Opinion Site http://sodahead.com/ Nix
Know Your Memes- College Liberal Thundercross
My Mother?!?
It's... SAMUEL J. TILDEN FRIDAY!!
Currency is Not Their Only Problem:
Fiat money was an issue in SJT's time (because of the issuance of Greenbacks during the Civil War) as it is in our own time. However, the following (lengthy) discourse took place several years before the Civil War. In this small sample, SJT, when arguing his contrary position to Daniel Webster about the difference between specie money and fiat money, offered this wise and still valid opinion of Europe's finances:
In referring to the effect of a specie currency on wages, is he [Webster] uninformed of facts as well as of principles? Does he not know that the condition of laborers in Russia, where the currency is nearly all paper, is worse than in almost any other country in Europe? that in Austria, where the currency is half paper, their condition is worse and their wages lower than in France? that in Cuba, to which he specially refers, where the currency is all specie, wages are very high? Does he not know that, in the countries which happen to have both, the low wages are no more owing to the specie currency than to the fertile soil or genial climate which some of them have also, but which oppression has rendered unavailing? In the inquiries which he tells us he made while in Europe into the condition of the laboring classes, did he not learn as the cause of their degradation that they are misgoverned? Did he not find that even in the least misgoverned countries the burden upon labor of public debts, taxation, and monopolies, by consuming its earnings and lessening production, exceeds every year twice the whole amount of their currencies, whether paper or specie, and fifty times the annual interest of that amount?
Fiat money was an issue in SJT's time (because of the issuance of Greenbacks during the Civil War) as it is in our own time. However, the following (lengthy) discourse took place several years before the Civil War. In this small sample, SJT, when arguing his contrary position to Daniel Webster about the difference between specie money and fiat money, offered this wise and still valid opinion of Europe's finances:
In referring to the effect of a specie currency on wages, is he [Webster] uninformed of facts as well as of principles? Does he not know that the condition of laborers in Russia, where the currency is nearly all paper, is worse than in almost any other country in Europe? that in Austria, where the currency is half paper, their condition is worse and their wages lower than in France? that in Cuba, to which he specially refers, where the currency is all specie, wages are very high? Does he not know that, in the countries which happen to have both, the low wages are no more owing to the specie currency than to the fertile soil or genial climate which some of them have also, but which oppression has rendered unavailing? In the inquiries which he tells us he made while in Europe into the condition of the laboring classes, did he not learn as the cause of their degradation that they are misgoverned? Did he not find that even in the least misgoverned countries the burden upon labor of public debts, taxation, and monopolies, by consuming its earnings and lessening production, exceeds every year twice the whole amount of their currencies, whether paper or specie, and fifty times the annual interest of that amount?
Comment from Mac: Now we have Crap Dip & Neck Junkie...this place gets better every day!
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