[The President by Alfred Henry Lewis]@TWC D-Link bookThe President CHAPTER XIV 26/33
To merely multiply the 'price' of gold, a metal which when it isn't money is jewelry, would cut no more important figure in the economy of life than would the making of one thousand marks upon a thermometer where now we make one hundred.
Suppose, instead of one hundred degrees, we scratched off one thousand degrees on a thermometer in the same space: would it make the weather any hotter? I grant you a cautious business manager would not walk in among the gold-sellers and purchase ten billion dollars' worth of gold in a day; and for the same reason that a cautious cowboy wouldn't ride in among a bunch of cattle and flap a blanket.
Not because there lurks inherent peril in so doing, but for that in the timid ignorance of the herd it would produce a stampede." "But don't you see," objected Senator Coot, who was learned in the cant of currency and believed it, "don't you see that what you propose, by putting up the price of gold and putting down the price of everything else, would multiply riches in the hands of the creditor class? Wouldn't it work injustice to the debtors of the land ?" "Without pausing to guess," said Mr.Bayard, "for that is all one might do, whether the extravagant coinage of gold would promote its 'price,' I will submit that such contention should be disregarded.
It is too general, and too incessant.
If such were permitted the rank of argument, it would trip up every tariff, every appropriation, every governmental thing. "Also, one must not put a too narrow limit upon the term 'creditor class.' Every man with a dollar in his pocket, or who owns a farm or a horse or a bolt of cloth or one hundred bushels of wheat, belongs to the extent of that dollar or farm or horse or bolt of cloth or one hundred bushels of wheat to the creditor class.
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