The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1896-10-08

place and by almost every class. 4 *
Nothing could be purchased without
a dispute. Over every counter there
was wrangling from day to night
The workingman and his employer
had q quarrel as regularly as the Sat
urday came around. No merchant
would contract to deliver goods with
out making stipulation about the quail
ity of the coin in which he was to be
paid. Even men Of business were
often bewildered by the confusion into
when all pecuniary transactions were
thrown. The laborer found that the
bit of metal which when he received
it was called a shilling. would hardly
when he wanted to purchase a pot of
beer or a loaf of rye bread go as far
as sixpence."
The terrible condition of the coun
try while this debased currency was
forced on the country is depicted
throughout the chapter. Moneyedmen
made fortunes and then. as now, there
were people who insisted the country
could be made rich by cheap money.
A recoinage law passed. A time was
fixed after which no clipped coin
should pass The loss in recoinage
was to be borne by the public. A
short panic ensued caused by the
haste with which people sought to
get rid of the poor coin. When the
currency was placed on solid basis
the evils which had heset the country
for almost 30 years and which became
unbearable, ceased and prosperity was
restored
The other matter was an Irish
measure designed by James Second,
but it has such a close resemblance to
present proposed Conditions in this
country that [ may mention It The
poverty of the people of ireland under
James was dire and no money was
coming into the national exchequer.
The King wanted money and sought
toimprove times just as the free silver
ties seek to improve it now OF the
situation in Ireland at this time Mac
aulay writes as follows:
He (the King soon found that no
money came into his exchequer. The
cause was sufficiently obvious. Trade
was at an end Floating capital had
been withdrawn IN great masses from
the island * The poverty of the
treasury was the necessary effect Of
the poverty Of the country. Public
prosperity could be restored only by
the restoration of private prosperity
and private prosperity could be re-
stored only by years of peace and Sc
curity. James was absurd enough to
believe there was a more speedy and
efficacious remedy. He could, he
thought, at once extricate himself
from his financial difficulties by the
simple process of calling a farthing a
shilling. * x 4 In a short time Jumps
Of base metal, nominally worth a mil
lion sterling, intrinsicaJly worth one
sixteenth part Of that sum, were in
circulation. A royal edict declared
these figures to be legal tender in all
cases whatsoever. a mortgage for a
thousand pounds was cleared off by a
bag Of counters made out of old ket
ties. A man * = :; might walk into a
shop lay on the counter bit of brass
and carry off goods to the value of
half a guinea. Some persons who re
| fused the base money were arrested
by troopers. There can be DO doubt
that James in thus altering, by his
own authority, the terms of all the
contracts in the kingdom, assumed a
power which belonged only to the
whole Legislature. Yet the Commons
did not demonstrate"
Here are quotations from authentic
history just in point. Is it not reason
able for me to believe what happened
before, will occur again under similar
conditions? Mr.. Bryan wants to re
vive the times of which the great
Macaulay wrote"