The Atlantic Monthly, Volume 14, No. 85, November, 1864: A Magazine of Literature, Art, and PoliticsVarious
History
The Atlantic Monthly, Volume 14, No. 85, November, 1864: A Magazine of Literature, Art, and Politics
Various
American periodicals
Some States paid, some did not pay. The sums that came in were wholly
insufficient to relieve the actual pressure, and that pressure,
unrelieved, grew daily more severe. They had tried the regulating of
prices,--they had tried loans,--they had tried a lottery; and now they
were forced back again to their earliest and most dangerous expedient,
paper-money. New floods poured forth, and the parched earth drank them
greedily up. One may almost fancy, as he looks at the tables, that he
sees the shadowy form of sickly Credit tottering feebly forth to catch a
gleam of sunshine, a breath of pure air, while myriads of little
sprites, each bearing in his hand an emblazoned scroll with
"Depreciation" written upon it in big yellow letters, dance merrily
around him, thrusting the bitter record in his face, whichever way he
turns, with gibes and taunts and demoniac laughter. But his course was
almost ended: the grave was nigh, an unhonored grave; and as eager hands
heaped the earth upon his faded form, a stern voice bade men remember
that they who strayed from the path as he had done must sooner or later
find a grave like his.
It was not without a desperate struggle that Congress saw the rapid
decline and shameful death of its currency. The ground was fought
manfully, foot by foot, inch by inch. The idea that money derived its
value from acts of government seemed to have taken deep hold of their
minds, and their policy was in perfect harmony with their belief. In
January, 1776, they had solemnly resolved that everybody who refused to
accept their bills, or did anything to obstruct the circulation of them,
should, upon due conviction, "be deemed, published, and treated as an
enemy of his country, and be precluded from all trade or intercourse
with the inhabitants of these Colonies." And to enforce it there were
Committees of Inspection, whose power seldom lay idle in their hands,
whose eyes were never sealed in slumber. In this work, which seemed good
in their eyes, the State Assemblies and Conventions and Committees of
Safety joined heart and hand with Congress. Tender-laws were tried, and
the relentless hunt of creditor after debtor became a flight of the
recusant creditor from the debtor eager to wipe out his responsibility
for gold or silver with a ream or two of paper. Limitation of prices was
tried, and produced its natural results,--discontent, insufficient
supplies, heavy losses. Threatening resolves were renewed, and fell
powerless. It was hoped that some relief might come from the sales of
confiscated property; but property changed hands, and the Treasury was
none the better off: just as in France, a few years later, the whole
landed property of the kingdom changed hands, and left the government
assignats what it found them,--bits of waste-paper.
Public-domain text, read in full here on John Shaqi.
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