218 Paper Currency. 



over sixty-six cents on the dollar. When the five per cent ten-forty 

 bonds were marketed, gold was selling at from two hundred to two 

 hundred and twenty, so that the government only realized for the 

 bonds, from forty-five to fifty cents on the dollar. All those people 

 who were living on a fixed income or salary were troubled to " make 

 both ends meet" when the paper currency was so greatly depreciated. 



The late E. G. Spaulding of Buffalo, K. Y., claimed to have origi- 

 nated the plan of issuing the legal -tender notes. I am unable to see 

 any thing in the scheme to be proud of. If I were to make out a list 

 of those whose acts multiplied the effects of the rebels' bullets, the 

 name of the author of the legal-tender note scheme would be in- 

 cluded. I have searched every thing at my disposal with a view of 

 finding, if possible, a record of some permanent good which has come 

 from the issuing of inconvertible paper money. The investigation 

 develops nothing in its favor. The testimony against it is over- 

 whelming. 



The actions of a government which gets involved with paper money 

 remind me of the story of the man who came from the Emerald Isle 

 to this country and commenced work on a farm. One day he was told 

 to go up the lane into the pasture and catch the old horse. He went as 

 directed and caught the old horse by the tail. In consequence of this 

 unusual proceeding, the old horse started down the lane on a run, 

 throwing Patrick against the fence, first on one side and then on the 

 the other. On arriving at the barn, Patrick found himself badly 

 bruised and bleeding and, when asked why he did not let go, replied 

 that it was all he could do to hold on. 



This inconvertible paper currency delirium has been reviewed in 

 rather a general way, but it is to be hoped that something has been 

 said which may help all to a more perfect understanding of the 

 question. Its agitation is liable to break out at any time. Notwith- 

 standing the issuing of paper money is foreign to the purposes and 

 functions of our government, there are those who are looking for an 

 opportunity to advocate the plan of having the government furnish all 

 the paper currency. Laws respecting a circulating medium are made 

 and repealed, as often as the ever-changing minds of men deem it 

 proper. This is not only true of the past, but it is what must be 

 expected m the future. The people have not outgrown the habit 

 of turning to the government for relief from business depression, 

 which their extravagance, thoughtlessness and irregular business meth- 

 ods have brought about. 



At the close of the war, Secretary McCulloch strongly advocated 



