Benjamin Franklin; Self-Revealed, Volume 2 (of 2): A Biographical and Critical Study Based Mainly on his own WritingsBruce, Wiliam Cabell
History
Benjamin Franklin; Self-Revealed, Volume 2 (of 2): A Biographical and Critical Study Based Mainly on his own Writings
Bruce, Wiliam Cabell
Franklin, Benjamin, 1706-1790
He also forcibly expressed his views with regard to the respective powers
with which the two Houses of Congress should be invested. When the
Convention was drawing to a close, he urged its members in a tactful and
persuasive speech to lay aside their individual disappointments, and to
give their work to the world with the stamp of unanimity. As is well known,
when the last members were signing, he looked towards the President's
chair, at the back of which there was a representation of a rising sun,
and, after observing to some of his associates near him that painters had
found it difficult in their art to distinguish a rising from a setting sun,
he concluded with this exultant peroration: "I have often and often, in the
course of the session, and the vicissitudes of my hopes and fears as to its
issue, looked at that behind the President, without being able to tell
whether it was rising or setting: but now, at length, I have the happiness
to know, that it is a rising and not a setting sun." And a rising sun,
indeed, it was, starting out upon its splendid circuit like the sun in the
lines of Charles Lamb, "with all his fires and travelling glories round
him."
The opinions of Franklin with regard to general political topics are always
acute and interesting, and, unlike the opinions of most great men, even the
greatest, are rarely, if ever, flecked by the errors of his time. In some
quarters, there has been a disposition to reproach him with being an
advocate of what since his day has come to be known in the United States as
rag or fiat money. The reproach loses sight of the fact that the currency
problems, with which he had to deal, did not turn upon the true respective
functions of paper and real money, under conditions that permit their
application to their several natural and proper uses. No such conditions
existed in America during the colonial period or the Revolutionary War.
There was no California, Alaska, Nevada, or Colorado then. "Gold and
Silver," Franklin said in 1767, in his _Remarks and Facts Concerning
American Paper Money_, "are not the Produce of _North-America_, which has
no Mines."
Every civilized community, unless it is to be remanded to mere barter, must
have some kind of convenient medium for the exchange of commodities and
the payment of debts, even though it be no better than wampum or tobacco.
Paper money, whether it bore interest or not, and whether it was a legal
tender or not, was, unsupported by any real provision for its redemption, a
dangerous currency for America, in her early history, as it is for any
country, whatever its state of maturity; but she had no choice. It was
either that or something not even as good on the whole for monetary
purposes. Not only were there no gold or silver mines in North America, but
the balance of trade between the Colonies and Great Britain was so greatly
in favor of the latter country that even such gold and silver coin, as
found its way to them, was at once drawn off to her.
Public-domain text, read in full here on John Shaqi.
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