State Convention—Interconvertible Notes. 231 
mand, a margin is taken to provide for probable decline in gold. 
Of course this bears equal!}' upon the creditor and debtor, but the 
small amount of any one of these slight additions which falls to 
the share of the latter class, when multiplied into the number of 
the transactions of a single year, would amount to far more than 
the burden which would be laid upon them in wiping out the exist¬ 
ing difference between gold and greenbacks, and at the end of the 
year they are no better off, for the difference still remains unpro¬ 
vided for. By avoiding the introduction of any such element of 
uncertainty in her finances, England has absorbed almost the en¬ 
tire exchange business of the world. London is a vast clearing¬ 
house. The United States do not act as a middleman between any 
two nations. Even France, as a result of the infinitesimally small 
discount on her paper as compared with gold, has relinquished to 
England the greater part of the international exchange business 
she has heretofore held. Slight as the depreciation was, it proved 
enough to cause this loss. This is fully realized, and with a view 
to putting a stop to it, the Bank of France has been accumulating 
coin until it has three hundred and forty millions of dollars in coin 
in its vaults against a note circulation of five hundred millions of 
dollars. The day of redemption in France is very close at hand. 
It is believed, too, by those competent to judge, that they are 
strengthening themselves with excessive caution. 
The fluctuations consequent upon our unstable currency im¬ 
poses upon this nation a yearly tax, which, if levied directly, so that 
it could be realized, would raise a howl loud and deep enough to 
effectually drown out that which Mr. Orledge assures us now comes 
up from “ the saloons of bankers, dens of brokers, and columns of 
a venal press;” and this tax goes, not to help bear the burdens of 
government, but into the pockets of the importers, the speculators, 
and, alas! that it should be confessed, of the bankers and brokers 
aforesaid. For, with better means of information, and money at 
hand to act upon it, it is this class who always profit by an unset¬ 
tled condition of finance, at the expense of the needy and the unin¬ 
formed. The farmer, the mechanic, the small dealer, the country 
banker, cannot have a telegraphic instrument clicking in their shops 
and offices all day long, to post them on the price of gold, and if 
the currency were fixed and stable in value, they would be at no 
disadvantage on that account. 
