TJIE FAKMKR AND THE CURRENCY 381 



vaults, from which it is represented by paper. Of course it 

 will cost more to build vaults for that purpose thau to build 

 them to hold only one-sixteenth or one-twenlieth of the bulk, 

 but in consideration of the end to be gained, the cost is not 

 serious enough even to be spoken of. 



As to the calamities which are predicted during the season 

 of transition, they are doubtless overdrawn in the arguments 

 of the gold monometalists; but something of the kind would 

 happen; there would be a scramble for gold as stated ; there 

 would be pressure to collect debts; production would diminish, 

 and men be thrown out of employment; tlie rise of prices 

 would not come at once, and would be preceded by a spasm of 

 severe contraction-; there would be much suffering and some 

 bankruptcy among those who might apparently escape if 

 things remain as they now are. But it would not be so serious 

 as anticipated; men have been preparing for it too long; too 

 many liquidations have already taken place; he that is down 

 needs fear no fall; there could never be so good a time as now 

 to make the plunge; still there would be trouble; for this we 

 are sorry; we would avoid it if we could and still be just; but 

 it is an awful fact that no great injustice can ever be remedied 

 without great suffering, and the suffering does not always fall 

 on those who have sinned; it falls upon those who are in the 

 way. The abolition of slavery brought woe to multitudes who 

 were innocent of slavery. The return to an honest measure of 

 value will bring distress to many who liave never profited by 

 a dishonest measure This can not be helped; we must endure 

 it as we may; it will not last long, and in the end the recom- 

 pense will come, if not to those who have most suffered, to the 

 country at large. We shall be doing business honestly, at least 

 as honestly as seems humanly possible; prices once more will 

 be on a normal basis, and will proceed with the ordinary 

 minor fluctuations which mankind have hitherto endured 

 without complaint. We want an honest dollar. 



The foregoing is the argument for free coinage in the form 

 which appeals most strongly to me. It is quite evident that 

 there is something to be said on both sides of the question. 

 To shirk difficulties or deny facts is trivial and unworthy and 



