It is unreasonable to expect a return to a sound currency so long as the Government by continuing to issue irredeemable notes fills the channels of circulation with depreciated paper.
It is our first duty to prepare in earnest for our recovery from the ever-increasing evils of anirredeemable currency without a sudden revulsion, and yet without untimely procrastination.
It is unreasonable to expect a return to a sound currency so long as the Government and banks, by continuing to issue irredeemable notes, fill the channels of circulation with depreciated paper.
And twice, once in the thirties and again in the sixties, an irredeemable paper currency moved up the water mark of prices to tremendous heights followed by reactions of corresponding depth.
In other words, the greenback currency, instead of being, as it was at the time, an irredeemable promise to pay in specie, would be redeemable in government bonds.
Thus we say that irredeemable paper, that is worth but fifty cents on the dollar, inflates the prices of commodities in general to twice their real value.
But it also takes twice as many of these irredeemable paper dollars to buy gold itself, as it would if the paper were equal in value to gold.
It was over--the fine old barbaric ceremony, the passing of the irredeemable contract between man and woman, the public proclamation of eternal union.
That the whole principal should be forever irredeemable at the option of the United States; 2d.
New England was at this time cursed with an irredeemable paper currency.
It may be said, and perhaps truly, that they are less deplorable than those of an irredeemable bank circulation.
Irredeemable money is always the result of war, pestilence, or some great misfortune.
It is singular how strong the feeling in favor of an irredeemable paper currency was in many of the western towns and among the farming people.
The financial difficulties under which the country is laboring may be traced directly to the issue, and continuance in circulation, of irredeemable promises as lawful money.
Instead of a return to specie payments, it provided for an expansion of an irredeemable currency.
The fist bonds were irredeemable for twenty years.
We provided for gold interest and gold revenue, to avoid the extreme inflations of anirredeemable currency.
Again, sir, an irredeemable and fluctuating currency always raises the rate of interest on money, while a stable currency or an improving currency always reduces the rate of interest.
But little money circulated, and that was chiefly irredeemable bank notes.
If irredeemable notes were a national dishonor, why did he not urge their redemption in coin at some fixed period and then reissue them, and maintain their redemption by a reserve in coin?
This Alliance subsequently changed its ground fromirredeemable paper money to the free coinage of silver.
So irredeemable mischief has been done at Brown's dinner-party: another five or six thousand a year will henceforth exert its mighty influence in the service of bad art.
The mischief has been done, the irredeemable mischief has been achieved.
We have recently been told in a magazine article, written by the meditative son of a confederate sire, that the rebellion was put down chiefly by its own pestiferous, irredeemable paper currency.
In my annual message to Congress in December, 1869, the following passages appear: Among the evils growing out of the rebellion, and not yet referred to, is that of an irredeemable currency.
Among the evils growing out of the rebellion, and not yet referred to, is that of an irredeemable currency.
The bulk of the Government debt consisted in redeemable and irredeemable annuities, on all of which large interest was paid, and on which that interest must continue to be paid unless the holder of the annuity voluntarily reduced it.
It is plain that any transaction of the sort, as far as regarded the irredeemable annuities, must have been entirely voluntary.
That he should himself now belie his old teachings and become in practice if not in theory an advocate and supporter of an irredeemable paper currency, was intolerable.
Some progress had already been made in deliberations upon the debt of the nation, which was comprehended under the two heads of redeemable and irredeemable incumbrances.
We are hanging over the gulf of an irredeemable paper system, and its spectral shade, repudiation, is seen dimly in the dark abyss.
It will readily be seen not only that correctness of count is of vital importance, but also that the knowledge and skill necessary to detect irredeemable notes are indispensable.
By this method the several packages are kept distinct, and if he afterward finds an irredeemable note in his money, he may know from whom it comes.
But of all irredeemable notes those which appeal most strongly to the ill feelings of counters are of the description known as "stolen.
The objections to an inflated and irredeemable paper currency are so many that I do not attempt to state them all.
It is my conviction that the feeling of uncertainty inseparable from an irredeemable paper currency, with its fluctuations of values, is one of the great obstacles to a revival of confidence and business, and to a return of prosperity.
The previous question will again be irredeemable paper as a permanent policy, or a policy which seeks a return to coin.
When government enters upon the experiment of issuing irredeemable paper money there can be no fixed limit to its volume.
An irredeemable and inflated paper currency promotes speculation and extravagance, and at the same time discourages legitimate business, honest labor, and economy.
They expected to issue more legal tender notes--notes irredeemable and depreciated.
I abhor paper; that is to say, irredeemable paper, paper that may not be converted into gold or silver at the will of the holder.
It was a mere paper bank; a machine for fabricating irredeemable paper.
Government, too, gained by reducing interest on irredeemable bonds from five to four per cent.
The offer was, therefore, accepted, and the government got rid of irredeemable annuities, and obtained seven millions besides, but became debtor to the company.
The public creditor willingly gave up three hundred pounds of irredeemable stock for one hundred pounds of the company's stock.
The national creditor hastened to get rid of irredeemable annuities--a national stock which paid five per cent.
The leading young man of this comedy now under notice is represented as "a wild-headed gentleman," and revealed as an abject ruffian of unredeemed and irredeemable rascality.
Against this tendency toward the issue of irredeemable paper Necker contended as best he might.
It would be a great mistake to suppose that the statesmen of France, or the French people, were ignorant of the dangers in issuing irredeemable paper money.
Like every supporter of irredeemable paper money then or since, he seemed to think that the laws of Nature had changed since previous disastrous issues.
He exhibited various weak points in the inflation fallacies and presented forcibly the trite truth that no laws and no decrees can keep large issues of irredeemable paper at par with specie.
No irredeemable currency has ever claimed a more scientific and practical guarantee for its goodness and for its proper action on public finances.
Du Pont de Nemours, who had stood by Necker in the debate on the first issue of assignats, arose, avowed the pamphlet to be his, and said sturdily that he had always voted against the emission of irredeemable paper and always would.
Making the money redeemable in any of the commodities on which it is based would be only a form, and might be omitted; it is suggested merely as obviating any objections to an irredeemable money.
He showed that the currency of the United States was sound because it was gold and silver, in his opinion the only constitutional medium, but that the country was flooded by the irredeemable paper of the state banks.
He elaborated the ideas contained in his previous remarks on the currency, displaying with great force the evils of irredeemable paper, and the absolute necessity of a sound currency based on specie payments.
