Year: 1862

We resume our review of some Of the most
celebrated essays written during the early days OF
the Nations history, in reference to the issue OF
paper money In our former articles on this
theme, we made no partisan appeals, and only
alluded to the present condition of things far
as to show that there was no point now in dispute
which had not been discussed in the old contrO-
versy. We might have gone further ami illus
trated this assertion by showing that the Oppo
nents of the Government paper money theory. al
though among the first patriots in the land, were
assailed before the close of the eighteenth cen
tury, bv the same coarse terms of abuse used by
political organs in these DAYS; and when their ar
guments were too strong for refutation, their
motives were denounced after the same uncOur-
teons fashion.


We promised in our last to Introduce our read
ers to series of essays written in North Carolina.
fhese were republished in Philadelphia in Au-
gust. 1887. The author admits that money has
become inconvemently scarce, and 1.-THE difficulty
of paying debts has been very common. Ger
tainy, he adds, when any article is scarce, the
general remedy is to make more; and if it shall
be found when money is scarce. that private and
public debts can be honOrably discharged by new
emission of paper, the expe ient is admirable for
it is the most easy process by which debts were
ever paid


The author assumes, without any attempt at
proof, that it is wise to be honest; and imme-
diately asks whether the issues in question are
not prohibited by this consideration. paper
currency, which is a legal tender when it may be
deprecated 90 or 30 per cent, he thinks is not
generally considered an honest tender; and he
adds many reasons why such currency will not
i'm the sequel prove useful to the States. There
are many people, he adds, who say that the
money ought not to have depreciated; they say
that necessity justified the manufacture; and they
argue that we are bound to receive such payment
MS the law prescribes But will any man say that
it would be perfect justice to pass law by which
everv creditor should be compelled to receive
three fourhs, or two thirds of his debt, instead
of the whole debt? And vet such a law would
be perfectly similar to the tender of deprecated
paper, except that it would be proof of more
frugality and plan dealing; for it would be calling
things by the right name, and would save the ex-
pense of paper coinage. Our author goes on to
insist that however convenient deprecated paper
money NAV appear to those who use it in the dis
charge of debts, he is certain that the credit as
well as the finances of the country is injured by
it; and this injury and suffering will continue and
increase until the cause is removed.


He does not argue against the use of bank
notes, or confound these with an inconvertible
paper currency. When person has the option TO
refuse receive the paper, and knows that he can
exchange il for gold, he may prefer it. But it



bei) that bank notes could be circulated at par
unless when it was believed that they might be
exchanged for solid money; nor could they be so
circulated ii they were declared to be legal
tender. The reason is obvious the whole value
is lima ginary and men do not believe by cOmpul-
sion. Every attempt to force a man to believe
that pa per is equal in value to coin. implies a
consciousness that it is not equal Our author
goes on to prove these propositions at great
l,. ,aod foil The hoot
proof is the fact that the very issue against
which he was then contending, furnished his vim
dcation in its own history.


Writing with the full consciousness that he
was advocating great principles, whose eutwork
ing no law of man could let or hinder, he pic
lures the unfrendliness to industry the injury to
The poor, the damage to good morals, the intia
ton aud overthrow of credit, the burden of tax
alton on the frugal and temperate in favor of the
idle, the pro6igate and luxurious and the gradual
expectation OF specie from the country.


All this was nothing but prophecy as it
dropped from his pen; but the final result might
have sat for il before the painter, and never OBJ
tanned SO true a likeness. deprecated paper
currency made legal tender, he declares to be
the poor expedent of day. tending in its inevi-
table results 10 the destruction not only OF prop
erty. but of the Government itself. "If it is
true that men have not virtue enough to bear
" tuee 10 pCi'ONey INV, VIZ P'NNA
is like to come from that quarter! The re-
lief given by paper money is neither durable nor
honest"


We commend these thoughts, garnered for us
in patriotic age. TO the attention of the people
of this day and generation Expedients for a
day are only the hounderings OF little minds in
a sea of trouble. where honesty and courage are
the only saviors We now involved, and
must perpetuate the mischief, is the argument of
moral weakness caught in delinquency which is
thus made the excuse for further wrong. The
people have been patient during the past year.
but the mass are too intelligent not to see the evil
and danger. and those who have this matter in
hand cannot escape their full measure of respon
sibilty. They did not run into this danger in the
dark. for many warning voices were uttered If
they persevere in course fraught only with evil,
they must not complain that they are held re-
sponsbe for the disastrous result New York
Journal of Commerce.