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This, however, would depend upon the law of demand and supply, though it should be borne in mind that by making legal-tender and bank notes convertible into coin or its equivalent their present specie value in the hands of their holders would be enhanced 100 per cent. Legislation for the accomplishment of a result so desirable is demanded by the highest public considerations.
In the background, a straight holder, on a level with the ground, upheld the large tapers, which, like the pipes of an organ, formed a row of uneven height, some of them being as large as a man's thigh. And yet other holders, resembling massive candelabra, stood here and there on the jutting parts of the rock.
I suppose that ancient Greece and modern Greece compared, furnish the most extravagant contrast to be found in history. George I., an infant of eighteen, and a scraggy nest of foreign office holders, sit in the places of Themistocles, Pericles, and the illustrious scholars and generals of the Golden Age of Greece.
The social ruin of Italy spread with alarming rapidity; since the aristocracy had given itself legal permission to buy out the small holders, and in its new arrogance allowed itself with growing frequency to drive them out, the farms disappeared like raindrops in the sea.
The next morning land scrip was worth fifty dollars a section, and on my return one hundred dollars a certificate was being freely bid, while every surveyor in the State was working night and day locating lands for individual holders of scrip. This condition of affairs was largely augmented by a boom in sheep.
The second bill proposed the conversion of the five per cent. annuities into three per cents; that is to say, a reimbursement, to the holders of stock, of their capital at par, or the reduction of interest. To this great financial scheme was joined a political measure of equal importance, indemnity to the Emigrants, with preparations for carrying it into effect.
"Silence!" roared Sir Edward now "you within there, lay down your arms, and march out at once." A defiant yell came from the holders of the pikes, enraging Nick Garth to such an extent that he picked up a block of stone from the top of the breastwork, raised it above his head, and dashed it into the doorway, Ram Jennings following suit with another.
A wholesale dismissal of office holders large and small, and replacement of them by sound Democrats, soon took place. Once started, the "spoils system" could hardly be stopped. Thenceforward there was a standing danger that the party machine would be in the hands of a crew of jobbers and dingy hunters after petty offices.
In the course of the year 1656 several of the people called Quakers led, as they professed, by the inward movement of the spirit made their appearance in New England. Their reputation as holders of mystic and pernicious principles having spread before them, the Puritans early endeavored to banish and to prevent the further intrusion of the rising sect.
Very likely he had not a notion as to what the whole thing meant, and only thought that he was doing his best to finance his country along the road to wealth. But the fact remains that by these actions he made his Government a party to the proceedings that were so unfortunate for it and so ruinous to the holders of its bonds.
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