The advocate., 1891-10-21

pie, such study 40 has never before
prevailed in the history Of our country,
that such a statement will be accepted
upon your unsupported testimony?
Were the legal credits of Venice fail
ure, and were they ruinouS to the COun-
try trying them? have shown you to
the contrary. But you refer me to our
own continental currency. Do you not
know, sir, that the currency of any coun-
try rests upon the credit of the govern
ment that issues it? It matters not Of
what it Is composed, its value, as money,
rests upon the stability, the wealth and
the credit of the government by whose
authority it is issued. You must dis
tinRuish between the money value and
the commodity value Of gold and silver.
We're this government to fail to-day o
gold eagle would be worth in the mark
cts of the world, not it's money value in
the United States, but Its commodity
value. 1t Is no argument In favor Of
gold as money that it has q commodity
value, because other commodities and
other metals have this value and yet NO
one thinks of their employment as money
material. Then as money depends for
It's security upon the stability and credit
of the government that issues it, are you
not perfectly aware that a reference to
the continental currency is not fair pre-
sentation of the subject? Do you not
know that this government was not es-
tablished when that currency was issued?
Do you not know that 1t was very uncer-
tain whether we would have govern
ment or notP And would you regard
currency issued under such circum-
stances to be compared with currency
to be issued by the United States to-day?
Why did you select that as an example
of paper currency? Why did you fail
to notice the Colonial currency Of the
years just preceding that to which you
choose to refer? Let US examine the
history Of that currency briefly. 1t was
a necessity to the colonists. It's issue
was specially advocated by the wisest
statesmen Of the time. Franklin was an
ardent supporter of 1t, and wrote an ex-
haustive essay upon the subject. The
currency Of Pennsylvania, issued as re-
suit Of Franklin's earnest efforts, was
based upon the land of the colony.
Franklin said Of It.:
AS bins issued upon money security are money,
80 bills issued upon land are, in effect, coined
land.
Speaking Of the discussion which led
to its issue and Of the currency itself, in
his autobiography he says:
Our debates possessed me 30 fully on the sub
ject that wrote and printed an anonymous
pamphlet on it entitled, 1.-THE Nature and Ne
ceSSity Of Paper Currency" 1t was well re-
ceived by the common people in general; but
the rich men dlSliked It, for it increased and
strengthened the clamOr for more money; and
they, happening to have no writer's among them
that were able to answer it, their opposition
Slackened, and the point was carried by . ma
jOrity In the House. The utility Of this
currency became, by time and experience, so
evident that the principles upon which It was
founded were never afterward disputed, 90 that
1t grew soon to be 10000 and In 1879 to $4,000,
trade, building and Inhabitants all the while in
creaSing.
That eminent English historian, David
Hume, In q letter to the Abbe Morellet of
France, speaking of this colonial system