The Portland daily press., 1878-09-06
Interesting Quotations from English
History.

To the Editor of the Press:
The following excerpts from Knights His
tory OF Eogland may be interesting to your
readers because they point to the financial ills
OF other times and the remedies that cured
them. The initiation of Henry VIII and Ed:
ward vi was cured hy Elizabeth, whose tomb
declares honest money one of the glories Of her
reign.
Again in 1896 when public clamor was loud
for imitation the Commons cured the dismal
condition of affairs by resolving "they would
not alter the standard"
Again in 1922 an English statesman arguing
in favor of Resumption" refers to the great
precedent of 1896 and Concludes his conyiuc-
ing speech by moving That this house will net
alter the standard, sc.
Thus past history plainly shows US that the
deep channel of resumption, and not the way
OF initiation is the only safe course for "the
vessel Of our commonwealth" Aud IL the
Republican party with the strength of mind
aud constaDcy of its members succeeds 10 apply
ing the same remedy to oar financial ills il vii.
be one of the brightest glories Of its history.
1547-"rhe value of money was so dsbased
at this period that an excessive rise in the
prices OF all commodities was inevitable" This
abominable process for the relief of the Kings
necessities had been going on for long period
put Henry VIII carried 1t to a disgracefal ex-
Cess" He introduced copper into his gold and
silver coin, not as necessary alloy, but as q
fraudulent diminution of its intrinsic value.
He began in 1913 with two ounces of alloy TO
ten ounces OF silver; in 1545 he made his so
called silver pieces halt of pure metal and half
of alloy and in 1916 had eight ounces Of ALLOW
to four ounces Of silver" "But the lst year of
Edward vi saw the alloy increased to the pro-
portion OF nine OF of base metal to three or Of
silver"
Sir Thomas Chambsrlayue writes from
Brussels to the council in June 1851. He saws
"tbat the true value of Euglish goods could
never be ascertained until such time as the
money were called down to the very value in
sterling silver which is in each price thereof"
"Tbe suffering of the people from the O. onse-
quent rise OF prices was attributed to Enclosures
to the increase of psstures. to high rents-
few saw the inevitable effect of the debasement
of the coin."
"The evil course of the government Of Henry
VIII and Edward VII was remeded under that
OF Elizabeth upon whose tomb was inscribed
as one Of the glores of her reign, 'Moneta
mJustana uatoren reducta', (money reduced to
its just vslue.p
1696-"Pubc Glamour was loud 10 its de-
mand that clipped money should be current
again, that the standard should be advanced
aud the price of guineas improved" In spite
OF every expedient the nation was quickly
coming to the condition of standardization
barter.
King William said "May God relieve Us from
our present embarrassment, for / cannot sur
pose that it is His will to suffer nation TO per-
ish which he has so often almost miraculously
saved" 1t has been said with great truth ,'the
vessel OF our commonwealth has never been so
close to shipwreck as in this period" "Hsd
the government evinced the slightest DISPOSE
tion to recede from the measure of recoi mage,
to reduce the stand ard, toraise the dsnomina-
tion OF the coin the evil would never have been
cured"
The very first measure of the Commons was
to pass this resolution, tina. they would not
alter the standard of the gold aud silver in
hneness, weight or denomination, and that
they will make good all parliamentary funds
since his msjesty's accession to the crown, that
have been made oredite for loans from the sub
iect." The effect OF this true 8 atesmanship
was Instantaneous. Trade revived, the fiuar-
cial and commercial crisis was past; the nation
was solvent. "a hundred and twsnty-six
years afterwards one of the ablest of English
states men 10 resisting q pOti0n against the
resumption Of Cash Payments on the ground of
agricultural distress, rested his most powerful
argument on the great historical precedent Of
1876, and concluded his convincing speech by
moving 10 the very rds of Montagues resOln-
tion That this house will not alter the stand
ard OF gold aud silver in hneness, weight or
denominatiop' ," "The same spirit of the
people was manifested at each crisis" A
finsucier of the earlier period thus speaks
of his contemporaries, While our neighboring
nations expected we should sink under this
burden, aud some were even prepared TO re-
ceive us a province, the strength of mind,
constaDcy and msgnanimity of our peaple
overcame it ALL - a Il,