I also pointed out the fact that our American notes were now so thoroughly well engraved that counterfeiting was virtually impossible, so that one of the leading European governments had its notes engraved in New York, on this account, whereas, the French assignats could be easily counterfeited, and, as a matter of fact, were counterfeited in vast numbers, the British government pouring them into France through the agency of the French royalists, especially in Brittany, almost by shiploads, and to such purpose, that the French government officials themselves were at last unable to discriminate between the genuine money and the counterfeit. I also pointed out the connection of our national banking system with our issues of bonds and paper, one of the happiest and most statesmanlike systems ever devised, whereas, in France there was practically no redemption for the notes, save as they could be used for purchasing from the government the doubtful titles to the confiscated houses and lands of the clergy and aristocracy.
The speech of Senator Allaben had exercised a real effect, but these simple statements, which I supported by evidence, and especially by exhibiting specimens of the assignats bearing numbers showing that the issues had risen into the thousands of millions, and in a style of engraving most easily counterfeited, sufficed to convince the Senate that no such inference as was drawn by the senator was warranted by the historical facts in the case.
A vote was taken, the bill was passed, the troops were finally raised, and the debt was extinguished not many years afterward.
It is a pleasure for me to remember that at the close of my remarks, which I took pains to make entirely courteous to Dr. Allaben, he came to me, and strongly opposed as we were in politics, he grasped me by the hand most heartily, expressed his amazement at seeing these assignats, mandats, and other forms of French revolutionary issues, of which he had never before seen one, and thanked me for refuting his arguments. It is one of the very few cases I have ever known, in which a speech converted an opponent.
Perhaps a word more upon this subject may not be without interest. My attention had been drawn to the issues of paper money during the French Revolution, by my studies of that period for my lectures on modern history at the University of Michigan, about five years before. In taking up this special subject I had supposed that a few days would be sufficient for all the study needed; but I became more and more interested in it, obtained a large mass of documents from France, and then and afterward accumulated by far the largest collection of French paper money, of all the different issues, sorts, and amounts, as well as of collateral newspaper reports and financial documents, ever brought into our country.
The study of the subject for my class, which I had hoped to confine to a few days, thus came to absorb my leisure for months, and I remember that, at last, when I had given my lecture on the subject to my class at the university, a feeling of deep regret, almost of remorse, came over me, as I thought how much valuable time I had given to a subject that, after all, had no bearing on any present problem, which would certainly be forgotten by the majority of my hearers, and probably by myself.
These studies were made mainly in 1859. Then the lectures were laid aside, and though, from time to time, when visiting France, I kept on collecting illustrative materials, no further use was made of them until this debate during the session of the State Senate of 1864.
Out of this offhand speech upon the assignats grew a paper which, some time afterward, I presented in Washington before a number of members of the Senate and House, at the request of General Garfield, who was then a representative, and of his colleague, Mr. Chittenden of Brooklyn. In my audience were some of the foremost men of both houses, and among them such as Senators Bayard, Stevenson, Morrill, Conkling, Edmunds, Gibson, and others. This speech, which was the result of my earlier studies, improved by material acquired later, and most carefully restudied and verified, I repeated before a large meeting of the Union League Club at New York, Senator Hamilton Fish presiding. The paper thus continued to grow and, having been published in New York by Messrs. Appleton, a cheap edition of it was circulated some years afterward, largely under the auspices of General Garfield, to act as an antidote to the ``Greenback Craze'' then raging through Ohio and the Western States.
Finally, having been again restudied, in the light of my ever-increasing material, it was again reprinted and circulated as a campaign document during the struggle against Mr. Bryan and the devotees of the silver standard in the campaign of 1896, copies of it being spread very widely, especially through the West, and placed, above all, in nearly every public library, university, college, and normal school in the Union.
I allude to this as showing to any young student who may happen to read these recollections, the value of a careful study of any really worthy subject, even though, at first sight, it may seem to have little relation to present affairs.
In the spring of 1864, at the close of my first year in the State Senate, came the national convention at Baltimore for the nomination of President and Vice-President, and to that convention I went as a substitute delegate.
Although I have attended several similar assemblages since, no other has ever seemed to me so interesting. It met in an old theater, on one of the noisiest corners in the city, and, as it was June, and the weather already very warm, it was necessary, in order to have as much air as possible, to remove curtains and scenery from the stage and throw the back of the theater open to the street. The result was, indeed, a circulation of air, but, with this, a noise from without which confused everything within.
