State Convention—Finance. 
123 
will say that I am desirous of seeing a circulating medium which is 
absolutely convertible at all times and in proper places, and that is 
upon a specie basis. I mean by specie basis that its value may be 
measurable by that metal called gold, not only here, but in the 
markets of the world. A great deal of apparent difference, a great 
deal of contention, a great deal of dangerous and disastrous delay 
in the production of results, arises from the fact that men are not 
patient to listen to each other; to get at each other’s meaning, to 
endeavor, as it is the object, I believe, of the science of pleading in 
the law, to do away with all minor points, and to come to the issue. 
The issue is, how, by what means shall we secure for ourselves 
an absolutely convertible currency on a specie basis? Where shall 
we look for precedents? What example shall we follow? What 
mistakes shall we avoid? What is the present status of the finan¬ 
cial question in this country? What is the financial status in 
other civilized countries? 
Is there any civilized country upon the face of the earth, which 
to-day has a satisfactory system of currency? For myself I know 
of none. Is it in Russia, whence reports of financial and commer¬ 
cial disasters come daily over the wires? Is it in Austria, where 
the currency is not measurable by gold, not convertible, and where 
their commercial, as well as their financial affairs are greatly dis¬ 
turbed? Is it in Prussia? The financial affairs of that country 
%/ 
are in a very unsettled condition. Is it in England? If so, then 
why have the boards of trade, throughout Great Britian and Ireland, 
recently sent their representatives to a general convention for the 
purpose of petitioning the British government to ascertain why it 
J s that the rate of interest, the price of money, rises and falls, leav¬ 
ing a margin_of twice the ordinary rate of interest within sixty 
days; a system under which they say it is utterly impossible to do 
legitimate business; a system [which such practical statesmen as 
Gladstone, Lowe, and Groschen are ready to abandon. The manu¬ 
facturers say we buy our raw material when money is rated at three 
per cent, and is abundant, when- interest is low, prices are high, 
and if a manufacturer buys raw material when interest is at the 
low rate of three per cent, per annum, then he must pay high prices, 
and if he goes on to change that elementary substance, raw material, 
into commodities, and when it is ready for the maket the price of 
money has gone up from three per cent, per annum to six or nine, 
