Charles Sumner: his complete works, volume 11 (of 20)Sumner, Charles
History
Charles Sumner: his complete works, volume 11 (of 20)
Sumner, Charles
Slavery -- United States; Speeches, addresses, etc., American
There are movements pending in the field of national finance hardly
less important than those in the field of war. A defeat in finance
would be little less disastrous than a defeat in war.
Under these circumstances, and at this critical moment, a measure is
brought forward whose real character is discerned in its title: “_To
provide a national currency_ secured by a pledge of United States
bonds, and to provide for the circulation and redemption thereof.” The
primary object of this bill is not, therefore, to establish national
banks, but to secure the national currency. For the sake of the
currency a system of national banks is to be established; they are the
means to the end. But the end sought is an improved currency. Sir, this
must not be forgotten. If it were a mere question of a national bank,
if it were a question between two rival systems, Senators might take
sides. But who will hesitate to give all that is needed, even all that
is asked by the proper authorities, for an improved currency? You may
seem to give much, when you abandon sources of State taxation; but you
can give nothing that will not be returned tenfold, a hundred-fold,
when the currency at last becomes fixed and uniform.
Glance only for a moment at the incalculable advantages of a sound
currency. Gold will assume its normal place, business will be sure,
values will be fixed, fluctuations will cease, inflated prices will
pass away. There is not a mart of commerce, there is not a village in
the whole country, that will not feel the change. But this great boon
cannot be assured without corresponding effort. Like victory in the
field of battle, it must be fought for and paid for.
And now, when victory seems within reach, when an improved currency is
already begun, Senators hesitate in conceding those facilities without
which victory is doubtful. They set up claims for their States, and
insist upon certain rights of taxation. If this were a season of peace,
I could appreciate the pretension; but when I consider the peril of
the country, filling us all with such anxiety,--when I consider that
its very being is assailed, and that it is to be defended on the field
of finance just as much as on the field of battle,--I feel that every
endeavor to hamper the pending measure differs little in character
from an effort to hamper our soldiers in the field. We spare nothing
essential to our armies; we should spare nothing essential to our
currency. Men and money both are necessary; both must be cherished and
protected with equal patriotic care.
…
Public-domain text, read in full here on John Shaqi.
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