Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-01-10
Our Finances in the Light of History

| ioie III luo MouoIH STttnudcKeFe
and silver lunatics to establish class
who forget everything and learn no.
/ thing Wise men remember all things
and learn all things.
| Succeeding the war of 1912 there
was state of affairs much like that
to which the country finds itself to-
day. All sorts OF panaceas were
suggested in congress for relief !;
among oshers q second national
bank with unlimited and irredeema.
bic currency. The majority in con-
gress and the people, as now, were
wild with the impulse to do seine
thing in the way of law making to
remedy the evils In the House of
Representatives. at that time (1s15)
there was 8 broad-browed, eagle.
eyed, clear headed man named Dan
lei Webster. from the town of Frank.
lin, in New Hampshire. He spoke
long and often in protest. of the popu-
lar makeshift plans. He warned
congress that the history of legisla-
ton shows that the worst laws were
passed under conviction that some-
thing must be done. TO 90 back to
the speeches of Webster, as record
ed in the fifth volume Of Benton's
Debates, on the questions of finance
snd currency, is like reading proph.
| ecy.
Perhaps history will repeat itself,
and, as then, the warning of wisdom
! and experience will be UNDECIDED.
The lunatics will remember nothing
and learn nothing, but will rush on
as they did then, under the blind i'm.
impulse that something must be
done, do the very worst thing that
could be done-repeal the redemp-
ton laws and debase the coin Of the
country. This would set the bust
ness of the country afiost-afioat up
on shoreless and bottomless sea.
Better far to hug the shore, and re-
pair and refit in safe harbor. But
metaphor is too subtle for use with
the crazy men who are working
out the problem of measures of re.
lief. Daniel Websters do not get in
to congress now-a- days--but 10 their
seats we have carpet-baggers, ad-
venturers and spectators.
We cannot hope much from con-
gress-it is like the currency of their
love, irredeemable and debased. But
we have hope and faith in the peo-
pie, If once set Alright on this vexed
and beclouded matter of currency
and finance, will sweep away with
the bosom of destruction these ira
ders in the fair name and honor of
the nation.
Webster announced to congress,
which was proposing to issue cur
rency which it could not redeem.
and which the commercial world
would not receive, some of the grand
est aphorisms of Political economy
ever uttered in any legislative bali.
A national bank and irredeemable
currency "are not the source of ma
tional wealth." The truths of history
become wisdom with age. Blanks
are not revenues" said Webster, JAN
I'd, 1915, and if to-day in the senate
would say TO such mon as Howe and
Cameron that irredeemable currency
and debased coin are not revenues.
And he crowded into one line q truth
so startling, yet so simple, that it
has become financial proverb :"7he
fountains of revenue must be sunk deep
er." Here was remedy worthy of
a statesman for the relief of a dis.
tressed treasury. Again in this great
speech, which contains more com
mercial and financial wisdom than
the whole hecatombs of latter day
congressional twaddle and sopbistry.
he says, as if looking scross the
years to this terrible time of trial for
sound principles "Whoever shall
attempt to restore the fallen credit
of this country by the creating of
new banks, merely that they may
create new paper, will find himself
miserably deceived"
Follow with us on few sentences
of this speech, bristling with wisdo M
now that we read it in the light of
history-a history that eliminated
in 1887 in downfall, bankruptcy and
ruin. We read: 'What sort of an
institution, sir, is this 1t looks
less like a bank than like a depart.
ment of government. 1t will be
properly the paper money depart
ment. It's capital is government
debts; the amount of issues will de-
pend on government necessities. !"
And be adds with that sarcasm 40
characteristic of him, and so appli.
cable to the present times "This
is indeed wonderful scheme of fl.
nance" 'sTo grow rich by borrow
ing, without the obligation of pay
ing" unlike, "the dull, and Flooding
common sense institutions which paw
their debts" "Sir, can view this
only as a system ofrank speculation
and enormous mischief
So it is to-day and will remain to
the end, "a system Of rank specula-
ton and enormous mlschief,' to at
tempt to pay debts with that which
has no value, or less value than re-
| CURED by the standard of the com.
mercial world. sThe circulating
medium of community must be
that which is also the circulating
medium of other commercial com.
munities, or must be capable of be-
ing converted into that medium with
out loss. 1t must be able, not only
to pass in payments and receipts be-
tween individuals of the same socie-
ty,or nation, but to adjust and dis
charge the balance of exchange be-
tween different nations"
And If this Daniel should rise from
his tomb by the sea, and sit in iudg-
ment on the irredeemable greenback
and the ninety-two cent dollar, what
would be his decision in the light of
these unmistakable utterances I?
Would he not say to congress, ssCoin
your dollars so that all commercial
nations with whom you deal shall
own that is real dollar, full weight
4