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The leading movements in politics, the advanced guard of scientific and artistic achievement, the most interesting social phenomena rather increase than diminish their importance by currency in certain circles instead of in the press.
The constitutional currency has been restored, the public credit maintained unimpaired even in a period of a foreign war, and the whole country has become satisfied that banks, national or State, are not necessary as fiscal agents of the Government. Revenue duties have taken the place of the protective tariff.
While these resources lasted, while the blockade was ineffective, while the Confederacy could produce men to replace all who fell, while a paper currency and scrip could be floated, and while the nation hesitated to put forth its strength, the South was able to maintain a strong front, although driven successively from Maryland, Missouri, Kentucky, Western Virginia, and Tennessee, and thus deprived of nearly half the population and resources on which it originally relied.
One of the profoundest tests by which we can measure the congeniality of an author with the national genius and temper, is the degree in which his thoughts or his phrases interweave themselves with our daily conversation, and pass into the currency of the language.
Before we can find the true remedy we must appreciate the real evil. It is not that our currency of every kind is not good, for every dollar of it is good; good because the Government's pledge is out to keep it so, and that pledge will not be broken. However, the guaranty of our purpose to keep the pledge will be best shown by advancing toward its fulfillment.
Milnes introduced him as Mr. Algernon Swinburne. The name suggested nothing. Milnes was always unearthing new coins and trying to give them currency. He had unearthed Henry Adams who knew himself to be worthless and not current.
Greg describes the impressions to which I have given currency as a confused compound of natural sympathy, vague Christianity, and dim economic science. Of the confusion, vagueness and dimness of our views, of course we cannot be expected to be conscious; but I own that I defer, in these matters, not only to natural feeling, but to the ethics of rational Christianity.
Not very many years ago an officer in Rangoon lost some currency notes. He had placed them upon his table overnight, and in the morning they were gone. The amount was not large. It was, if I remember rightly, thirty rupees; but the loss annoyed him, and as all search and inquiry proved futile, he put the matter in the hands of the police.
It transpired later that Burleigh went back to the bank, presented a check for the balance to his credit and demanded currency, but the cashier had become alarmed by the investigations made by the General and had temporized said he must consult the president, and asked the major to call two hours later, whereat Burleigh had taken alarm. He was looking ghastly, said the cashier.
But they were not, for as soon as confidence was restored, banks chartered by the states sprang up in the chief cities in the East, and as each issued notes, the people had all the currency they wanted. In 1790, when Congress established the National Bank, there were but four state banks in the whole country: one in Philadelphia, one in New York, one in Boston, and one in Baltimore.
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