Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-01-03
A DISCUSSION OF FINANCES.

Value OF Paper Money.
Editor Gdz-tts, The times that have
been and arc still upon us, as esll-
mated by intelligent AMI patriotic per-
sons, are times OF intense anxiety.
Trouble seems brooding on every
hand, and tho people are struggling, as
ii were in a binding mist of trial and
suffering, scarcely knowing in whom TO
contide, or where TO look for succor.
Will you permit Il longtime citizen,
having no political axe to grind, Tor
himself, and only desiring the good OF
our people and our country, TO state
from time to time, in your columns
some pertinent facts and principles that
may aid us ell to determine the causes
of the troubles above referred to anu
also help us to seek for the remedy?
beg that you may publish the state
ments herein presented in tho same
spirit in which they are offered, without
| any partisan bias, and after long ana
careful study of basic principles. de-
veloped in the worlds history.
First-Sir Archibald Allison, q great
and conservative modern historian and
political economist, in his history of
Europe, edition of 1859 wrote as
follows: 1.-The greatest evils which
atflict mankind and many of the greatest
changes may be distinctly traced to the
undue influence of realized riches,
when the rich become richer and the
poor poorer-eyils which are the TN.
avoidable result Of stationary volume OF
currency co-existlng with RAPID
increase in the numbers and trans
actions of mankihd-only aggravated
by every addition to TIE energies and
productive power Of society"
Seconl-There is no fact better
demonstrated in history and in the
science of political economy than this !;
That plentiful and we'll regulated per
capita currency of either COIN or paper
stamped by solid government illegal
tender for all debts public and private,
has always tended to increase industrial
prosperity amongst the people and to
strengthen the government that issued it.
Let your readers carefully impress
upon their minds the truths contained in
the two statements just quoted and then
recall the laundering tlnanccrlng that
was occasioned by the corrupt in
fluences Of the holders Of gold during
and soon after our war of the rebellion,
and especially recall also that clan
destine and wicked gripping of more
than one-half Of our coin basis--the
decentralization of silver in 1873 still
persevered in, and they need go no far
ther to seek for the main causes OF oui
; distress.
In confirmation and further illustra
ton Of these assertions, let us extract
from the statements of one of our owr
/: Congressman, Hon. John Davis, a:
4 follows: .s5....-........--..
, /. "Sir Archibald Allison (the his
! torian above referred to- tells US, tina
: coin failed in the empire OF Rome afte
the battle Of Canine, and thatthe Senat,
!. issued IAN inconvcrtlble paper currenc.
!, for the empire. This currency h,
|; says, equipped the legions which
:, gained the victories of Metaurua ant
!, Zama, and saved the empire.
!. 2. "In A. d. iii coin failed in the Re
i public Of Venice. The government
!. adopted paper-credit money whicl
j. fulfilled every monetary requirement
,, making Venice the centre of the (then
a worlds commerce, for a period of 60
h years"-(we may add, without on
u financial panic or revulsion.)
- 8. AIN l776 coin failed in this (oul
/. country and our fathers adopted
/; paper currency which Imperfect
ii printed and issued as it was) gave Il
Ell our American liberties"
y 4. "In 1897 coin failed utterly i
D. England. The Parliament adopted
Z paper currency, which (Nr. Alliso
i, says saved England from becoming
Il province of France"
I'd 5. "In 1913 coin failed on the cor
n tinent of Europe. England, Russia an
n Prussia issued joint paper money
= which saved the continent of Europ
/. from the power of Napoleon"
y, The same writer (Hon. John Davis
ct goes on with his statements more {
y, large in regard to the experiences Of on
n own country during the civil war an
N of France during the FTanco-Germa
n n war. Both these cases fully illustrai
n the value and efficacy of the liberal us
as of legal-tender paper money.
ii But the French nation seems to hay
v, been, in some respects, more wise tina
e; we. For We permitted the influence c
m selfish and grasping gold gamblers
1. cripple our paper money of part of II
u, legal tender quality (of this more amor
r., The recuperation of France, after
IL most disastrous war, through the issuin
il. and maintaining of an ample legal-tend,
c. paper currency has been prompt an
n, complete" But what did the Unite
e. States do9 After crippling our pap
money as aforesaid, they continued the
toadyisln to the interests of foreign go
holders and our own, by the passage
liz the falsely. named "Credit-streng;henir
Act" the acts for the resumption
el specie payments, the act which d
.st monetiZed silver in 1Sf3-and by ii
,ic continuance OF policies tending towar
al the same end have crippled the produ
is tive powers of our country, deprcss
almost every industry, reduced L
tie prices of agricultural, together with 9th
10. products, and filled the land with traml
nj "rhus it appears, in view OF all Il
lit facts, that paper money and not coin
re the savior and developer Of nations"
he We must at least, and as soon as pc
of sible, have restored u cheap and plen
ne full per- capita currency not loaded dow
,ss with too much cost in the material up
Ike which it is stamped, nor with the pa
ment by the people OF too much intert
he to holders of the bonds by which it
he professedly sustained.
lilo The check of well known col
his petent person, firm or government, W
nv effect exchanges, pay debts, or purcha
by products just rs well when written
he paper US ii they were written on sht
on Of gold OF equivalent mercantile walt
to. The latter would be no better, becau
the if it were melted, the written eviden
MI would be destroyed, and it could OF
AL pass as merchandise. The paper che
sed would be as hard, or harder to count
ent felt lawfully than the gold coin.
led mortgage engraved upon u sheet of &
10 wOull Transfer n building OF Il farm