Autobiography of Andrew Dickson White — Volume 1White, Andrew Dickson
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Autobiography of Andrew Dickson White — Volume 1
White, Andrew Dickson
Cornell University; Diplomats -- United States -- Biography; White, Andrew Dickson, 1832-1918
In central New York the mania seemed, early in the
summer, to take strong hold. In Syracuse John Wieting, an
amazingly fluent speaker with much popular humor, who
had never before shown any interest in politics, took the
stump for an unlimited issue of government paper currency,
received the nomination to Congress from the
Democrats and sundry independent organizations, and
for a time seemed to carry everything before him. A
similar state of things prevailed at Ithaca and the region
round about Cayuga Lake. Two or three people much
respected in the community came out for this doctrine,
and, having a press under their control, their influence
seemed likely to be serious. Managers of the Republican
organization in the State seemed at first apathetic; but at
last they became alarmed and sent two speakers through
these disaffected districts--only two, but each, in his way,
a master. The first of them, in order of time, was Senator
Roscoe Conkling, and he took as his subject the National
Banking System. This had been for a considerable time
one of the objects of special attack by uneasy and unsuccessful
people throughout the entire country. As a matter
of fact, the national banking system, created during the
Civil War by Secretary Chase and his advisers, was one of
the most admirable expedients ever devised in any country.
Up to the time of its establishment the whole country
had suffered enormously from the wretched currency
supplied from the State banks. Even in those States where
the greatest precaution was taken to insure its redemption
all of it was, in time of crisis or panic, fluctuating and much
of it worthless. But in other States the case was even
worse. I can recall perfectly that through my boyhood
and young manhood every merchant and shopkeeper kept
on his table what was called a ``bank-note detector,''
which, when any money was tendered him, he was obliged
to consult in order to know, first, whether the bill was a
counterfeit, as it frequently was; secondly, whether it was
on a solvent bank; and thirdly, if good, what discount
should be deducted from the face of it. Under this system
bank-notes varied in value from week to week, and even
from day to day, with the result that all buying and selling
became a sort of gambling.
When, then, Mr. Chase established the new system of
national banks so based that every bill-holder had security
for the entire amount which his note represented, so
controlled that a bill issued from any little bank in the
remotest State, or even in the remotest corner of a Territory,
was equal to one issued by the richest bank in Wall
Street, so engraved that counterfeiting was practically
impossible, there was an immense gain to every man, woman,
and child in the country.
Public-domain text, read in full here on John Shaqi.
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