Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-07-03

out of any money in the treasury not other
wise appropriated, to enable the secretary Of
the treasury to carry this act into effect.
Immediately the money power of the coun-
try. alarmed at the prospect of the govern
ment becoming independent of them. and not
obliged to pay usury, attacked the measure
with great vigor. In the house this attack
was led by Mr.. Morrill, Of Vermont, Mr..
Conkling Of New York and the noted Copper
heads Mr.. Nallandigham and Mr.. Pendleton of
| Ohio.
The first able speech upon this bill was made
by Mr.. Alley Of Massachusetts. We quote
from it as follows:
The currency question has employed the
| brain and enlisted the pen Of the profound
! philosopher, as well as that of the greatest
statesmen and most eminent writer's OF every
age, in every country. for many centuries. a
mixed system of currency and barter was first
introduced by William the Conqueror, eight
| hundred years ago; and from that day to this
we have an authentic record OF its history.
! The history of the currency question furnishes
! the evidence of the worlds civilization and
progress. Williams great sagacty soon per
ceived the power and convenience of money,
and he introduced coming, and fixed the rate
at which he would receive coin as commu-
tation for services or taxes Thus a system of
currency naturally grew up it being made at
| first optional with the people to pay in money
or in kind. Through every successive reign.
for several centuries, the monarch exercised
exclusive jurisdiction over the currency and all
the possessions of his subjects. Crude as were
their IDEAS and false as were their notions of
political economy, yet the prosperity Of their
material interests them as now, depended
upon the same great laws Of supply and de-
mand amt -3aS gsyiansh 0flfIsI br c5tJr az
hyation in tn cutcncy as they were by
every change Of dynasty.
In the reigns Of the Henrys and the Ed
wards the coinages were frequently altered To-
suit the eNigencies and wants Of the crown
I'm improvident and reckless monarch was
sure to produce a dearth OF money and
a dearth Of money was always followed
by dearth Of food. IN Hoec Gl19 as 7ieh
as IN eur o7lH. Scq5tiN n Honer trJ-
aHcsd great distress, ami t7ta t1Uihe in The
Wila ofblHh. When the monarchs i'm
providence and reckless expenditure produced
its natural result. scarcity Of money. and the
distress became intolerable. resort to coin Of
inferior metal, and the reduction Of the stand
ard of value, was the general eNpedient:
which had the effect always Of partial but tenn
porary relief In the reigns of Edward and
Edward II, the price Of nearly all articles was
established by law; and the effect was that pro-
visions became exceedingly scarce. and famine
and pestilence ensued to such fearful en-
tent that the people were diminished bv star
walton and disease to degree which It was
frightful to contemplate. These attempts To
regulate the price Of provisions bv law. and
., 4. Il, Il
legal enactments, and the constant practice Of
enhancing and depreclating the currency as
the necessities ny ,tbip,s az the cro,,, ,,,;f,b.
suggest, occasioned rebellion, which cost some
kings tnelr crown and Others their life
In England during the reigns OF the thir-
teenth century, IN same decennlal periods, the
currency would be changed, enhanced or de-
preclated, as the case might be, over twenty
per cent. When the standard OF legal value
and coinage was lowered, as 1t was done some
times IN periods of great distress, to the
amount OF more than twenty per cent, tenn
Porary reliei was sure to follow, and an I'M
Petus Always gwen 10 every branch OF indus
ulal interests; Tor It's effect, OF course, being
.r,.,u,'oo ,b ,,'[ 'ou %, Cu''IHoy ana ehae
eos;ly. ,S t,i't' o'i ~ Pt{ ms uel''' more
- L;oit l-''N is''r'oii' uue nom
,,rnot;.oII,. i'- 'eiiou u receive
-, - H. iI;.;.' '''t. vas s'9ou up
Nv. ~ ~ IN 80 " 90 M
g ,.ai,,a,,.a ;I ~ 'ii0 S'%Hu"i
~. 80, vi Is
IS - =; "l'' 'il'se Mho
- ~ s'u anu snNTl ie"l%eu
En I,,ou' lo','s' '.i wen a. tiloSe VINO hau oD-
,5% ','aoo "0 s ~ ''t h liz eAPeIlehce OF
.ose Pt.iTu' siioMs tii"' even win an eNClu-
5 iio'%iiiO CulIeCy' you are scarcely less
SI ronl lIu'eu1.ons ana eiloarrasShen's'
1'' r'3;t Plopei o0oNoi'Y 'la" you are under
si'''' eu'iei0y'
mention these things to show how init
mately connected the system OF currency is
with the prosperity OF government and people
IN every age; and 1t Is only in the light OF
history and the experience OF the past that
we may learn wisdom to guide us in surmount-