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The operations of the Treasury continued to be obstructed by difficulties arising from the condition of the national currency, but they have nevertheless been effectual to a beneficial extent in the reduction of the public debt and the establishment of the public credit. The floating debt of Treasury notes and temporary loans will soon be entirely discharged.
But this influx of imported goods was one of the chief factors in causing the depression of 1785, as it brought ruin to many of those domestic industries which had sprung up in the days of nonintercourse or which had been stimulated by the artificial protection of the war. To make matters worse, the currency was in a confused condition.
"Of all the gods, I only know the keys That ope the solid doors within whose vaults His thunders sleep." A plain confession of the in-working of the All, and of its moral aim. The Indian mythology ends in the same ethics; and it would seem impossible for any fable to be invented to get any currency which was not moral.
A specie-currency may be converted into ear-rings, but it is no longer a currency; it may be buried in iron pots, or locked in iron safes, but it is not then a currency; it may be exported to foreign lands, but it is not there a currency until reauthorized. Currencies, properly speaking, are ideas clothed in words, the words of a nation, otherwise called laws.
Gold as a currency, passing from hand to hand, will be used less and less. Substitutes, for which gold can be obtained, will be preferred. The volume of currency in a country is not limited by the amount of gold that a country may possess.
Of these two titles, the latter had the wider currency; the enemy, being greatly in the majority, attended to that. Whatever the doctor believed, he believed with all his heart, and would fight for it whenever he got the chance; and if the intervals between chances grew to be irksomely wide, he would invent ways of shortening them himself.
For now, side by side with a pure and unimpaired and full-valued currency, and mingled up everywhere with it, there was the old, clipped, debased, and far too light gold and silver money; till troubles arose in connection with the coinage and circulation of the country that can only be told by Macaulay's extraordinarily graphic pen.
After a certain age, the new publications of merit are the sole food of the many; and the must austere student will be often tempted to break the line, for the sake of indulging his own curiosity, and of providing the topics of fashionable currency.
If it be Chilian coin the island currency he will escape; if the sum is in gold, French silver, or bank-notes, the police wait until the money begins to come in circulation, and then easily pick out their man. And now comes the shameful part. To keep him alone, day and night, in the black hole, is to inflict on the Marquesan torture inexpressible.
Here is the passage: "We all lean on England; scarce a verse, a page, a newspaper, but is writ in imitation of English forms; our very manners and conversation are traditional, and sometimes the life seems dying out of all literature, and this enormous paper currency of Words is accepted instead.
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