Santa Fe daily New Mexican., 1897-10-08
Bought of W. Nichols
Total tal.......................
If paid In specie $90.50.
This bill was made IN l777,

This bill was made In 1777.
In that same year 800 in specie was
worth $l05 in paper and in 1882 it took
$7,4o0 in paper to buy 800 in speole, in
other words, the paper dollar was worth
nothing at all. During the struggle when
bills were passing at the rate of 90 for l.
the states were recommended by congress
to pass laws making paper money legal
tender at its nominal value for the dis
charge of debts which had been contract
ed to be paid in hard cash. Such laws
were enacted and many dishonest debtors
took advantage of them. 1t was one of
| the most unwise and unjust acts com
mitted by congress during the war. The
honest aud simple were defrauded and the
rogues were immense gamers. The peo-
pie raised great clamor, while the friends
of the king greatly rejolced in seeing the
growth of what they deemed the canker
~~es-s.seu the rebellion. Among
-ssae most prominent evils arising from
the rapid depreciation of the paper was
spirit of speculation and fraud which
excited unfounded jsalousies and sus.
picions. Speculators and monopoists
we're the extortoners and oppressors of
the people and of them Washington said
in letter to President Reed: 81 would
to God that some of the more atrocious
in each state we're hung in gibbets on
gallows four times as high as the one
prepared for Haman." 1t was remarked
that while the honest and patriotic were
impoverished rogues and tories were
growing rich. While Washington was at
Morristowna man in the neighborhood was
very assiduous in his attentions to him
and they were generally reciprocated.
This man paid his debts in the depreciat-
ed currency under the law and the fact
became known to the chief. Some time
after this man called at headq uartera, but
the general hardly noticed him. This
coldness was observed by the officers, end
Lafayette remarked: aGeneral, this man
seems much devoted to you, and yet you
have hardly noticed him." II know l
have not been cordial" said Washington,
II tried hard to be civil and attemp pied to
speak to him two or three times, but that
money stopped my mouth"
There spoke the great father of his coun-
try.
Now let us see what the tories and the
English enemy thought of it. Losing
says, Rev. Ohas. Inglis, who was rector of |
Trinity church, New York, in 1882, Git |
will be remembered that prayers were Of
fered up for George III there until the
day the British evacuated New York; in |
letter to Joseph Galloway, the Pennsyl- |
vania tory, then in London, thus writes
In reference to the immense issues and |
the depreciations of the bills of credit.
"The fee simple Of the ID United States
is not equal to this sum which is still in
creasing. therefore think it utterly i'm
possible to support the credit of this mon.
~ and were there nothing else this would
DO sufficient to destroy the rebellion. If
Great Britain would hold the places she
1ow possesses and keep moderate num-
ser of cruisers on the coast"
Another tory, Daniel COKE, writing
galloway in 1878, says:
"The current depreciation OF their mon
y now is Is for one. They never were go
7retched and so near destruction as ct
his moment, and unless some unforeseen
vent takes place in their favor soon,
lrmly believe the next summer must end
heir independence aud greatness. For
'od's sake then encourage every degree
# spirit and exertion and quickly; g
'ood push and they will &c to the wall in
allibly."
Thus for Lossing. 1t is trite saying
hat "history repeats ITSELF" We have
ust passed through another attempt of
esperate gamblers, led by Bryan, to de-
auch and corrupt the public honesty,
ut thank God, now as in the stress and
ressure of the revolution, the honest
zen were largely in the majority. Nov,
the Godlike Washington would not
ven speak to former friend who paid
l~Lk g.