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Editorial December 25, 1819

Daily National Intelligencer

Washington, District Of Columbia

What is this article about?

Editors clarify they are not convinced paper currency based on credit is superior to specie, oppose interfering with the ongoing purification of the nation's currency, but see no harm in issuing limited Treasury Notes to cover revenue shortfall.

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Full Text

As some of our brother Editors impute to us the sentiments expressed in the essays we have published in favor of the establishment of a Paper Currency, it is perhaps proper explicitly to state, that we are by no means convinced that a paper currency representing credit, is preferable to a paper representing specie. We are opposed to any measure intended to arrest the fermentation now going on in the currency of the country, which, with the exception of the mere froth and dregs, is, by the process, becoming purer & purer. Though opposed to such a measure, however, we do not see how any prejudice can result to any interest from an issue of Treasury Notes, of no larger aggregate amount than is necessary to supply the estimated deficiency in the Revenue, for the ensuing year.

What sub-type of article is it?

Economic Policy

What keywords are associated?

Paper Currency Treasury Notes Currency Fermentation Revenue Deficiency

Editorial Details

Primary Topic

Position On Paper Currency And Treasury Notes

Stance / Tone

Clarificatory Opposition To Currency Interference With Conditional Acceptance Of Limited Treasury Notes

Key Arguments

Not Convinced Paper Currency On Credit Is Preferable To Specie. Opposed To Measures Arresting The Purifying Fermentation In The Currency. No Prejudice From Issuing Treasury Notes Limited To Revenue Deficiency.

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