State Convention—Interconvertible Notes. 249 
per cent, bonds to borrow mone} r in Europe. With this system 
every man would rush to banking, because the greenbacks are go¬ 
ing out of existence, and we are going to have a bank currency, 
only national banks, instead of State banks. We are in an abnor¬ 
mal and unnatural condition when these panics ensue. I discover 
that these gentlemen want high rates of interest. They are going 
to pay.the President just the same, and the members of Congress 
are going to have just the same salary. You clod-hoppers, who 
can’t appreciate the beauties of art and statuary, ought to live in a 
state of nature, because it produces produces health and longevity; 
therefore it is good for you, and let us roll and riot in luxury. 
Mr. Stilson: I dont propose to ,take up the time of this con¬ 
vention on this discussion but a moment, and I propose to call the 
attention of the convention to the circumstances and surround¬ 
ings of my friends Dr. Steele and Professor Bascom. My friend, 
President Bascom, says he admits the instability of a mixed cur¬ 
rency, but such would not be the condition of a pure metallic cur¬ 
rency. Those are conditions that never existed in this country, 
and never will; therefore the stability will never be seen until 
the millenium comes. The next point is, and it strikes every man 
who owns a farm that is not paid for, or a man who is involved any 
way in business, and that is, how to meet taxation ? The bankers 
who are arguing this resumption of specie payment, are not hon¬ 
est, for they don’t tell the whole story. In the last ninety days, I 
have traveled more than five thousand miles. I made it a point to 
converse with them confidentially; and uniformly found these bank¬ 
ers to hold this, that before the day of specie payment, they will 
retire the circulation of half a billion, down to forty-five millions, 
the lowest amount that they can, under the banking-act. Others 
said, u we will retire the cash dollar we have got; we have made a 
good thing so far, and we will make another good thing in selling 
our bonds at a premium; and we will make another good thing 
out of our money, when everybody wants it.” How are you go¬ 
ing to bridge over this chasm, a chasm caused by the retiring of 
this currency? It can only be done by disaster, the most wide¬ 
spread; disaster which will as far exceed that after the war of 1812 
and 1815, as our national, our State, our individual debts, are great¬ 
er in proportion to our population than they were at that time. 
On motion, the convention adjourned, to meet in the Assembly 
Chamber at 7 \ o’clock, p. m. 
