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Little change had been made in their way of doing business since the Civil War, and for some time it had been felt that to meet the growing needs of trade a change was wanted. Many people had tried to think out a new system, but it was not easy, and they failed. Mr. Wilson, however, succeeded, and in December, 1913, the Currency Bill was passed.
It is patent to the most casual observer that much more currency, or money, is required to transact the legitimate trade of the country during the fall and winter months, when the vast crops are being removed, than during the balance of the year.
There is genuine impressiveness in this heroic triumphing over the obstacles of obdurate nature and this paternalistic provision for the exposed Cumberland settlement the purchase by Judge Henderson, the shipment by Captain Hart, and the transportation by Colonel Smith, in an awful winter of bitter cold and obstructed navigation, of this indispensable quantity of corn purchased for sixty thousand dollars in depreciated currency.
'In order to remedy the inconvenience to which this disadvantageous exchange must have subjected their merchants, such small states, when they began to attend to the interest of trade, have frequently enacted, that foreign bills of exchange of a certain value should be paid, not in common currency, but by an order upon, or by a transfer in, the books of a certain bank, established upon the credit, and under the protection of the state, this bank being always obliged to pay, in good and true money, exactly according to the standard of the state.
There must be the closest cooperation between the National and State governments in administering these laws. In my Message to the Congress a year ago I spoke as follows of the currency: "I especially call your attention to the condition of our currency laws.
Many people who are not used to handling money have been swindled by what is known as "Imitation Money." The United States Treasury Department is making strenuous efforts to break up the practice of issuing imitations of the national currency, to which many commercial colleges and business firms are addicted.
In 1624 the rate had been reduced to 8 per cent.; and with the advance of commercial prosperity it had been found advisable to lower it still further. There were many reasons for the establishment of a national bank. It was necessary for the sake of a secure paper currency. It was required for the support of the national credit.
He needed for a momentary effect some tale of a great lord, once fabulously rich, who had not left himself the price of a halter or of a pauper's bed. And thus, for the sake of extorting a stare of wonderment from a mob of gaping readers, he did not scruple to give birth and currency to the grossest of legendary lies. The Duke's death happened a few months before Pope's birth.
The French had been for generations the deadly enemies of the English Colonies and some of the French officers noted the reserve with which they were received. The ice was, however, soon broken. They brought with them gold, and the New England merchants liked this relief from the debased continental currency.
In Wisconsin, for example, there was little difference between Democrats and Greenbackers on the currency question, and even the Republicans in their platform leaned toward inflation, although the candidates declared against it. No general elections were held in 1877 in some of the States where the Greenback sentiment was most pronounced.
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