England; a result so British as to be almost the equivalent of an Oxford degree.
Quite serious about it, he set to work at once. While confusing his ideas about geology to the apparent satisfaction of Sir Charles who left him his field-compass in token of it, Adams turned resolutely to business, and attacked the burning question of specie-payments. His principles assured him that the honest way to resume payments was to restrict currency. He thought he might win a name among financiers and statesmen at home by showing how this task had been done by England, after the classical suspension of 1797-1821. Setting himself to the study of this perplexed period, he waded as well as he could through a morass of volumes, pamphlets and debates, until he learned to his confusion that the Bank of England itself and all the best British financial writers held that restriction was a fatal mistake, and that the best treatment of a debased currency was to let it alone, as the Bank had in fact done. Time and patience were the remedies.
The shock of this discovery to his financial principles was serious; much more serious than the shock of the Terebratula and Pteraspis to his principles of geology. A mistake about evolution was not fatal; a mistake about specie payments would destroy forever the last hope of employment in State Street. Six months of patient labor would be thrown away if he did not publish, and with it his whole scheme of making himself a position as a practical man-of-business. If he did publish, how could he tell virtuous bankers in State Street that moral and absolute principles of abstract truth, such as theirs, had nothing to do with the matter, and that they had better let it alone? Geologists, naturally a humble and helpless class, might not revenge impertinences offered to their science; but capitalists never forgot or forgave.
With labor and caution he made one long Article on British Finance in 1816, and another on the Bank Restriction of 1797-1821, and, doing both up in one package, he sent it to the North American for choice. He knew that two heavy, technical, financial studies thus thrown at an editor's head, would probably return to crush the author; but the audacity of youth is more sympathetic—when successful—than his ignorance. The editor accepted both.
When the post brought his letter, Adams looked at it as though
