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Calhoun, who had wept over the defeat of the bank bill in 1815, was now convinced that all banks were mistakes, and wished to prevent the acceptance of the notes of specie paying banks for government dues. Mr. Webster's speech was the fullest and most elaborate he ever made on the subject of the currency, and the relations of the government to it.
Provisions had risen to an enormous price; paper money was refused at all the shops; the people had not wherewithal to buy bread. It had been found absolutely indispensable to relax a little from the suspension of specie payments, and to allow small sums to be scantily exchanged for paper.
The portion which had been issued upon the deposit of shares partook of the danger of the shares themselves; but no one thought of that, and the bank-notes still possessed the entire confidence of the public; only they no longer had the same advantage over specie since the latter had been so much sought by the "realizers."
McCulloch in his official report insisted on the funding or payment of the balance of interest-bearing notes, and upon a continued contraction of the currency, as the first measure for promoting the National prosperity; and he presented a strong argument in favor of permanent specie payment.
This fluctuation of the imagination will take place in the same way if the imagination is dealing with things which we contemplate in the same way with reference to past or present time, and consequently we imagine things related to time past, present, or future as contingent. Sub Specie Æternitatis It is of the nature of reason to consider things as necessary and not as contingent.
But as the mountain was a considerable distance off, it happened that at the first halt, an artisan remembered that he had to deliver a new pair of slippers to a duke and peer, a publican fell to thinking how he had some specie to negotiate, and off they went.
So he sent for a Jew from Frankfurt by the name of Rothschild, a small-time banker and not well known, but respected for the scrupulous devotion with which he practised his religion: and it was this that decided the Elector to confide to his care some fifteen million in specie. The interest earned on this money was to belong to the banker, who was obliged to return only the capital.
The people were always extremely poor. Money was rarely seen in the shape of specie. The few coins that came to the colony soon found their way back to France. From 1685 down to 1759 the government issued a paper currency, known as "card money," because common playing cards were used.
As for the conjurers in evening dress, they apparently never soiled themselves by contact with specie. Outside on the pavement, he was at a loss what to do. You see, he was entirely unfamiliar with Mrs. Challice's code of etiquette.
Ford, a Catholic solicitor, openly proposed, in the Association, exclusive dealing and a run on the banks for specie, while Mr. John Claudius Beresford, and other leading Orangemen, publicly predicted a revival of the scenes and results of 1798.
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