Word: dangerous
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Dates: during 1890-1899
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There is always a danger after a number of victories of becoming somewhat over-confident, and of relaxing in effort. This feeling is to be guarded against now that we have again been successful in debating. Another debate and probably one that will call for the very best skill that the University commands is still to come...
...with financial panics, as we have seen during the last three or four years. The gentleman (Youngman), advocated the retirement of a certain amount of these notes. This would only be a temporary relief. The only cure is to remove the legal tender notes entirely. By this means the danger of a deficit in the gold reserve would be forever avoided...
...legal tenders should be retired," he asked, "would the danger of inflation be removed?" At any time the people desired they could demand a new issue of legal tender, or resort to some form of wild-cat banking, or, what is more probable, they would resort to some form of silver inflation. Twenty-five per cent, of the currency would be called into the treasury and burned, and the clamor for silver will be increased to that extent. Since the silver dollar actually possesses some intrinsic value, it furnishes a much more insidious temptation to inflation than do the legal...
McElroy was the second Princeton speaker in rebuttal. He attacked the instance cited by the negative, that England had successfully floated paper legal tender, and pointed out the danger, under the present system, of persuading the public that a government can create money. He then showed that the present notes are not actually redeemable, and quoted as an example a rebuff experienced by a Baltimore company trying to redeem notes at Washington...
...last speech of the evening was Dobyn's summary. He said that the retirement of all the greenbacks was too sweeping a step. The present fiscal situation is perilous. But the danger, instead of being due to the principle of floating notes on a gold basis, comes from outside causes like the silver movement, which influence the ignorant public...