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Were They All Fools?

Were They All Fools? image
Parent Issue
Day
1
Month
November
Year
1878
Copyright
Public Domain
OCR Text

[From the Hartford Courant,] The present cheap-money epidemie is chiefly rcmarkuble in that it sliows how littlo tho lessons of experience are hceded, even among a people of supposed intelligenco. The idea that a Government stamp can give value to that which is without value is not an invention of Gen. Butler, nor even of Georgo Law, but had been tried and found a failure a hundred years before Law inflated his magniiicent bubble. It Las been studiod by the wisest men of every country, and the decisión has been that tho only sound, honest money for any country is one based upon specie and convertible into pecie on demand, and that every effort to float an irredeemable paper money will eventually end in disaster and disgrace. It is possible that the American nation is to be carried away with the great greenback frenzy, in spite of all the warnings of the pust, for history shows that nothing is so nnreasonable as a populace led by demagogues. But it may be of benefit for those who are unsettled in their beliefs, and are not disposed to accept blindly the teachings of political adventurers, to i-ead and ponder the opinions j of sonie of the great men who are goue. They are not new, Out tliey are none the less worthy of attention. Said Alexander Hamilton, the great statesman of the first days of the reInblic : Vapcr omissions by tho Government are of a nature so liablo to abuse, I may say so certain to lie abused, that the wisdom of the Government will be shown by nevertrastingitself with 30 Bedueios and dangeroua a power. Chief Justice Marshall : Kuch a medium (irredeemable paper money) lia always been liablo to fluctnation. lts valne in eonstaiitlv whn-nging; and thoso ehanges, ofton neat and radden, expose individuáis ío great loss, are the BOUrce of ruinóos speculationa and deatroy all confldence betweon man and man. Tilomas Jeñerson : Capitel niay lio produecd by industry and accuniulated by economy, lut only jogKlers w'" propose to créate it by legerdomain tricks with paper. Andrew Jackson: A paper curroncy ia a great curse to any peop'e, and a particular eurae to the laborer of any country, fpr its depreciation always fall upon the laborer. Thomas H. Bonton : It (paper ïiKiiicy) tondH to aggravatq the inenualify of fortuné ; to make the rich richer aud tlir pooi ooorer, t uiultiply naboba and paupers, and (o doapep and widen the gulf wliieh soparati'd Divcs uul Lazarus. Janirs failison: Tho Iosh wnlch America has sustaïnéd, einoe Qiepeaoe, From tho pealilential effeotsöt irredeemabli' paper monoy, on tho necoHKary confidenco between men, on the neeossary oontidoiuc in the public oounoiis, on Ukè induBtry and niorala of flie peoplo, and on the cliaracter of ropublican goverpment, consütuljes un enormojta deM ágainst the Statos cliargeable with thfsnnadvised meieore, which must remáin unsatísfied; cir il b an accumulation of H'iüt which cmi be expiated 110 olhorwiso tliau by a volunta ry aerifico on the altar of justioe of tho power whiöb b:s been tlio inntruinoiit of it. Daniel Webster: Tlie very mau of all others -who ha the deepest i'itrrcst in a Houndciirrency, and who suffers most by iniwhievons legislation in money mattera, is tlie man who earns his dailv bread lv bis daily toil. A dpproiated oufreuoy, huiUIoii change of prices, paper money falling betweon morning and noon, and falling still lowor between noon and ni','ht, these things constitntii the very harveat time of Bpoouhitors, and of the wholo race of those who are at once idle and eraf ty. A disonlerort curreney is one of the greatest political evils. It undevniine the virtnes necessary for tbc support of the social Bvstqm, and eucburagea propensifiéa destructivo ti it liappiness. It wars againt industrv. fnigulity and oeouomy, and it fosters tho ovil pirita of extrayagance and epeculatipn. Of all the'contrtvances for cheanng tho laboriug classes of mankind, none ha neen more offectnal than tlint wbich doludes them witli paper money. This is the most offoettial of iuventions to forti lizo the rich man's tields by the sweat of the poor man's brow. Ordiniiry tyranny, oppresniou, uxcessive taxation, theso bear lightly upon the massof the community eompared with f rand - ulcnt curroncfen and the robberies committed by depreciated ])aper. James liuchumin : Irredeemable paper rooney convertí tho busijii'H!. ni mic'icty into i mere lottery; and whon thatoltapn eómeá;H como it, muHt, it casts laboréis out oí employment, orushes mauufactotsts and merchante, and ruina thoueands of íioncst, industriouH oitizens.] Abraham Lineoln : A retan lo peeie pavments at tlio carlicst ]'i'i-in(l compatible witfi (lúe regard to all intcrrst oonoemed, ahoold ever be kopt in view. Fluctutttiona in the valuó of curraicy are always injurious, and to reduce tbese fliu'tuationB totheloweat possible point will alway lw) a lcading pnrpoHO in wiae legislation. Convortiliility, prompt and certnin convprtibility, into coiii'is aoknowledgod to bo the best and minst safeguard against theni. Hcrc is a list of authorities. Wcrc these men all foolsV

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Subjects
Old News
Michigan Argus