF the Northwestern States. In
addressing the people on those occasions 1t
seemed to me not improper to call their atten
lion to the condition of the tioanclal affairs OF
the Government of the United States. This
was done with double purpose. 1t was my
hope that it would give encouragement aod
confidence to those who were looking anxIoCsy
but hopefully for better tlmee. l hoped also
| that the facts and figures presented would aid
| 10 the formation of correct opinions % the
| subjects which now mainly interest the people.
With the same general purpose l now desire to
| spread before you, very briefly, the views OF
some of the fathers Of cur country-patrlots
whose names and characters and services are
very familiar to the whole country, and very
| dear to the whole country. 10 this part ct Vir'
gioa especially. with which SONIC Of them were
| identified, and among the descendants of those
who were associated with them, the opinions Of
| the men who made Virginia 80 famous will, l
am sure, be received with more than ordinary
| consideration.
Ga the subject of money. and Oh the question
Of what is sound. safe and stable currency lot
US hear and heed The advice Of the fathers.
Washington. in letter to Thomas Stone.
dated Mount Vernon. February l0: 1887, said ::
Il do not scrupple to declare that, if | had a
voice in your Legislature, it would have been
given decidedly against paper emission, upon
the general principle of its utility sa o repre-.
sentative, and necessity Of it as medium"
X II contend that it is by the sub
STAGE, not with the shadow of thiog, we are
to be benefited. The wisdom of man, in NY
humble opinion, cannot at this time devise q
plan BY which the credit of paper money would
be long supported; consequently, depreciation
keeps pace with the quantity of the emission,
and articles for which it is exchanged Use 10 a
greater ratio than the sinking value Of the
money. Wherein, then, is the farmer, the
planter, the artisan benefited The debtor may
be, because, as have observed, be gives tho
| shadow 10 lieu OF the substance; and, 10 pro
portion to his gain, The creditor or the body
polite suffers. Whether it be legal tender or
not. it will. ss has been observed very truly,
leave no alternative.
& Il shall, therefore, ouly observe
generally, that 50 many people have suffered
by former emissions. that, like burnt child
who breads the FIRE, DO person will touch it who
can possibly avoid it. The Datural consequence
will be that the specie which remains unex
ported will be Instantly locked up.
Ia letter to Jefferson. August /, 1885,
Washington said Some other States are.
in my opinion. falling into The very foolish and
wicked plans of emitting paper money. cau
not give up my hopes, however, that wo shall
ere long adopt more just and liberal system
Of policy
In letter to Richard Henry Lee, President
| Of Congress. dated Mount Vernon, August 81,
1855. Washington said ~ have never heard,
ADD hope never shall hear, any serious men
ton Of q paper emission 10 this State; yet such
thing may bo 10 agitation. Ignorance and
design are productive of much mischief. The
former is the tool OF tho latter, and is often set
to work suddenly aud nezpectedy. Those
With whom have cooverSed 10 this part Of the
State reprobate the idea exceedingly"
| Jefferson a opposition to irredecmable paper
money was decided, ADD Is too we'll known to
| need many citations. La bis day schemes Of
| iDaation we're maioly PROPOSED by the friends
OF Unlimited Issues of bank paper, and his most
vigorous demonstrations we're directed against
:uca issues, but his arguments apply with equal
| tore: az iust all forms Of irredeemable paper
mOoey.
To Col. Yauey he wrote, January, 6. 1916:
'rhc American mind is 10 a state Of fever,
| which the world has 80 often seeo 10 tho bis.
| tory OF other Dalions. We are uow taught to
| believe that legerdemain tricks on paper can
produce az solid wealth as hard labor 10 The
earth. Ii is in vain for common sense to urge
| that nothing can produce but nothing that it
! is an idle dream to believe 10 philosopher g
stone which is to turn everything into gold and
| to redeem mau from the original sentence Of
| bis Maker: In the sweat OF his trow shall he
eat his bread "
Jefferson, in letter 10 John w. Epps, No.
| vember 2, 1918. said: 1.-The sum of what has
been said is that our medium should BE- SO
proportional to our produce as to be on par
| with that Of the countries with which wo trade,
aud whose medium is 10 aouod state; that
spocie is the most perfect medium, because it
will preserve it's oWn Level; because having an
| intrinsic and universal value, it can never die
in our bands, and it is the surest resource Of
reliance in time Of war; that the t1iH!ng econo
| my OF paper as cheaper medium, or its con
venience for transmission. weighs nothing 10
opposition to the advantages Of the precious
metals; that it is liable to be abused, has been,
is and forever will be abused 10 every country
in which it is permitted
10 Col. Darlington, May p, 1888, be said
Paper is poverty; it is only the ghost Of moDey,
and not money ltseIf.
James Madison, 10 letter to Thomas JEFF.
ferson, dated August II, 1856 said "Wheher
Virginia is 10 remain exempt from The epidemic
malady will depend on the ensuing Assembly.
My hopes rest chiefly on the exertions of Col.
Masoo and the failure of experiments else.
where. That these must fail is morally certain;
for, besides the proof of it already visible n
some States aod the intrinsic defect of the pa.
per 10 all, this fictitious money will rather feed
than cure the spirit Of extravaganza which
sends away the coin to pay the unfavorabe
balance, and will therefore soon be carried to
market to buy up coin fox that purpose. From
that moment depreciation is inevitable. The
value of money consists in the uses it will serve
Specie will serve all the uses of paper; paper
will not serve one of the essential uses Of specie
The paper, therefore, will be less valuable than
specie"
Madison, 10 letter to G. D. Williams, dated
February, 1920, said: whenever tho paper
has not been convertible into specie and it's
quantity has depended on the policy Of tho
Government, depreciation has been produced
by an undue increase or an apprehension of
il"
10 letter to Thomas Jefferson, dated July
is, 1887, Madison said: "Notbinp Int evil