"The moment it is perceived that money is nothing but a token, it becomes evident that any token currently accepted in exchange of useful services and products of labor will perform the proper functions of money without regard to the material of which it is made; and that the less costly the material out of which money is made, the better for the community that uses it."--Money, Currency, and Banking, by Charles Moran, New York, 1875, p. 42. [3] "To my mind, the great and immediate need of the day is the issuance of more legal-tender notes, in order to impair the confidence in them to an extent as to cause the owners of them to desire to exchange them for other kinds of property, or man's wants--not simply to loan out on short or long date paper, with fire-proof security, at low or high rates of interest, which can now be done to any extent required--but absolutely part with them for other kinds of property."--Views of Enoch Ensley, of Memphis, Tennessee, on the National Finances, Memphis, September, 1875. [4] "In the midst of the public distress, one class prospered greatly--the bankers; and, among the bankers, none could, in skill or in luck, bear a comparison with Charles Duncombe. He had been, not many years before, a goldsmith of very moderate wealth. He had probably, after the fashion of his craft, plied for customers under the arcades of the Royal Exchange, had saluted merchants with profound bows, and had begged to be allowed the honor of keeping their cash. But so dexterously did he now avail himself of the opportunities of profit which the general confusion of prices gave to a money-changer, that, at the moment when the trade of the kingdom was depressed to the lowest point, he laid down near ninety thousand pounds for the estate of Helmsley, in the North Riding of Yorkshire."--Macaulay's History of England, State of the Currency in 1694-'95. [5] "Beyond the sea, in foreign lands, it (the greenback) fortunately is not money; but, sir, when have we had such a long and unbroken career of prosperity in business as since we adopted this non-exportable currency?"--Speech of Hon. William D. Kelley, House of Representatives, 1870. "I desire the dollar to be made of such material, for the purpose, that it shall never be exported or desirable to carry out of the country. Framing an American system of finance, I do not propose to adapt it to the wants of any other nation."--Speech of General B. F. Butler before the New York Board of Trade, October 14th, 1875.