Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-10-29
Senator Chrlstiancy on the Currency
Question,


United States Senator Christiancy, In
which, among other things, he said;
do not assert that II might not have
done better when the greebacks were orig
lnally issued 10 have made them, or a GER
tain amount Of them, redeemablc In bonds
at low rate Of interest, and these again
convertible into greenbacks at the option Of
the holders. Nor do l mean TO say that
this interconvertible plan might not even
now be applied for a portion OF our out
standing greenbacks, so far as II might be
done consistently with their gradual with.
drawal, and the diminution Of their amount
by ACTUAL payment and cancellation But
TO adopt this interponyertble system in con-
neetion with, as q part Of, the plan of ex-
pansion, and with the idea which necessari-
ly goes with 1t OF permanently dispensing
with specie payments, even Of interest, or
"specie basis Of our circulation-thus maxi
ing one promise Of the Government, known
TO be utterly baselcss when made, redeem
able only In another promise OF the same
kind, with the expectation Of making the
business community place confidence in and
receive such paper currency for money,
without rapid depreciation to the point Of
utter worthlessness--thi is simply an at
tempt to make one falsehood exactly bal
ance another, with the expectation Of max
ing the public trust In both as true IL is
Ike the attempt to produce perpetual mo-
ton, and reminds me of the effort of a very
learned gentleman l once knew, who owned
cept in extraordinary freshets, did not fur.
nish water enough to run his mill. He,
therefore, for the best Of reasons, went in
for imitation; and, as Providence refused 10
initiate the stream, except on extraordinary
occasions, which did not furnish q steady
power, he determined 70 make the stream
initiate itself, and furnish a sclf-adjusting
power, by the aid of an overshot wheel
which, after the water was used in turning
the wheel, should again take II up by means
Of n M tn bof
II back into the pond TO run again over the
wheel, and so on dd i,,fBitWm But it Is
hardly necessary to say he failed, and found
though he never understood the mystery
that action and reaction were equals, and
the friction was to be overcome besides.
The stream would not initiate.
knew also highly educated clergyman,
who, having observed the hardship to which
teams have t9 submit in drawing loaded
wagons, and how much easier they were
drawp without the weight of the loads, and
that their weight rested upon the axle, in
the kindness of his heart undertook 10 re-
lieve the teams, and at the same time enable
them to draw much heavier load, to the
great profit of the owners. His plan was to
place upon each axle tight air-box, filed
with compressed air, and fitted with piston
head, with a pistou-rod extending upward,
upon which the wagon-body with all its load
would rest. The weight OF the load, he
reasoned, no longer rested upon the axle,
but only the air-box, and the air was tight
and kept the weight of the load from the
axle. Well, he constructed his wagon with
the air-boxes, and, more lucky than the mill
owner, he succeeded in the imitation Of his
boxes with affair, too, much more conf
pressed than that generally used by the in
fationists of our day, though it did not make
half the noise. But, unfortunately, and
much to the astonishment of the good cler-
gyman, while his air-boxcs would initiate,
the load would not, and, In spite of the air,
the whole weight Of the load still insisted in
working in some mysterious way through
the air-box down on the axle, and the load
was found to be heavier by Just the weight
of the air-boxes; hence the poor teams
have had to plod along the old way, draw
ing their loads asbest they could, till the pres
ent day.
Both these were learned men, Their the
ories were beautiful in the abstract, and
would have been highly successful in prac-
tice but for one thing: the Almighty In ere
ating the world and fashioning mankind
had adopted quite different theory or plan
of the laws by which "mcn and things"
were to be governed. This was the sole oh
stacle to the success of their theories, and
for this they were not responsible. Both
these men, II living, would undoubtedly
have been leading lights in the imitation
world; but unfortunately they are in their
graves. II is some consolation, however, TO
know they have left some worthy repre-
sentatiYes behind.
But for myself, believing the power of
creating something or anything out Of moth
ing Is the prerogative of the Deity alone,
whenever l see man, however talented he
may be generally, engaged in such an at
tempt or In the invention of perpetual
motion, l am compelled to believe
there is a screw loose somewhere, and that
upon this particular subject he Is insane; and
SO, for the like reasons, am compelled to
think of those infationists who really be-
lieve the truth of their professed theories
and that there are some ] have no doubt.
But one thing ! do not hesitate to say, with
the best light have been able to obtain of
their plans and theories-and / have read
great numbers of their speeches and pam
phlets-either Meg are insane upon this sub
ject or am; and, If am, il is some comfort
to find that the delusion under which / am
suffering is but the same which had taken
possession of all the great statesmen and all
the great authorities upon finance, from the
period known as the dark ages down TO the
very recent period when the national debt of
the United States began to press heavily
upon the resources of the people, and in
genious and interested theorists began to
= cast about for some method of getting rid Of
the burden of this debt (as well as their own,
sometimes) without paying it, or even the
interest upon 1t, in anYthinp of real value.
Now, am so old-iogy in my notions and
opinions as to hold that, when an individual
or nation is deeply in debt, the true and only
honest way of getting rid of that burden is
the plain, ld-fashioned way of paying the
debt in money where 10 was agreed to be
paid in money, or in something Of equal
value and convertible into money; and,
il we cannot pay the whole at once or when
due, then to pay the interest in the mean
time, and the debt as fast as we can. If we
have not the money to pay with, then the
better plan is to go to work in any and every
form of productive Industries, producing
values which wlll command the money,
rather than to adopt the plan substantially
followed by large proportion of our peo-
pie, of speeulating out of each other in pure
ly fictitious values, like the two boys who
shut themselves up In the same room for a
week, and both got rich, or fancied they had
got rich, by trading and retrading jackets,
with certain offers of boot-money each way,
which neither ever intended to pay.
TO bring this letter within readable com
pass ! win say that deem the views ex-
pressed by the present Secretary of the
Treasury In his last annual report, under
the head of " Resumption" substantially
sound and statesmanlike. And, for the
clearest and ablest exposition have seen of
the principles involved, and of the fallaces
and absurdities of the imitation scheme in all
its forms, refer to the speech of the Hon.
Carl Schurz, at Cincinnati, and his reply TO
the criticism Of Mr.. Wendell Phillips, in all
OF which fully concur, and which | should
vainly attempt to equal.
In conclusion, / will say that this ques-
ton, SO vital to the prosperity Of the people
and the honor and credit Of the nation, is
in my opinion, one which should be treated
as far above all partisan politics. And, for
myself, cannot foresee any contingency In
which ] shall not be found cordially acting
with all who are In favor Of an early resump-
tion of specie payments, without any at
tempt ct imitation, and as cordially against
all who are against such resumption,
... A few days ago two Boston gentle
men, while hunting in the marshes, had
the misfortune to drive their mare into a
bog, into which she sank TO her middle.
The two geAtlemen jumped out, one on
each side, and attempted to lift the ami
NAL. Now she rises" shouted one.
Yes; another lift and she is all right
responded the other. In less than sixty
seconds, instead of raising the horse, the
two sportsmen were buried to their arm
pits, and the rising of the horse had been
bit of deception caused by their sinking,
I'VE crawled out" says one of the gen
tlemen, I" and, as we sought dry land,
came to the conclusion that our effort to
raise that mare was based upon the Wen
I'LL n