Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-05-09
"AbsOlute" Money.

OF EMINENI MEN OPPOSED
TO AN IRREDEEMABLE CURRENCY.
"A return to specie payments at the earliest
possible period compatible with due regard to all
interests concerned, should ever be kept in view.
Fluctuations in the value of currency sIe always
injurious, and to reduce these fluctuations to the
lowest possible point will always be Il leading
purpo IN wise legislation Convertibility. prompt
aud certain convertibiity into coin Is sck nov ledg-
| ed to be the best and surest safeguard against
them. "-ABRAHAM LINCOLN, Annual Message,
December 1867.
"Such medium (irredcemable paper money, }
has always been liable to uctuation. Its value is
| constantly changing; and these changes, often
great and sudden expose indiv idnals to great loss
the source OF ruinous speculstons, and destroy
a confidence between man and man. '-CHIEF
JUSTICE MARSHALL, L. 5. Supreme Court de-
cision.
"Tbe Secretary recommends mere psper
| (redeema ble) money scheme but on the con
| trary, series of measures looking to safe aud
gradual return to gold and silver the only per-
| manent basis, standard and measure of value
| ognized IN the Constitution "-SALMoN +. CHASE,
Annual Report As Secretary of the Treasury, 1862.
1.-The loss which America has sustained, since
the peace, from the restlle utisl effects of ire
deemable paper money, on the necessary conf
dence b, tween men, on the necessary confidence
in the public councils, the industry and morals
of the people and on the character of republican
government, constitute an enormous debt against
tue Slatts Win tnls unhdvlseu meas
ure, which must remain unsatisfed, rather II Is
an accumulation of guilt which can be expiated
no otherwise than by voluntary sacrifice the
altar of justice Of the power which has been the
instrument Of it.'-JAMEs MADISON, tn the Fed
erslist.
Paper emissions by the government are of a
nature so liable to abuse, may say certain to
be abused, that the wisdom OF the government
will he shown by never trusting itself with 80 Sc
ducing and dangerous power. -ALExANDER
HAMILTON, Report as Secretary of Treasury.
"Of all the contrvances for cheating the labor.
ing classes Of mankind, none has been more eff.
fectual than that which deludes them with ire
deemable paper money. IL is the most effectual
of inventions for fertilizng the rich mans field
by the sweat of the poor mans brow. Ordinary
tyranny, oppression, excessive taxation bear light
ly on the masses OF community, compared with
fraudulent curreBcles and the robberies commit
ted by deprecated paper money - DANIEL
WEBSTER.
1--WE have suffered more from this cause than
from any other cause or calamity. 1t has killed
more men, peIvaded and corrupted the choicest
interests OF our country more and done more ia
justice than even the arms and articles Of our eD
emies. "-DANIEL WEBSTER.
Capital may be produced by industry aud &c
cumulated by economy, but jugglers only will
propose TO create it by ledgerdemain tricks with
paper "-THoMAs JEFFERSON.
Irredeemabe paper money converts the bu.i-
ness OF society into mere lottery; and when the
collapse comes, as come 1t must, It casts laborers
out of employment, crushes manu- iaciurers and
merchants and ruins thousands of honest, indus
trious citizens. JAMES BUCHANAN
"Surely we must all be against (irredeemable)
paper money. Wemust all set our faces
against any proposition like the present. except rs
temporary expedient, rendered imperative by
the exgency Of the hour. Reluctantly.
painfully, consent that the process (greenback)
should issue. And yet | cannot give such vote
without warning the government against the dan
gers from such an experiment. The medicine of
the CONSTITUTE IN must not become its daily bread"
CHARLES SUMNER, in the debate on the issue
Of the hrst legal tender notes.
1.-THE Committee thought an assurance should
be given TO the country, If this bill becomes q
law, that not to be resorted to as policy; that
it was what 1t pretends to be, but temporary
measure. The opinions of the Secretary Of the
Treasury Mr.. Cnase) are perfectly well known.
He has declared that in his Judgment, it is and
ought TO be- but temporary measure,
And all the gentlemen who have written on the
subject except some wild spectators in currency,
have declared that as policy it would be ruinous
to any people. A stronger objection
than all that have urged, is that the loss must
fall heavily upon the poor."-Wm. p. FEssEN-
DEN Chairman Senate Finance Committee, in de.
bate on Legal Tender Act
'No one would willingly issue paper currency
not redeemable demand, aud make it q legal
tender. II Is never desirable to depart from the
circulating medium which, by the common con
sent of civilized nations, forms the standard of
value. -THADDEUs STEVENS, Chairman Ways
and Means Conn., in debate on legal tender act.
THE evils produced by bad state of the cur
rency, are not such as have generally been
thought worthy TO occupy prominent place in
history; yet it may well be doubted whether all
the misery inflicted on the Euglish nation in
quarter OF a century by bad kings, bad minis
tiers, bad parliaments and bad judges, equal
to the misery caused in single year by bad
currency "-LoRD MAcACLAY, ia History of
Eng land.
The theory (of paper nAston) in my belief
is departure from the true principles OF finance
the national interest, national obligation to cred
tors, Congressional promises, party pledges on
the part OF political parties. and OF the personal
views and promises made by me 10 every annual
message sent to Congress, and in each inaugural
address. S. Grant.