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The Constitution has intrusted Congress exclusively with the power of creating and regulating a currency of that description, and the measures which were taken during the last session in execution of the power give every promise of success. The Bank of the United States has been organized under auspices the most favorable, and can not fail to be an important auxiliary to those measures.
The Ermine lives in the northern parts of the Old and New Worlds, and it preys on hares and rabbits and almost every other creature it is strong enough to master. I will tell you a story about the Ermine. Mr. Sturgis, of Boston, was formerly engaged in trading with the natives on the north west-coast of America, for furs. The natives had no currency.
All the bonds that have been issued since February 12, 1873, when gold became the only unlimited legal-tender metallic currency of the country, are justly payable in gold coin or in coin of equal value. During the time of these issues the only dollar that could be or was received by the Government in exchange for bonds was the gold dollar.
Some of the fault was neglect by their own American officers and some was indifference to the subject by those American officers at Archangel who were in position to know what was going to be the result of the attempt to peg the currency at a fixed rate.
And nearly everyone responded. Some people brought bags of rice, beans and wheat; others brought cakes and bread, but the greater number invested in little sea shells which are used in the interior of India as currency, and one hundred of them are worth a penny.
You may honestly believe in a protective tariff, having for its object the protection of the American working-man, but does it help you when you know that the doors of mills, foundries, and manufactories are shut against you? As to the currency, you are at a disadvantage when you attempt to antagonize the financial views of your employers.
Somber forest crept down to the skirts of it, and across the glistening water black hills ran up into the evening sky, with the blink of towering snow to the north of them. Half an hour later Vane landed his passengers, and it was not until he had left them that they discovered he had thrust a roll of paper currency into the little girl's hand.
In a word, I can not but believe that, with the full understanding of the operations of our banking system which experience has produced, public sentiment is not less opposed to the creation of a national bank for purposes connected with currency and commerce than for those connected with the fiscal operations of the Government.
For words are not the same as things, and the more a phrase is used the less it tends to mean: verbal currency, like the coinage, gets worn with use until in time it has to be called in as bad. The time has come to recall the Balance of Power as a phrase that has completely lost the value it possessed when originally it was coined.
We are now to see whether, in the present favorable condition of the country, we can not take an effectual stand against the spirit of monopoly, and practically prove in respect to the currency as well as other important interests that there is no necessity for so extensive a resort to it as that which has been heretofore practiced.
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