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We think only through the medium of words. Languages are true analytical methods. Algebra, which is adapted to its purpose in every species of expression, in the most simple, most exact, and best manner possible, is at the same time a language and an analytical method. The art of reasoning is nothing more than a language well arranged.
It is a palpable falsehood to say we can have specie for our paper whenever demanded. Instead, then, of yielding to the cries of scarcity of medium set up by speculators, projectors and commercial gamblers, no endeavors should be spared to begin the work of reducing it by such gradual means as may give time to private fortunes to preserve their poise, and settle down with the subsiding medium; and that, for this purpose, the States should be urged to concede to the General Government, with a saving of chartered rights, the exclusive power of establishing banks of discount for paper.
The Congress has provided a fact-finding Commission to find a path through the jungle of contradictory theories about wise business practices—to find the necessary facts for any intelligent legislation on monopoly, on price-fixing and on the relationship between big business and medium-sized business and little business. Different from a great part of the world, we in America persist in our belief in individual enterprise and in the profit motive; but we realize we must continually seek improved practices to insure the continuance of reasonable profits, together with scientific progress, individual initiative, opportunities for the little fellow, fair prices, decent wages and continuing employment.
Newness only becomes mere evil in its totalitarian format, where all the tension between individual and society, that once gave rise to the category of the new, is dissipated. Today the appeal to newness, of no matter what kind, provided only that it is archaic enough, has become universal, the omnipresent medium of false mimesis. The decomposition of the subject is consummated in his self-abandonment to an ever-changing sameness.
That we are overdone with banking institutions which have banished the precious metals and substituted a more fluctuating and unsafe medium, that these have withdrawn capital from useful improvements and employments to nourish idleness, that the wars of the world have swollen our commerce beyond the wholesome limits of exchanging our own productions for our own wants, and that, for the emolument of a small proportion of our society who prefer these demoralizing pursuits to labors useful to the whole, the peace of the whole is endangered and all our present difficulties produced, are evils more easily to be deplored than remedied.
I like well your idea of issuing treasury notes bearing interest, because I am persuaded they would soon be withdrawn from circulation and locked up in vaults & private hoards. It would put it in the power of every man to lend his 100. or 1000 d. tho' not able to go forward on the great scale, and be the most advantageous way of obtaining a loan. The other idea of creating a National bank, I do not concur in, because it seems now decided that Congress has not that power, (altho' I sincerely wish they had it exclusively) and because I think there is already a vast redundancy, rather than a scarcity of paper medium.
A healthy soul stands united with the Just and the True, as the magnet arranges itself with the pole, so that he stands to all beholders like a transparent object betwixt them and the sun, and whoso journeys towards the sun, journeys towards that person. He is thus the medium of the highest influence to all who are not on the same level.
Is God happy with the poisoned cat dying alone in convulsions behind the billboard? Is God happy that life is cruel and that only the fittest survive? The fittest for what? Oh no, far from it. If God were omnipotent and omniscient in any literal sense, he wouldn't have bothered to make the universe at all. There is no success where there is no possibility of failure, no art without the resistance of the medium. Is it blasphemy to suggest that God has his bad days when nothing goes right, and that God's days are very, very long?
We were laboring under a dropsical fulness of circulating medium. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will. Lands in this State cannot now be sold for a year's rent; and unless our Legislature have wisdom enough to effect a remedy by a gradual diminution only of the medium, there will be a general revolution of property in this state.
The invocation of science, of its ground rules, of the exclusive validity of the methods that science has now completely become, now constitutes a surveillance authority punishing free, uncoddled, undisciplined thought and tolerating nothing of mental activity other than what has been methodologically sanctioned. Science and scholarship, the medium of autonomy, has degenerated into an instrument of heteronomy.