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But under the Presidential form of government, and owing to the inferior power of generating discussion, the information given to the American people has been imperfect in the extreme. And in consequence, after nearly ten years of painful experience, they do not now understand how much they have suffered from their inconvertible currency.
He went over the history of the past ten years; he called attention to the obstinacy with which the wretched device had been resorted to again and again, after its evils had been thrust before everybody's eyes; and he proved himself a true prophet when he said that if the United States should ever again have a great war to conduct, people would have forgotten all about these things, and would call for fresh issues of inconvertible paper, with similar disastrous results.
He is not, like his wife, a person of imagination. She leaves him far behind, though he is so inconvertible that if she were a less superior person he would have been a sad encumbrance. He always figures in the corner of the scenes in which she distinguishes herself, separated from her by something like the gulf that separated Caliban from Ariel.
An inconvertible paper currency, stimulating industry and improving morals by converting beneficent commerce into baleful gambling that fatal invention did not then exist. Meantime, the legitimate trader and innocent citizen were harassed, and the general public endangered, as much as the limited machinery of the epoch permitted.
This consequently suffered no serious interruption; whereas the produce of the South, its inconvertible wealth cotton chiefly was practically useless to sustain the financial system and credit of the people.
The projectors could not deny that many people had a prejudice in favour of the precious metals, and that therefore, if the Land Bank were bound to cash its notes, it would very soon stop payment. This difficulty they got over by proposing that the notes should be inconvertible, and that every body should be forced to take them.
"It declared the independence of the United States; it contracted an offensive and defensive alliance with France; it raised and organized a Continental army; it borrowed large sums of money, and pledged what the lenders understood to be the national credit for their repayment; it issued an inconvertible paper currency, granted letters of marque, and built a navy."
If this be understood, it will be at once seen that gravity may in this sense be said to be convertible into heat; that it is in reality no more an outstanding and inconvertible agent, as it is sometimes stated to be, than chemical affinity. By the exertion of a certain pull, through a certain space, a body is caused to clash with a certain definite velocity against the earth.
The first panic of which it is necessary here to speak, is that of 1825: I hardly think we should derive much instruction from those of 1793 and 1797; the world has changed too much since; and during the long period of inconvertible currency from 1797 to 1819, the problems to be solved were altogether different from our present ones.
An inconvertible paper currency, stimulating industry and improving morals by converting beneficent commerce into baleful gambling that fatal invention did not then exist. Meantime, the legitimate trader and innocent citizen were harassed, and the general public endangered, as much as the limited machinery of the epoch permitted.
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