And in consequence, after nearly ten years of painful experience, they do not now understand how much they have suffered from their inconvertible currency.
Walter Bagehot: “And in consequence, after nearly ten years of painful experience, they do not now understand how much they have suffered…”
Editor's note · Context
Bagehot highlights the American public's lack of understanding regarding the consequences of their currency system.
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More from Walter Bagehot
Just so the lines of our Constitution were framed in old eras of sparse population, few wants, and simple habits; and we adhere in seeming to their shape, though civilisation has come with its dangers, complications, and enjoyments.
Political philosophy is still more imperfect; it has been framed from observations taken upon regular specimens of politics and States; as to these its teaching is most valuable.
Subject to this saving remark, however, I not only admit, but maintain, that our Constitution is full of curious oddities, which are impeding and mischievous, and ought to be struck out.
At last it strikes you that they grew up, house by house, on the devious tracks of the old green lanes; and if you follow on to the existing fields, you may often find the change half complete.





