Charles Sumner: his complete works, volume 16 (of 20)Sumner, Charles
History
Charles Sumner: his complete works, volume 16 (of 20)
Sumner, Charles
Slavery -- United States; Speeches, addresses, etc., American
Similar misconduct among us must result in similar consequences, with
all the tragedies of bankruptcy. Not a bank, not a corporation, not
an institution of charity, which would not suffer,--each sweeping
multitudes into the abyss which it could not avoid. Business would
be disorganized, values would be uncertain; nobody would know that
the paper in his pocket to-day would buy a dinner to-morrow. There is
no limit to the depreciation of inconvertible paper. Down, down it
descends, as the plummet, to the bottom, or up, up, as the bubble in
the air, until, whether down or up, it disappears. It is hard to think
of the poor, or of those who depend on daily wages, under the trials of
this condition. The rich may, for the time, live from their abundance;
but the less favored class can have no such refuge. Therefore, for the
poor, and for all who labor, do I now plead, when I ask that you shall
not hearken to this painful proposition.
I plead, also, for the business of the country. So long as the currency
continues in its present uncertainty, it cannot answer the demands
of business. It is a diseased limb, no better than what is known in
India as a “Cochin leg,” or an excrescence not unlike the pendulous
goitre which is the pitiful sight of an Alpine village. But it must
be uncertain, unless we have peace. Therefore, for the sake of the
currency, do I unite with our candidate in his longing. Business must
be emancipated. How often are we told by the lawyers, in a saying
handed down from antiquity, that “a wretched servitude exists where the
law is uncertain”! But this is not true of the law only. Nothing short
of that servitude which denies God-given rights can be more wretched
than the servitude of an uncertain currency. And now that, by the
blessing of God, we are banishing that terrible wrong which was so long
the curse and shame of our Nation, let us apply ourselves to this other
servitude, whose yoke we are all condemned to bear in daily life.
Looking into the travels of Marco Polo in the thirteenth century, you
will find that he encountered in China paper money on a large scale,
being an inconvertible currency standing on the credit of the Grand
Khan, not unlike our greenbacks. Describing the celestial city of
Kin-sai, the famous traveller says, “The inhabitants are idolaters,
and they use paper money”; and then describing another celestial city,
Ta-pin-zu, he says, “The inhabitants worship idols, and use paper
money.”[276] I know not if Marco Polo intended by this association
to suggest any dependence of paper money upon the worship of idols.
It is enough that he puts them together. To my mind they are equally
forbidden by the Ten Commandments. If one Commandment enjoins upon us
not to worship any graven image, does not another say expressly, “Thou
shalt not steal”?
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Public-domain text, read in full here on John Shaqi.
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