State Convention—Dollars and Sense. 263 
just what they do. ‘ Sufficient for the day is the evil thereof. 1 
You (Americans) have been living on loans of goods to fill up the 
gap of your production, and then when you can get no more you 
are in a bad way. Your laborers must go home, and then, as the 
paper said one day, “the people are starving, and God knows what 
they will do! 111 
This is telling us the truth in pretty flat English, and although 
it chafes our national pride, and quickens us almost to a desire to 
give the John Bull professor a sound clubbing for his insolence, 
and we should be justified in the chastisement, did we not know the 
smart comes from the sting of truth. However humiliating,.we 
must admit the fact that we have dickered off* our bonds for Brit¬ 
ish store-pay, thus stimulating British production and paying 
British workmen; and our own artisans, laborers, and mechanics 
have folded their arms in sorrowful idleness and confronted star¬ 
vation, while our financial statesmen have been dickering our bonds 
for European gew-gaws, jim-cracks, and manufactures that we had 
much better manufactured than bought at such a sacrifice. 
In consideration of this high-priced calamity, our people have 
been cajoled and dosed with the idea that we were receiving rivers 
of gold from Europe, while in fact we have not received one ingot. 
For further proof of this we need not go to Europe to consult the im- 
pertinance of some professor, but have witnesses nearer at hand- 
While a portion of our syndicate loan was lingering in the lap of 
the Bank of England, amounting to $21,000,000, and Mr. Bout- 
well, as Secretary of the National Treasury, sought to check it out, 
the functional was cut short, and not a dollar of gold could he 
get, but was compelled to take United States bonds in payment. 
Let Mr. Boutwell tell the story in his own way, which he did in 
the Senate of the United States, January 22, 1874. 
“ When the negotiations were going on in London for the sale of 
the largest amount of United States bonds that has ever been sold 
there at any one time, it was foreseen by the Bank of England, 
that a quantity of coin would accumulate as the proceeds of these 
bonds, to the credit of the government of the LTnited States. As 
a matter of fact there was an accumulation of about $21,000,000. 
The Bank of England foreseing that there would be an accumu¬ 
lation of coin to the credit of the United States, which might be 
taken away bodily in specie, gave notice to the officers of the Trea- 
