Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
MR. LAWYER: In the light of the facts preceding the Constitutional
Convention, the personal opinions of those who framed it, and what
they actually did in the convention, I will admit I have not a leg to
stand on. The story of our experience so well told by you gentlemen
demonstrating the utter unwisdom of government issues of money, and the
overwhelming evidence on the constitutional question has completely
converted me to your contention. But I was relying in a sort of a
blind way upon the fact that our Supreme Court has held that the
United States notes were lawfully issued. How about that? Have you
investigated it?
MR. BANKER: I have, but the story of the Greenback will take the best
part of another night. Therefore, I move we adjourn. It is enough
glory for one night to have a layman knock out a lawyer upon a
constitutional question.
MR. LAWYER: There is no humiliation in being shown that you are wrong
upon so great a question; I regard it as a piece of disgraceful
cowardice for a man to persist in holding to a position when he is
clearly wrong.
UNCLE SAM: That is the way I like to hear my boys talk. This is really
the longest siege we have had, and you all look as though you had been
undermined, and so we had better say good night.
NINTH NIGHT
UNITED STATES NOTES
UNCLE SAM: Here we are again and all present. Not a single man has
been sick or even reported as indisposed or indifferent since we began
these discussions. You must all be thinking that we are engaged in a
religious duty, a patriotic service, or you are mightily interested in
the subject.
Before we begin, let me recall what was so fully presented last
Wednesday night so that we can keep the mile posts constantly before us.
We then learned that during a hundred years, from 1690 to 1790, every
one of the thirteen colonies experimented with "Bills of Credit,"
"Legal tender" "paper money," or "Greenbacks," as we call them,
and that they issued fiat or "legal tender money" in almost every
conceivable shape, form and way. They issued money against their own
credit; they issued it against real estate mortgages, that is, in
the form of loans secured by mortgages; they issued it against the
personal credit of men in the form of ordinary loans; they issued it
under the authority of the Continental Congress when the Colonies
were all united. But in no case did any one of them, or all of them
combined, escape the certain and universal fate of all such efforts.
The order of events was always the same: (1) Emission of paper money;
(2) depreciation of the issue; (3) disappearance of coin; (4) emission
of more paper money to make up for the depreciation of that already
issued; (5) defrauding of creditors; (6) repudiation; (7) cancelation;
(8) reappearance of gold and silver; (9) resumption of species or coin
payment; (10) a return of that degree of prosperity that the times and
the conditions of the country justified.
Public-domain text, read in full here on John Shaqi.
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