Wisconsin State Agricultural Society. 
261 
for it as if we had a gold dollar. I have bought many pounds of 
cheese during the last few years, and sent it to England, just as if 
I had had gold. And I do believe that if the politicians would let 
us alone we could get along with the money we have now as well 
as if we had gold, provided we are not such consummate fools as to 
pay interest on the money in our own pockets. 
Mr. Boyd. I wish to ask Professor Baseom if, with all civilized 
people, the bulk of money is not paper, and among the barbarous 
and uncivilized nations their currency is not metallic? 
President Bascom. One gentleman seems to object to sending 
East for teachers. Well, I am tough, I do not care for any remarks 
that one may make, so far as I am concerned. If Wisconsin can 
do any better than to send as far as it has for me, I hope it will do 
so. I believe thoroughly in the West while I am in the West. 
In reference to the other point. It is true that in most civilized 
countries there is a mixed paper and metallic currency. But it is 
true of those civilized countries, with the exception of our own, 
and Austria, and the Papal dominion, that a dollar in paper is equal 
to a dollar in gold. All the places in which I was compelled in 
traveling to shave my money in exchange, were Austria, Rome and 
the United States, because in these countries the promise to pay 
was not met. It is not necessary that the promise to pay shall be 
met until the man who holds the promise asks payment; but when 
he does ask it, and cannot get it, then the note he holds begins 
to depreciate. 
On the notes of the Austrian Government and the notes of the 
* Pope and the notes of Uncle Sam, there is a depreciation when the 
pay is asked for. To make notes without any intention of paying 
them is a fraud. I would have a metallic currency dollar for dollar 
and no paper except business paper. If we had a dollar for dollar 
currency, a stable measure of value, the most stable that is possible, 
we should not have a yard-stick forty inches long at one time and thir¬ 
ty inches at another. The financial yard is now thirteen per cent, too 
long. At one time during the war it was 180 per cent, too long. 
[f‘ we had a dollar for dollar currency we should have a yard-stick 
of uniform length, and it would put us in honest commercial rela¬ 
tions one with another. 
I trust the farmers of Wisconsin will not think they can get an 
advantage by law over other people of equal rights in the land. I 
