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1776 AD (search for this): article 1
ravelling now. As the Continental Congress increased its paper issues the price of everything went up, or more properly speaking, the value of the Government paper went down. At first this result was foolishly charged to speculators in silver and gold, just as similar foolish people charge now. All such were denounced as enemies of their country. In such cases the stores of merchants were broken open, and their goods sold at limited prices by committees appointed by the people. As early as 1776 Congress resolved that "whoever should refuse to receive in payment continental bills should be declared an enemy of his country." That is, all who did not succeed in making the Government's mere promise to pay equal to gold and silver, were to be outlawed. The penalties inflicted, at different times, to keep up the credit of Government paper were most disgraceful to all concerned in them — ruining many thousands of innocent people, while they could bring no relief to the pressing necessitie
Abraham Lincoln (search for this): article 1
uring addles until he is beyond the reach of help or the hope of mercy. He struggles? He cries for help! He throws up his hands in agony! In vain! Nothing can save him from the mighty gulf of waters. Under the direction of such captains as Lincoln and Chase, the ship of State is whirling round in the outer current of a financial Maelstrom. Nothing can save it. You may cry "traitor" at every man who tells the truth about the matter, but such cries will not check the speed at which the Adm seems to be obvious of the fact that all this property is in the hands of individuals, or depends upon the result of individual enterprise.--Behind all this sits the individual will, on which depends entirely the question of the redemption of Mr. Lincoln's paper promises to pay. We have seen that the whole surplus income of the country will fail a good way short of paying even the interest on the debt, and we must sink interest and principal together, at no distant day, unless a change speedil
1775 AD (search for this): article 1
g no relief to the pressing necessities of the Government. Never was cause more just than our revolution. Never was a debt more honestly contracted. But it had to be repudiated, because it was beyond the reach of all real money at the command of the country, and it is not in the power of man to make mere paper promise of Government long pass for money. It was inevitable that the continental money should sink in value in proportion to the increase of its issue.--The first issue was made in 1775. The depreciation began in three years afterwards, and went on as follows: March, 1778, $1 in coin was worth $1.75 in paper. September, 1778, $1 in coin was worth $16 in paper. March, 1779, $1 in coin was worth $16 in paper. September. 1779, $1 in coin was worth $18 in paper. March, 1780, $1 in coin was worth $40 in paper. December, 1780, $1 in coin was worth $100 in paper. May, 1781, $1 in coin was worth $500 in paper. Not long after these days the ho
Rosecrans (search for this): article 1
Peace Coming through bankruptcy — a Blast from a "Suppressed" Press. The suppression by Gen. Rosecrans of the circulation of the New York Metropolitan Record in his Department, has been a failure, as far as subduing the spirit of that journal is concerned. The last number contains a scathing review of truthful exposition of the financial condition of the United States. The last hope of keeping gold down in that country, was the passage of Chase' gold bill. It was done, but to-day gold in New York is quoted within two cents of the figure at which it stood the day the bill was passed. The article from the Record, which we give below, is an able one and will well repay perusal: Are there any sign of peace? Are there signs of humanity and reason breaking through the black clouds that hang over our country? Yes, there are signs of peace, but not humanity and reason. The authors and managers of the war were lost to those virtues long before the war began. Peace, when it c
1863 AD (search for this): article 1
er severe, that brings about the beneficent result. Reckless and shallow men will rave at the mention of the word repudiation. But their profanity does not mend the matter — does not close the door of even their stolid intellect against the conviction that it is inevitable. The sum is a simple one. The interest on the present debt is $1,400,000,000, fourteen hundred millions of dollars every ten years. The annual export of agricultural productions of the North, for the ten years ending in 1863, amounted to only $63,817,379. Hereafter the surplus wealth of the North will fall, for a great many years, far below the above figures, because a million of men who have been producers of wealth, have been drawn off into the army, where They have not only ceased to be producers, but have become non producing consumers, and destroyers of wealth already accumulated. If all the surplus productions of the North and West are hereafter given up to the Government, they will pay only a fraction of
Chase (search for this): article 1
s far as subduing the spirit of that journal is concerned. The last number contains a scathing review of truthful exposition of the financial condition of the United States. The last hope of keeping gold down in that country, was the passage of Chase' gold bill. It was done, but to-day gold in New York is quoted within two cents of the figure at which it stood the day the bill was passed. The article from the Record, which we give below, is an able one and will well repay perusal: Ares until he is beyond the reach of help or the hope of mercy. He struggles? He cries for help! He throws up his hands in agony! In vain! Nothing can save him from the mighty gulf of waters. Under the direction of such captains as Lincoln and Chase, the ship of State is whirling round in the outer current of a financial Maelstrom. Nothing can save it. You may cry "traitor" at every man who tells the truth about the matter, but such cries will not check the speed at which the Administration
Moran (search for this): article 1
s of the people? Repudiation, therefore, is not a question of right or wrong, but of necessity. All must agree that repudiation is a very bad thing, but this general condemnation does not remove its inevitability. Death is an unwelcome visitor to all but all must nevertheless submit to it. The wretch who should advise men, in their lives, to ignore the fact that they must die, has a mate in the fool who would prevent men from discussing this question, so vital to a nation's life. Moran, in his, in most respects, excellent work on money, says: "Government paper money cannot successfully, for any length of time, perform the functions of money, because it is invariably issued as a financial resource in moments of emergency, generally when war is ruthlessly destroying both life and property. Government paper money, instead of representing existing results of labor, ready to redeem the paper money on demand of the holders, only represents property and lives already consumed or
March, 1780 AD (search for this): article 1
er promise of Government long pass for money. It was inevitable that the continental money should sink in value in proportion to the increase of its issue.--The first issue was made in 1775. The depreciation began in three years afterwards, and went on as follows: March, 1778, $1 in coin was worth $1.75 in paper. September, 1778, $1 in coin was worth $16 in paper. March, 1779, $1 in coin was worth $16 in paper. September. 1779, $1 in coin was worth $18 in paper. March, 1780, $1 in coin was worth $40 in paper. December, 1780, $1 in coin was worth $100 in paper. May, 1781, $1 in coin was worth $500 in paper. Not long after these days the holders of Government money paid $20,000 for a bum, and $10,000 for half a pound of tea. Nobody could complain that the debt was not fairly contracted. But failure and repudiation were none the less inevitable. But who, let us ask, when the people come to their senses, will respect the debt which this Adm
March, 1778 AD (search for this): article 1
our revolution. Never was a debt more honestly contracted. But it had to be repudiated, because it was beyond the reach of all real money at the command of the country, and it is not in the power of man to make mere paper promise of Government long pass for money. It was inevitable that the continental money should sink in value in proportion to the increase of its issue.--The first issue was made in 1775. The depreciation began in three years afterwards, and went on as follows: March, 1778, $1 in coin was worth $1.75 in paper. September, 1778, $1 in coin was worth $16 in paper. March, 1779, $1 in coin was worth $16 in paper. September. 1779, $1 in coin was worth $18 in paper. March, 1780, $1 in coin was worth $40 in paper. December, 1780, $1 in coin was worth $100 in paper. May, 1781, $1 in coin was worth $500 in paper. Not long after these days the holders of Government money paid $20,000 for a bum, and $10,000 for half a pound of tea.
September, 1778 AD (search for this): article 1
ed. But it had to be repudiated, because it was beyond the reach of all real money at the command of the country, and it is not in the power of man to make mere paper promise of Government long pass for money. It was inevitable that the continental money should sink in value in proportion to the increase of its issue.--The first issue was made in 1775. The depreciation began in three years afterwards, and went on as follows: March, 1778, $1 in coin was worth $1.75 in paper. September, 1778, $1 in coin was worth $16 in paper. March, 1779, $1 in coin was worth $16 in paper. September. 1779, $1 in coin was worth $18 in paper. March, 1780, $1 in coin was worth $40 in paper. December, 1780, $1 in coin was worth $100 in paper. May, 1781, $1 in coin was worth $500 in paper. Not long after these days the holders of Government money paid $20,000 for a bum, and $10,000 for half a pound of tea. Nobody could complain that the debt was not fairly con
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