MONOPOLY OF EXCHANGE. 421 



^Resolved, That this House cordially concurs in the 

 views of the secretary of the treasury, in relation to the 

 necessity of contracting the currency, with a view to as 

 early a resumption of specie payments as the business 

 interests of the country will permit, and we hereby pledge 

 co-operation to this end and as speedy as possible. ' ' 



David A. Wells said: 



" Discarding all methods I would adopt what might 

 be called the cremation process, or I would have it enjoined 

 on the secretary of the treasury to destroy, by burning, on 

 a given day of every week, commencing at the earliest 

 practical moment, a certain amount of legal tender notes. ' ' 



While this matter was pending, John Sherman, before 

 he made up his mind to imitate that noted individual Judas 

 Iscariot, gave this fearful warning: 



"I wish to show, as we are governed in great measure 

 by example, that the proposition made by the committee 

 on finance, is in exact accordance with the course that has 

 been passed in England, (See Hazzard circular, c ( Led on 

 by England"), from 1819 to 1823. ^ is n t possible to 

 take this passage without the sorest distress. 



"To every person, except a capitalist, out of debt, or 

 a salaried officer, or annuitant, it is a period of loss, danger, 

 lassitude of trade, fall of wages, suspension of enterprise, 

 bankruptcy and disaster. What prudent man would dare 

 to build a house, a railroad, a factory, or a barn, with the 

 certain fact before him that the greenbacks he puts into 

 his improvement will, in two years, be worth 35 per cent, 

 more than his improvement is worth. 



"When that day comes all enterprise will be sus- 

 pended, every bank will have contracted its currency to the 

 lowest limit, and the debtor compelled to meet in coin a 

 debt contracted in currency. He will find the coin 

 hcarded in the treasury, no adequate representation of 



