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Unfortunately the federal government did not attempt to establish a satisfactory currency system. In 1837 and again in 1857 the country was visited by a financial panic due in a large measure to extravagant speculation, much of which would have been impossible had the issue of money been properly regulated. On the whole the period from 1830 to 1860 was one of great prosperity and contentment.
What can I do? "Drink," said the Tempter; but to drink to drunkenness needs cash, and oblivion by liquor demands an equivalent in the currency. Starve or steal. "You must do one or the other," said the Tempter. But recoiled from being a Thief. "Why be so particular?" says the Tempter again "You are down now, who will trouble about you? Why trouble about yourself?
Despite Blaine's apparent change of purpose, it seemed necessary to renominate Harrison in order to avoid the appearance of discrediting his administration, and on the first ballot Harrison received 535 votes to Blaine's 183 and was nominated. The only approach to excitement was over the currency plank in the platform. Western delegates demanded the free coinage of silver, which the East opposed.
The old act designed for regulatory purposes, cost approximately three times as much to enforce as the revenues collected; the new act, expected to produce annual revenues of about £100,000, averaged about £20,000 in revenues at an annual cost of over £200,000. The Currency Act of 1764
Within about five years, or less, an issue of bank-bills and of this small currency was entrusted to an establishment in the United States, when fourteen millions of dollars were printed in addition to the amount authorized! All were duly receipted for and signed by corrupt Spanish officials, who coolly divided these millions among themselves!
The workingmen held the banks responsible for the existing anarchy in currency, from which they suffered both as consumers and producers. Moreover, they felt that there was something uncanny and threatening about corporations with their continuous existence and limited liability. Even while their attention had been engrossed by trade unionism, the workingmen were awake to the issue of monopoly.
I knew the road fairly well, for I had previously traveled it by night, on horseback, my pockets bulging with currency and my free hand holding a cocked revolver the entire distance of fifty miles. To make the journey by wagon with a companion was luxury. Still, the drizzle of rain was uncomfortable.
Ludlam, the Society's missionary at Goose-creek, bequeathed all his estate, which was computed to amount to two thousand pounds Carolina currency, for the same purpose. Richard Beresfords, by his will, bequeathed the annual profits of his estate to be paid to the vestry of St.
In that great state paper all the confusions disappeared, and in terse sentences an entire scheme for funding the debt, disposing of the worthless currency, and raising the necessary revenue came out clear and distinct, so that all men could comprehend it. The provision for the foreign debt passed without resistance. That for the domestic debt excited much debate, and also passed.
But New York cannot affect the general restoration of the currency, nor any one State, nor any number of States short of the whole, and hence the duty of the general government to superintend this interest. But what does the sub-treasury propose? Its basis is a separation of the concerns of the treasury from those of the people.
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