The Atlantic Monthly, Volume 01, No. 01, November, 1857: A Magazine of Literature, Art, and PoliticsVarious
General
The Atlantic Monthly, Volume 01, No. 01, November, 1857: A Magazine of Literature, Art, and Politics
Various
American periodicals
What, then, is the remedy? "Why, away with paper currency altogether!" says
one. Yes,--tear up your Croton-water-pipes, because the breaking of a main
sometimes submerges your dwellings; destroy your railroads, because the
trains sometimes run off the track; arrest your steamships, because an
"Arctic" and a "Central America" go disastrously down into the deep,
deep sea! That were not wise, surely; that were very unwise, even were
it possible, which it is not.--"Give us a high protective tariff," says
another. Most certainly, friend, if we are to be perpetually flooded with
paper, a high tariff is needed;--your theory is at least consistent,
however it may have worked in practice. But a high protective tariff is
an impossibility, because it can be attained only by favor of the Federal
legislature; and, as we all know, at the door of that legislature stands
the inexorable shape of the Slave Power, which consults no interest but
its own in the management of government, and which will never make a
concession to the manufacturers or the merchants of the North, unless it be
to purchase some new act of baseness, or bind them in some new chains of
servility.--But have you inquired whether that flood of paper is necessary?
We frankly tell you that we do not believe it is; we believe that a better
system is possible,--to be brought about, not by greater restrictions
on banking, but by greater freedom; and we only regret that we have not
now space to discuss that faith with you in all its reasons and results.
We hope to be permitted to do so at some other time. Meanwhile, let us
rejoice that the whole subject is in a position to be frankly discussed. A
few years ago, when the question of the currency was a question of party
politics, there was no aspect in which it could be presented, which did
not arouse all the restless jealousies of party prejudice. If you talked
of hard-money, you were denounced as a Benton bullionist; if you talked
of credit, you were called a Whig banker, plotting to devour the poor;
and the calmest phrases of science were turned into the shibboleths of an
internecine warfare. A better hour has come, and let us improve it to our
mutual edification.
SONNET.
The Maple puts her corals on in May,
While loitering frosts about the lowlands cling,
To be in tune with what the robins sing,
Plastering new log-huts 'mid her branches gray;
But when the Autumn southward turns away,
Then in her veins burns most the blood of Spring,
And every leaf, intensely blossoming,
Makes the year's sunset pale the set of day.
O Youth unprescient, were it only so
With trees you plant, and in whose shade reclined,
Thinking their drifting blooms Fate's coldest snow,
You carve dear names upon the faithful rind,
Nor in that vernal stem the cross foreknow
That Age may bear, silent, yet unresigned!
THE ROUND TABLE.
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