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Updated: June 22, 2025
In accordance with an oft-repeated request, these lines are inscribed on the Iona cross carved in lava, which marks the grave wherein is laid to rest the earthly form of William Sharp: "Farewell to the known and exhausted, Welcome the unknown and illimitable." And this: "Love is more great than we conceive, and death is the keeper of unknown redemptions."
Within this time there were several occasions when it was necessary for the Treasury Department to come to the relief of the money market by purchases or redemptions of United States bonds; by increasing deposits in national banks; by stimulating additional issues of national bank notes, and by facilitating importations from abroad of gold.
We must either curtail the opportunity for speculation, made easy by the multiplied redemptions of our demand obligations, or increase the gold reserve for their redemption. We have $900,000,000 of currency which the Government by solemn enactment has undertaken to keep at par with gold. Nobody is obliged to redeem in gold but the Government. The banks are not required to redeem in gold.
The disbursements during the same period were: For Congressional, executive, and judicial purposes, $5,939.009.29; for foreign intercourse, $1,339,710.35; for miscellaneous expenses, including the mints, loans, Post-Office deficiencies, collection of revenue, and other like charges, $14,129,771.50; for expenses under the Interior Department, 985.52; under the War Department, $394,368,407.36; under the Navy Department, $42,674,569.69; for interest on public debt, $13,190,324.45; and for payment of public debt, including reimbursement of temporary loan and redemptions, $96,096,922.09; making an aggregate of $570,841,700.25, and leaving a balance in the Treasury on the 1st day of July, 1862, of $13,043,546.81.
The four triangular compositions that fill the corners of the chapel, the four great Redemptions of Israel, are absolute masterpieces of space arrangement, different methods of overcoming the same difficulty being used in each picture, from the two principal figures and the tent in the David and Goliath to the marvellous crowd of twisted limbs in the story of the Brazen Serpent.
The postal currency was printed under his direction. The pieces were not numbered, they were due bills only. At the end of twenty years the books showed an issue of about fifteen million dollars in excess of the redemptions. His power was unlimited as there were no checks upon him. He once said to me when a committee of Congress was investigating his bureau, during Mr.
In 1637, for instance, the monarch of Sweden established the Bank of Stockholm; yet in a little while its issues amounted to forty-eight millions of roubles, and their depreciation to ninety-six per cent. In 1736, Denmark created the Bank of Copenhagen; but within nine years from its foundation it suspended redemptions altogether, and its notes were depreciated forty-six per cent.
I take, as true, the great words of the old Psalm, in their simplest sense 'His mercy endureth for ever'; and I fall back upon the other words which a penitent had learned to be true by reflecting on the greatness of his own sin: 'With Him are multitudes of redemptions'; and I turn from psalmists and prophets to the Master who showed us God's heart, and knew what He spake when He laid it down as the law and the measure of human forgiveness which was moulded upon the pattern of the divine, that it should be 'seventy times seven' the multiplication of both the perfect numbers into themselves than which there can be no grander expression for absolute innumerableness and unfailing continuance.
The fines on the succession to an estate, called in the feudal language reliefs, were not fixed to any certainty, and were therefore frequently made so excessive that they might rather be considered as redemptions or new purchases than acknowledgments of superiority and tenure.
Again, if the stock depreciates, the landlord cannot carry out contemplated redemptions of mortgages on his property, and this produces a disinclination on the part of other landlords to sell.
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