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John Adams On The Currency Question

John Adams On The Currency Question image
Parent Issue
Day
4
Month
February
Year
1876
Copyright
Public Domain
OCR Text

We quote as follows f'roin a letter by John Adame to Colonel Joseph Ward, published, it is believed, for the first time in Scribner for February, in the series of " Revolutionary Letters : " " Your ideas of public faith and public credit are very correct ; but what ideas has this nation of either V Paper inoney, Continental Currency, Land Banks, old Tenor - rocolloct the history of all these, and then say what conceptions of public faith, and what theories of public credit, have been and are still entertained by our beloved countrymen. If I was the Witch of Endor, I would wake the ghost of Hutchinson, and give him absolute power over the currency of tho United States and every part of it, provided, always, that he should meddlo with nothing but currency. As little as I reverenco his mcmory, I will acknowledge that he understood the subject of Coin and Commerce, better than any man I ever knew in this country. He was a inerchant ; and there can be no scientiüc inerchant without a perfect knowledge of the theory of u medium of trado. If there is ono mercbant now alive in America I know him not, and have novor heard of hiiu. Ambition, the downfall of old Cole's Cat, was Hutchinson's downfall. But how many humane and plausible apologies can be made for Hutchinson's ambition, not one of which can be pleaded for Hainilton ? How infinitoly superior in moráis aud knowledge was Hutchinson to Ham - ilton, and especially iu the service of Financo! It will be eternally in vain to talk of Public Credit, uutil we return to a pure, unmixed circulation of standard gold and silvor. Thore can never be a government of laws in money inatters without a íixed, philosophical, and mathematical standard. Contractscan never be inviolable without a stablo standard. Kugland and Holland have been inodels in this respect. I will venture to say there is not a village in the Seven provinees in which this subject is better undorstood than in any port of America. There is not a Burgomaster, Pensionary, Counselor, or Schepen - and there are near uve thouaand of thein all - who does not understand this subject better than Hamilton did ; and who bas not i more saored regard of the scientifio principio and standard of it." The Secretarj' of war bas returned to Washington afterhis brilliant oanipaign in Iowa for the Senatorship, during which ho was able to capture just a dozen votes, and most of thcm through a bargain by which ex-Gov. Carpenter becauie Second Couiptroller of the Treasury. Mr. Belknap had the power of the Adininistration behiud him, and a general authority to promiso patronage at discretion. Bofore he set out on the journuy to Des Moines, the loyal press and the third term organs promised hini an easy victory. He had only to go and conquer. He went and saw, but unf'ortunately for his patrón .in the White Houso did not succeed. When Grant made his anti-Catholic speech at Des Moines, he took occasion to let his partiality for Bolknap be known. Tnat oxpression of favor does not appear to have helped him tnuch and the Adininistration is sad. - N. T. Sim-. And now thoy say "crooked" whisky is distilled from stale beer, and that the malodorous slops of the saloon as well as the regular wastago of the brewing proceES are interconvertible with prime sour niash. The avorage tippler has maintained his equanimity in tho face of f'usel oil, plug tobáceo, cayonne pepper, etc, but the thought of imbibing the product of flat lager must give him pause.

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Subjects
Old News
Michigan Argus