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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1877. Excerpt: ... THE FINANCIAL PROBLEM. HOW SHALL IT BE SOLVED? House Op Representatives, January 29, 1870. At the date of this speech the fallacy of a belief in the reality of prosperity produced by the war and an inflation of the currency had been demonstrated by practical tests, but the shrinkage of values and the pressure of ill-considered taxation had produced general embarrassment or distress for which a new expansion of "legal tender" was hailed by many as a panacea. To give useful warnings against this error the monetary experience of the United States and other nations, so far as it bears upon the subject is recapitulated, and a method is propounded for returning to specie payments by steps so gradual that Congress would have no excuse for again interfering, coniideuce would return and prosperity prevail. Mr. Speaker: The present embarrassment of our financial and commercial interests demands serious and profound attention. Its effects are felt by the people of all pursuits in every part of the Union, and, without distinction of party, they imperatively require the application of the best attainable remedy. Capital lies idle in the vaults of the banks, and has been offered at lower rates of interest than at any other period in the history of this continent. The number of business failures in the year just closed was seventy-seven hundred and forty, larger than in any previous year. In 1874 the number exceeded that in 1873, and so on, with one exception, when it was stationary, the failures have gone on increasing every year since 1862. Multitudes of men and women, to an extent hitherto unparalleled, are presenting that "saddest sight on earth " of being able and anxious to work, but unable to find the work to do. To understand the nature of the disease which is ...
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