Our Financial Difficulty and the Remedy: Address by Hon. Charles N. Fowler, of New Jersey, Before the Committee on Banking and Currency, on H. R. Bill 6442 (Classic Reprint)

Excerpt from Our Financial Difficulty and the Remedy: Address by Hon. Charles N. Fowler, of New Jersey, Before the Committee on Banking and Currency, on H. R. Bill 6442

N ow that there has been a slight increase in our bonded indebtedness, some talk as though it were to continue throughout eternity. In the light of a surplus revenue of $1, 333 000 from 1879 to 1889, such a suggestion is idle talk, for everybody knows that if the Government were disposed to do so it could wipe out this entire debt in five yeais, and that to distribute the liquidation over a period of ten years would render the burden so light as not to be noticed. Nothing is more cer tain than the absolute necessity of some system to succeed the present one in the course of time, and nothing is more important than that there should be an evolution in passing from one to the other and not a revolution, with all its shocks, misfortunes, disasters, and ruin.

As a preface to what I am going to say, I will venture the assertion that you can not mention the matter of credit money in any chance meeting of a dozen business men that some of them - indeed, in most instances a majority Of them - will not shrug their shoulders and think of what they may remember, if age will permit, or what their fathers have told them about red dog, yellow dog, or some other dog money, as though they had heard or read all about all kinds of money, when, as a matter of fact, all they know about it is that there really was red dog money, and that the dog died. Neither the cause nor the circumstances surrounding his death seem ever to have entered their minds.

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