The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-09-18

rency began 10 deprectate. The inyariable
laws Of trade began 10 be too much Tor the
law OF Congress, and II began 70 go down,
and people began TO refuse totake Conh'
mental currency at Its face value.
The Congress was then called upon 70
make the people take the money. and TO
issue It's fat making II good as gold and
silver. The Congress, believing. 1t had
fnll mower TO fix the value Of paper
money. passed resolution recihng that,
TWheress, certain evil disposed persons,tn
order TO defeat and obstruct the united
efforts OF the colonies, have attempted 70
depreciate the bills OF credit emitted by
authority OF Congress: Resolved, that
any person so lost to virtue as to refuse
Continental paper money shall be deemed,
published and treated as an enemy oil bis
country" This was pretty strong nat. II
an act OF the Government could arrest the
depreciation Of paper money this one
ought. But history shows this did notar-
rest the depreciation Of the paper money.
Yet the cry was for more money, and In
November, 1910, the Continental Congress
Issued S., O0O, 900 more paper money, and
1t also Issued a fat more severe than before.
This was a military fat, and directed Gen
Putnam at Philadelphia where the depre-
citation OF the money was greatest to issue
an order, that ''it any one refused to take
the Government notes in payment Tor
goods, the goods should be forfeited and
The person refusing thrown into prison"
II this did not make good paper money
what could2 Yet history shows that this
order only increased the decline. Just
after this order was issued Robert Morris
wrote in letter to a friend, that "e250 In
Continental money isgiven in exchange Tor
GlO0 sterling" The Continental dollar was
down 10 where our Greenback dollar was
when Early drove Hunter out Of the valley
and attempted the capture Of Washington:
The Continental Congress got alarmed and
laid it TO the Tories In the papers and in
the debates, as we laid 1t TO the gold specu.
lators in Wall street during the war, and
determined to issue one final Legislative
fiat, which should make Continental money
as good as gold; so it resolved that,
"Whereas, all bills oil credit emitted by Con.
gress ought 10 pass current aud be deemed
OF value equal TO the same nominal in
Spanish milled dollars, every person ask
ing more in said bills for any houses,
lands, goods or commodities, than they
would ask in Spanish milled dollars,
should be deemed an enemy to the liber'
ties OF the United States and should for
felt the commodities" The respective
States were asked to pass such laws and
impose such penalties as twill prevent
such pernicious practices" The Con-
gress recommended 10 the several States
TO make Continental currency q legal
tender for all debts, which the States did.
Now, what was the result OF such legis.
lauon? 1t did not arrest the decline OF
Continental money, but on the contrary
caused it TO drop Is per cent more. These
very acts OF the Continental Congress and
States confessed the Observation-Disclosures
OF paper money. Yet they enabled great
many debtors TO discharge their debts
at about one-third value in good money.
But 1t did not work at all where people
had anything to sell.
The penalties OF the laws were cruel
and oppressive, but still they were not
sufficient TO make them exchange their
goods for the face value Of paper money.
Rather than sell, men in Philadelphia sus.
pended business, closed their shops and
took down their signs. The fat Of the
Government failed. The more the Gov
eminent said that Continental money
should pass equal with silver, the more
the people would not take 1t.
The Government now undertook new
task. II 1t could not keep paper from 60
ing down, 1t would stop the wicked ten
dency OF all commodities to go up. That
is, the Government failing in fixing the
value OF money, undertook to fix the price
OF every thing else. So in January 1777,
the Continental Congress passed an act
fixing the prices for wheat, rye, rum, wool,
salt, etc, and any one asking more than
the Government prices was to forfeit bis
goods. This fiat was failure. Nobody
regarded 1t and nobody would sell at the
Government prices, while many would
give more than the Government prices and
agreed not 10 prosecute in order to obtain
the articles. It's injustice was acknowl.
edged, and public sentiment did not ap-
prove 1t. Even General Washington re.
fused to take Continental money at its
face value. The fiat business did not sue
coed, and Congress gave 1t up, and let
paper fall, and tried to keep pace with its
downward tendency by issuing more OF it.
The following are the sums issued: :.
.'-s S9OSVS9