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Paper Money

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"A retara to epeele pflyifiehts at tlie earliest perlod eotnpfttible rit-h dtle té' gard to alí interests coiicerfled shunld ever be k-ept in tiew: Muctnations Ín the valué of eurfency fe always injuriou8, and to reduce these flúctuations to the lowest possible point will always be a leading purpose in wise legislation. Convertibility, prompt and certain convertibility into coin, is acknowledged to be the best and surest safeguard against them," - Annual Message, December, 1862. AíflEL W1ÍBSTEK. "Of all thfi cíontrif anees íor cheating the Iaboríng classes1 of ráanklnd, none has been more effectaal than that which deludes them with paper money. It is the most effeotual of inventions for fertilizing the rich man's field by the sweat of the poor man's brow. Ordinary tyranny, oppression, excessive taxation, bear íightly on the masses of the community, comparecí with fraudulent currencies and the robberies committed by depreeiated paper money. "We have suflfered more f rom this cause than from any other cause or calamity. It lias killed more lien, pervad ad aud corrupted the choicest interests oi our country more, and done more injustice than even the arms and artiüoes of our enemy." SALMÓN P. CHASE. " The Secretary recommends no mere paper-money scheme; but, on tl. e contrary, a series of messures looking to a safe and gradual retnrn to gold and silver as the only permanent basis, standard and measure of value recognized in the constitution. " - Annual Report of the Sccretary of the Treasury, 1862. LORD MACATILAX. "The evils produced by a bad state of the currency are n.t such as have generalij' been thought worthy to occupy a prominent place in history; yet it may be doubted whetheï all the misery inflicted on the English nation in a qaarter of a centnry by bad Kings, bad Ministers, bad Parliainents and bad Judges was equal to tue misery caused in a single year by a bad currency." - History of Enyland. ALEïAXOER HAMILTON. "Páper emissions by the Government are of a nature so hable to abuse, I may say so certain to be abusèd, that the wisdom of the Government vriïl be shown by never trusting itself with so seducing and dangerous a power." - Report when Secretar} of Treasury. CHARLES 8TTMNER. " Surely we must be all against paper money. We must all set our faces against any proposition like the present, except as a temporary expedient, rendered imperativo by the exigencyof thehour. Reluctantly, painl'ully, I consent that the procese should issue. And yet I cannot give such a vote without warning the Government against the dangers from such an experiment. The medicine of the constitution must not become its daily bread.' - Debate on the issue of LegalTender notes. ÍOHÍí STTTART MILL. "Althongh no doctrine in political economy rests on more obvious grouncls tiian the mischief of a paper currency not maintained al the same value with a metallic, either by convertibility or by some principie of limitation equivalent to it; and although, accordingly, this doctrine has, though not till al'ter the discoveries of many years, been tolerably effectuaily drummed into the public mind, yet diesentients are still numerous, and projecters every now and then start up with plans for curing all the econotmeal evils of society by means of an unlimited issue of inconvertible paper. There is, in truth, a great charm in the idea. To be able to pay off the national debt, defray the expenses of Government without taxation, and, in fine, to make the fortunes of the whole commnnity, ia a brilliant prospect when once a man is capable of believing that printing a few characters on bits of paper will do it. The philosopher's stone could not be expected to do more."


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Michigan Argus