Lincoln's Words On Living Questions : a Collection of All the Recorded Utterances of Abraham Lincoln Bearing Upon the Questions of Today ;

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What I have here said of a single case of the 128 Money y Greenbacks ^ Silver and Gold purchase of a horse will hold good in every case of debt existing at the time a reduction in the quan- tity of money occurs, by whomsoever and for what- soever it may have been contracted. It may be said that what the debtor loses the creditor gains by this operation, but on examination this will be found true only to a very limited extent. It is more gen- erally true that all lose by it — the creditor losing
... more of his debts than he gains by the increased value of those he collects; the debtor by either parting with more of his property to pay his debts than he received in contracting them, or by entirely breaking up his business, and thereby being thrown upon the world in idleness.
The general distress thus created will, to be sure, be temporary, because whatever change may occur in the quantity of money in any community, time will adjust the derangement produced, but while adjustment is progressing all suffer more or less and very many lose everything that renders life desirable.


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