brought a curse and not a blessing upon those whose interests they pretend to serve.
A few days ago I received from a friend in Europe a most significant letter, to which an answer was requested. The writer is a merchant who desires to retire from business. He writes me to this effect:
I can realize out of my business several hundred thousand dollars, and should like to invest my money at a good rate of interest. I have thought of investing it in the United States on mortgage security, which, as I am informed, bears from 8 to 10 per cent.; but I learn also that you are likely to inflate the currency in the United States, which, of course, will result in depreciation. I would now ask whether it would be safe for me to make such an investment in mortgage loans in the United States while there is a chance that your legal-tender money may depreciate so that I would lose more by the depreciation of capital invested than I would gain by the interest I might get.
I ask the Senator from Indiana what answer would he give, at this moment, to that gentleman who wants to send several hundred thousand dollars to the United States in order to invest them here?
Mr. Morton. I will answer it after awhile, I think to your satisfaction.
Mr. Schurz. Will not the Senator answer it now?
Mr. Morton. No; not now.
Mr. Schurz. He will probably give the same answer that the Senator from Illinois [Mr. Logan] has just given in an undertone, “Write him to send it on.” Let me tell Senators that we cannot very well expect foreigners to send along their money when the chances are that they will suffer loss in consequence of our own financial policy. Senators ought not to conceal from themselves that the credit of this country has most seriously suffered by the
