Reflections and Comments 1865-1895Godkin, Edwin Lawrence
General
Reflections and Comments 1865-1895
Godkin, Edwin Lawrence
Essays
A Washington correspondent, describing, the other day, the motives
which animated the majority in Congress in its performances on
the currency question, said, and we believe truly, that most of
the inflationists in that body knew very well what the evils of
paper-money were, so that argument on that point was wasted on them.
But they knew also that large issues of irredeemable paper would
make it easier for debtors to pay off their creditors, and came to
the conclusion that as the number of debtors in the country was
greater than the number of creditors, it was wise policy for a
politician to curry favor with the former by helping them to cheat
the persons who had lent them money or sold them goods. This
explanation of the conduct of the majority may be a startling and
sad one, but that it is highly probable nobody can deny. All the
debates help to confirm it. In every speech, made either in
opposition to resumption or in favor of inflation, a portion of the
community known as "the debtor class" has appeared as the object of
the orator's tenderest solicitude. The great reason for not
returning to specie payments hitherto has been the fear that
contraction would press hard on "the debtor class;" it is for "the
debtor class" we need more paper "_per capita_;" and indeed, no
matter what proposal we make in the direction of financial reform,
we are met by pictures of the frightful effects which will be
produced by it on the "debtor class." Moreover, in listening to its
champions, a foreigner might conclude that in America debtors either
all live together in a particular part of the country, or worse, a
particular costume, like mediaeval Jews, and are divided from the
rest of the community by tastes and habits, so that it would be
proper for an American to put "debtor" or "creditor" on his card as
a description of his social status. He might, too, not unnaturally
begin to mourn over the negligence of the framers of the
Constitution in not recognizing this marked distribution of American
society. Truly, he would say, the debtors ought to have
representatives in the Senate and House to look after their special
interests; these unfortunate and helpless men ought not to be left
to the charitable care of volunteers like Messrs. Morton, and Logan,
and Kelly. The great sham and pretence with which America has so
long tried to impose on Europe, that there were no classes in the
United States, ought at last to be formally swept away, and proper
legal provision made for the protection of a body of men which has
been in all ages the object of atrocious oppression, and seems in
America, strange to say, to constitute the larger portion of the
community. In travelling through the country, too, he would be
constantly on the lookout for the debtors. He would ask in the
cities for the "debtors' quarter," and when introduced to a
gentleman in the cars or in the hotels, would inquire privately
whether he was a debtor or a creditor, so as to avoid hurting his
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account