There is a Faith Due to the People As Well As to the Holders of Public Securiti
There is a Faith Due to the People As Well As to the Holders of Public Securiti
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Every sea was whitened with her commerce ; everv market filled with her wares. Napoleon said in his exile at St. Helena, " Great Britain conquered ma i) with her spindles " — with spindles kept in motion by a prosperity duo to the fact that she bad daring that period of suspension a fuller, better, and more stable currency than any which can be built on the quicksands of gold and silver.
So we had, during the rebellion and for some time afterward, a full and satisfactory currency which stimulat...ed industry, and compen- sated to a largo extent for the ravages of war. If the distress which now afflicts our country were due to the increased volume of paper money, how is it that during the period of the fullest currency bank- ruptcies were almost unknown ? How is it that that period, though marked by extremely heavy taxation, was one of comparatively little accumulation of municipal or private debt?
Mr. Speaker, the records of commercial failures in the United States indisputably show that business distress was least when the currency was fullest, and that the contraction of the currency, by funding legal- tender interest notes, arrested prosperity and caused an enormous in- crease of bankruptcies throughout the nation.
What to read after There is a Faith Due to the People As Well As to the Holders of Public Securiti?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Ewing to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Every sea was whitened with her commerce ; everv market filled with her wares. Napoleon said in his exile at St. Helena, " Great Britain conquered ma i) with her spindles " — with spindles kept in motion by a prosperity duo to the fact that she bad daring that period of suspension a fuller, better, and more stable currency than any which can be built on the quicksands of gold and silver.
So we had, during the rebellion and for some time afterward, a full and satisfactory currency which stimulat...ed industry, and compen- sated to a largo extent for the ravages of war. If the distress which now afflicts our country were due to the increased volume of paper money, how is it that during the period of the fullest currency bank- ruptcies were almost unknown ? How is it that that period, though marked by extremely heavy taxation, was one of comparatively little accumulation of municipal or private debt?
Mr. Speaker, the records of commercial failures in the United States indisputably show that business distress was least when the currency was fullest, and that the contraction of the currency, by funding legal- tender interest notes, arrested prosperity and caused an enormous in- crease of bankruptcies throughout the nation.
What to read after There is a Faith Due to the People As Well As to the Holders of Public Securiti?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Ewing to read onlineMoreLess
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