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Updated: May 2, 2025
It wavered an instant then there was a heart-rending crash and the canary-coloured cart, their pride and their joy, lay on its side in the ditch, an irredeemable wreck. The Rat danced up and down in the road, simply transported with passion. "You villains!" he shouted, shaking both fists. "You scoundrels, you highwaymen, you you road-hogs! I'll have the law of you! I'll report you!
I have been in many awkward corners in my time; but my inward forces were never more thoroughly routed than by that episode of the lost wig on the stage of the Globe Theatre. I suppose the confession I am about to make will stamp me in the minds of a great many people as an irredeemable barbarian. I care little for that, however, and I am staunch in the opinions which I have held all my lifetime.
He elaborated the ideas contained in his previous remarks on the currency, displaying with great force the evils of irredeemable paper, and the absolute necessity of a sound currency based on specie payments. He won a signal victory by the passage of his resolutions, which brought about resumption, and, after the bank was firmly established, gave us a sound currency and a safe medium of exchange.
It wavered an instant then there was a heartrending crash and the canary-coloured cart, their pride and their joy, lay on its side in the ditch, an irredeemable wreck. The Rat danced up and down in the road, simply transported with passion. 'You villains! he shouted, shaking both fists, 'You scoundrels, you highwaymen, you you roadhogs! I'll have the law of you! I'll report you!
Now that he had control of money also, his power and influence were multiplied many fold. The time was one of expansion. The flood of irredeemable and heavily depreciated paper currency which had been issued under stress of war necessities, was producing the usual effect of inflation. It gave a false seeming of value to every purchasable thing.
They, therefore, favored an institution of large capital, non-specie-paying, and obliged to make heavy loans to the government, which involved, of course, an irredeemable paper currency. In a word, there was the party of no bank, the party of a specie bank, and the party of a huge paper-money bank. The second of these parties, with which of course Mr. Webster acted, held the key of the situation.
I must, however, adhere to my most earnest conviction that any wavering in purpose or unsteadiness in methods, so far from avoiding or reducing the inconvenience inseparable from the transition from an irredeemable to a redeemable paper currency, would only tend to increased and prolonged disturbance in values, and unless retrieved must end in serious disorder, dishonor, and disaster in the financial affairs of the Government and of the people.
Blind to the lessons of all experience, we deliberately make the South what Ireland was when Arthur Young travelled there, the country richest in the world by nature, reduced to irredeemable poverty and hopeless weakness by an upper class who would not, and a lower class who could not, improve. We have no right to purchase dominion, no right to purchase even abolition, at such a price as that.
If the final vote shall be given this day, and if that vote shall leave thousands of our fellow-citizens and their families, in hopeless and helpless distress, to everlasting subjection to irredeemable debt, can we go to our beds with satisfied consciences?
These additional sources of supply, which aid the poorer peasants to pass through a year of bad crops without parting with their small plots of land and without running into irredeemable debts, have certainly their importance for both the agricultural labourers and the nearly three millions of small peasant proprietors.
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