Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-09-18
FRIDAY MORNING, :::: SEPT. IS, 1867.
TEE MONETARY CRISIS.

The cbiefitem of interest with our exchanges from
al commercial points in the country, concerns the
monetary crisis, which in some places has reached
a manic, whilst in others it is described only
Brightness" "severe stringency," clOgging the
wheels Of commerce and preventing trade from per-
forming its legitimate functions. In the larger
cities we hear of houses failing for Millions Nhie
1t is thought matter of too rifing consequence to
chronicle failure for a less amount than several
hundred thousand dollars Indeed, 1t would appear
as though men could not afford to break for smaller
sum Places more remote from the great CONNER
cial centre are beginning to count their chance for
& rich harvest of these failures. Money cannot be
had, exchange has fed the market, and everywhere
the question is being asked what are the causes ana
what will be the consequences Here in our own
midst in the city of Nashville this srngency is felt
TO an alarming extent. We understand that no &C
oommodatiOns are being given at our banks, that
no reasonable amount of exchange can be had upon
any terms, while money can be loaned upon the
streets at from t10o to three per cent. per month
And yet, in point of actual wealth. such season
of general prosperity never appropriated by
our country in the course of its entire history Pro-
violence, peculiar in its favOrs has blessed our soil
growth than the husbsndman had ever dreamed Of
or hoped for. We not only rival but Outstrip all
the balance of the world. We have not only enough
to feed, but to clothe double vast population.
And as in agriculture, in every other depart
ment unprecedented prosperity has favored our
people.
Nor is this prosperity-this rapid advance in
material wealth-of an inflated unhealthy char
acer The statistics Of the country show that labor
and its products mechanical and agricultural, have
been advancing upon a sound and legitimate basis,
and have no proper cause to recede. Our wonderful
resources and our untold wealth. and the continually
increasing energies of people, though incalcul-
able are not the less real We have grown to be
wonder not only TO cur sisters in the family Of ma
zions but to ourselves.
What then, can be thu philosophy Of a monetary
crisis with such people at such time: is prob
lem with the great mass of our citizens with
selves, more easily put than solved. To the plain
mind uneducated in the arts and tricks, the mystic
ries and subtleties of trade, not in thousand
cOmprehends the causes of these connections of
which they in part the sufferers. If they 90 to
our banks and inquire of those who control the f.
nance of the country, they will hear various sOlu-
tions but neUsr tro ALIKE.
But in the midst of all this doubt aud difficulty,
there is, however one plain, common sense cOnclu-
sion to which every practical mind must arrive, viz
that financial system Of which periodical convul-
sions are a necessary feature, must be radically
wrong; and especially when they liable to occur
even in the very midst of the most abundant pros
perity of those real interests which constitute the
only true wealth of people.
In what these radical defects consist it is not
purpose at this time to conjecture. We only desire
10 remind the public, and those who will represent
the public in the approaching Legislature, that they
c1ist 1t may have been so from the beginning; or
1t may have become go the result of changes that
have taken place afterwards. Whichever is the
fact, the demand for the remedy and the char
acter of the remedy indicated by the symptoms,
are the same. The treatment, like the disease,
must be radical.
The public should bear constantly in mind that
these monetary commissions imply no real hardshps
to the banks and brokers. They are still gathering
their profits They say that it is evil wind that
blows no one any good. 1t is the banks, brokers
and stock JObbers not the people, who create these
commissions, and it would be silly in them not to
create them to their liking.
Matters, in which the people so largely inter
ested should be brought more within their comPre-
hension. The finances of the country have been
made an enigma, which none but the initiated un-
derstand; and it is human nature well as human
interest to wish the balance of the world less wiser
than on rselves.