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Updated: May 2, 2025
Having thus wreaked his vengeance on the unhappy number, he laid away the surviving fraction in a cold corner of the slate, where he left it, first, however, giving a parting token of his bitter malignity by writing the minus sign before it, which made it perpetually worse than nothing, and reduced it to a state of irredeemable algebraic bankruptcy.
The capital was not desired; only the interest on capital. So many monopolies and advantages were granted to the company, that the stock rose, and the national creditor was willing to part with his annuities for stock in the company. The offer was, therefore, accepted, and the government got rid of irredeemable annuities, and obtained seven millions besides, but became debtor to the company.
I remember being angry with Greville Fane when she announced these nuptials to me as magnificent; I remember asking her what splendour there was in the union of the daughter of a woman of genius with an irredeemable mediocrity. "Oh! he's awfully clever," she said; but she blushed for the maternal fib.
Thus came a collapse in manufacturing and commerce, just as it had come previously in France: just as it came at various periods in Austria, Russia, America, and in all countries where men have tried to build up prosperity on irredeemable paper.
Were there no order to be found, what could the student with a man's reason in him do, but in due time go mad? Were there no progress, what could the student with a man's heart within him do, but in due time break his heart, over the sight of a chaos of folly and misery irredeemable?
He felt as if the shadow of some coming evil was resting on his soul as if some momentous calamity was preparing for him, which would almost be enough to drive him to madness, and irredeemable despair. "What can this be," he exclaimed, "that thus oppresses me? What feeling is this that seems to tell me, I shall never again see Flora Bannerworth?"
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.
Government, too, gained by reducing interest on irredeemable bonds from five to four per cent., although it lost the promised bonus of seven millions.
This was to be done by reducing the rate of interest on the government bonds to three percent and by making them convertible into legal tender currency and convertible back into bonds, at the will of the holder of either. In other words, the greenback currency, instead of being, as it was at the time, an irredeemable promise to pay in specie, would be redeemable in government bonds.
Nay, the contemplation of it may become, on this account, so painful as to amount to agony. But that Goodness can be hated for its own sake we do not believe, except by a devil, or some irredeemable incarnation of evil, if such there be on this side the grave.
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