Page:Speeches, correspondence and political papers of Carl Schurz, Volume 2.djvu/548

528 for it.” So you cannot fool old Tatum. “Do I not know that when you put more hogs and horses in the market, horses and hogs get cheaper?” Thus you see old Tatum would be as good at the horse and hog argument as anybody. Old Tatum is eminently a practical statesman.

But I suspect after all, sir, that there is something in that theory that the earth moves around the sun, although old Tatum has never been able to see it. And I suspect there is after all something in the principles of political economy, in that science of finance, which is the accumulated wisdom and experience of many centuries, although the practical statesmen of the old Tatum school cannot see it and are ready to throw it to the dogs. Throw it to the dogs, Senators, and I fear the honor as well as the prosperity of the country will soon go the same way.

When all other resources fail, when even a contemptuous sneer at book-learning and theory will no longer answer, the advocates of inflation grow fearfully pathetic in calling the opponents of their fallacious doctrines enemies of the poor, supporters of the rich, friends of the oppressors, of the money-changer, of the wicked speculator and so on. Ah, sir, the Lord may forgive those who know not what they are doing.

Is, then, the inflation of irredeemable paper money really a help to the poor? Can it be? Can any sensible man pretend for a moment that it can be? It has been well said here that the rich man is always able to take care of his interests; and so he is. He can provide for his own welfare, whatever the vicissitudes of trade and the fluctuations of values may be, for he has the means to take advantage of every change. Is the currency inflated and does it depreciate? He speculates upon a rise of prices. Is the movement in the opposite direction? He speculates upon their fall. He stands upon that eminence where he can see the storm coming and discern in what direction