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Letter to Editor
March 23, 1820
Daily National Intelligencer
Washington, District Of Columbia
What is this article about?
A letter to the editors praising Russia's paper money system and financial boards for fostering rapid economic growth and industry, noting recent tax abolitions, and drawing lessons from Britain's war finances to advocate similar policies, warning against 'acre mania' as economic depletion.
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Full Text
TO THE EDITORS.
When I read in the budget of the Russian Minister of Finance, that there was a Board to make and renew paper money, and another Board to lend it to land holders and manufacturers, and a third to lend it on deposits, I knew that the ingenious and skilful, would go to Russia and that mills and barns would be built, and that manufactures by machinery, equal to fifty or an hundred millions of hands, would be increased. I observed "that Russia would rise with a rapidity unthought of, and unprecedented" but I did not expect so soon to read the following paragraph in a newspaper:
"The affairs of Russia seem more flourishing, than in any other part of Europe; the Emperor has abolished a mass of taxes.-[Washington Gaz.
Great Britain, during war, borrowed thirty millions sterling, and paid by taxes seventy millions-here is an expenditure of 450,000,000 of dollars; what supported this, but industry, stimulated by a paper currency?-Our prevalent destructive malady is the acremata. Depletion, in this case, is certain death. A word to the wise, In a multitude of counsellors there is wisdom."
When I read in the budget of the Russian Minister of Finance, that there was a Board to make and renew paper money, and another Board to lend it to land holders and manufacturers, and a third to lend it on deposits, I knew that the ingenious and skilful, would go to Russia and that mills and barns would be built, and that manufactures by machinery, equal to fifty or an hundred millions of hands, would be increased. I observed "that Russia would rise with a rapidity unthought of, and unprecedented" but I did not expect so soon to read the following paragraph in a newspaper:
"The affairs of Russia seem more flourishing, than in any other part of Europe; the Emperor has abolished a mass of taxes.-[Washington Gaz.
Great Britain, during war, borrowed thirty millions sterling, and paid by taxes seventy millions-here is an expenditure of 450,000,000 of dollars; what supported this, but industry, stimulated by a paper currency?-Our prevalent destructive malady is the acremata. Depletion, in this case, is certain death. A word to the wise, In a multitude of counsellors there is wisdom."
What sub-type of article is it?
Persuasive
Informative
What themes does it cover?
Economic Policy
What keywords are associated?
Paper Currency
Russian Economy
British War Debt
Industry Stimulation
Tax Abolition
Economic Growth
What entities or persons were involved?
The Editors
Letter to Editor Details
Recipient
The Editors
Main Argument
the letter advocates for the use of paper currency to stimulate industry and economic growth, citing russia's innovative financial boards and tax abolitions as a model for rapid prosperity, and contrasts this with britain's heavy war expenditures supported by such currency.
Notable Details
References Russian Minister Of Finance's Budget
Quotes Washington Gazette On Russia's Flourishing Affairs And Tax Abolitions
Compares British War Borrowing Of 30 Million Sterling And Tax Payments Of 70 Million
Mentions 'Acre Mania' As A Destructive Malady
Ends With Proverb: 'In A Multitude Of Counsellors There Is Wisdom'