l paying it out as currency to come back after gold. Any scheme to
sequestrate, to hide it under a bushel, or to put it under lock and key,
is a shallow device. The way to retire it is to retire it. It has served
its full purpose, and there never was a better time than now to call it
in.

In twelve years all our Government debt matures. The national banking
system based upon it must expire with it, unless existing laws are
changed. This system has served the nation well. No one has ever lost a
dollar by a national bank note. The system is worth preserving, and
with a little more liberal treatment it can be made to serve until a
currency based upon commercial credits and linked to a safety fund, a
system which works so admirably in Canada, can be engrafted upon it.
There is a great hurry to create such a system now on a basis of the
partial sequestration of the greenback and the Treasury note, but the
bottom principle is wrong. The Government should discourage a commercial
credit currency based upon a public credit currency, which, in turn,
rests upon a slender gold deposit, exposed to every holder of a
Government demand note. A credit currency is a double-edged tool, and
needs to be handled with great care. We have had so much crazy-quilt
finance that I am sure that we want no more of it. We have been sorely
punished for our financial sins in the past, and now that we are
repentant, we want to get everything right before we go ahead with our
full native energy. We have suffered from the distrust of the world, and
then from our own distrust. In retracing our steps let us be sure that
we are on solid ground, and make our "wampum" as good as the best there
is in the world. [Applause.]

LORD HERSCHELL

GREAT BRITAIN AND THE UNITED STATES

[Speech of Lord Farrer Herschell at the 130th annual banquet of the
Chamber of Commerce of the State of New York, November 15, 1898. Lord
Herschell was present in this country as President of the Joint High
Commission appointed to arbitrate the dispute between Canada and the
United States relative to the Bering Sea seal fisheries. Alexander E.
Orr, President of the Chamber, proposed the toast to which Lord
Herschell spoke: "The Future Relations between Great Britain and the
United States--a determined union of heart and purpose will carry the
forces of justice and humanity the world over."]

MR. PRESIDENT AND GENTLEMEN OF THE CHAMBER OF COMMERCE:--I
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