20 MASSACHUSETTS AGRICULTURE. 



is no such thing as growing up, except through a contraction 

 of prices. What is the result of a contraction of prices? 

 The pressure at once for an expansion of currency, and, judg- 

 ing from our long experience, we know the result. There is 

 no such thing as standing still. Why, Congress passes laws 

 decreeing that the amount of currency shall be fixed, but all 

 the votes of Congress are not worth the parchment upon which 

 they are engrossed. Congress has, as a matter of fact, been 

 leaping from one folly to another all through this discussion, 

 and who knows to what depth of folly will be the next 

 plunge ? 



In the next place, the question comes, "Shall we expand?" 

 Certainly, it is possible to expand, and I am sorry to say that 

 it looks very probable that this will be the case. Why, it is 

 logical that the currency should be expanded. Why should 

 not we expand? Other governments have tried it, and have 

 had to expand. There is only one government that has over 

 stemmed the tide — Great Britain ; and that only with the 

 suspension of the Bank of England for twenty years. You 

 know how it Was with our continental money. Congress 

 began, in 1775, by ordering two millions of paper currency. 

 At first, people felicitated themselves, just as they did when 

 the greenbacks were first issued, on the flushness of money ; 

 but very soon there had to be more, and Congress did not 

 stop till three hundred millions were issued. Then the whole 

 thing dropped down, and these issues have not been paid and 

 cannot be paid. Why, the tendency to inflation cannot be 

 stopped, under present circumstances, any more than the 

 insatiable thirst of the drunkard. Thus I think, I am sorry 

 to say, that expansion is extremely probable. 



Third : expansion means repudiation. There is nothing 

 that can stop it. I am thankful that this word repudiation is 

 a terrible one to us thus far. Would that we could but hope 

 that it would keep its terrors ! But we shall get bravely used 

 to it, sadly used to it, if we go on. Expansion means it. 

 We cannot help it. 



And thus we come, in the fourth place, to the only honest and 

 the only sound and wise course, and the only course. Does 

 it need to be said that the only course is a contraction of the 

 currency? And in this connection, a great deal of nonsense 



