The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1896-08-15

y
popular with certain classes the
proposed measure became. There
were not wanting men dishonest
enough TO hail with pleasure the
prospect of paying both public and
private debts at large discount.
The minimizing crowd, severely
tried by the hard times and eager
for any remedy, were easily con-
WINGED by demagogues that the pol
icy of the government in maintain
ing the existing standard of the
currency was the cause of all their
misfortune. They were almost
ready to rise in rebellion. Tumults
did occur in several parts of the
kingdom, and prominent men who
supported the policy of the govern
ment were mobbed in their homes.
It is not difficult to see how this
clamor for cheaper money greatly
aggravated the very pressure from
which it sprang. The government
had called in the mutilated curren-
cy for recoinage, and the new mon
ey was now being rapidly turned
out by Sir Isaac Newton, not only
from the mint in London, but from
the additional ones erected in Bris-
tol, in York and in Chester, and in
a short time the financial stringent
cy would have been over. But the
movement for the reduction of the
standard had now acquired such
strength that no one could predict
what Parliament would do. As
long as there was any uncertainty
no one cared to part with the good
money which came into his hands.
To quote from Macaulay: mo
person who thought it probable
that at a day not far distant he
would be able to pay a debt of a
pound with three crown peices in
stead of four cared to part with a
crown peice till that day arrived. {"
And no one cared to lend or invest
good money with the possibility of
receiving bad money in return.
The money was consequently
boarded instead of serving its pur-
pose as an instrument of exchange,
and the louder the agitation for q
lower standard the scarcer money
became. The cry of distress went
/ up from every corner of the king
dom. Even an opulent man sell
dom had the means of discharging
the weekly bill of his butcher and
his baker. The Bank of England
could only pay Is per cent on its
paper. The government tided over
the panic with Exchequer bills,
which correspondent to our green
backs, and which owed their origin
to Charles Montague
But this issue, though gladly
welcomed, was inadequate to the
demands of trade and utterly use
less in foreign commerce, which
was at standstill.
In addition to the scarcity of
money the menace to the existing
standard threw all financial trans
actions into confusion. Men knew
not how to contract. AL trade, gil
industry, all enterprise was smitten
as with a palsy.
In the midst of general suffering
the members-elect of both houses
of Parliament went up to West
minister.
To the opening of the session moi
only England but all Europe look
ed forward with intense interest. !.
The advocates of deprecated
standard were present in all their
force, and many believed they
would prevail. But happily fol
England there were among hen
rulers men who had the wisdom tc
grasp the true principles of finance
and who had the courage to main
tain them in the face of oil the in
sane clamor of political agitators
They were led by the young Chan
cellor Of the Exchequer, the brill
liant Montague.
The debate which took placs
resounded throughout all Christen
dom. "That was the proudest day
lin Montague's life and one of th'
proudest days in the history of tn
English Parliament. In 1876, ont
hundred years after, Burke he'll
| up the proceedings of that day a
an example to statesmen LOSING
heart in the presence of duty
! And now, in 1896, two hundred
years after, there is no chapter il
history from which our America
statesmen can better draw inspira
ton when tempted under the press
uro IF ysavara distrpee tn alter tn