Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-02

perity. Nor, is Il less mistake TO suppose that
foreign commerce is a mere exchange or barter. of
merchandise between two nations. The York mer-
chant who buys $4,000 worth Of goods from the
London merchant does rot engage, or pect 70 pay
HIM in -four, wheat or cotton, but in money. Nor
dose the Southern cotton planter, or Virginia
tobacconst when he ships his produce to Liverpool
and Bremen, expect in exchange return cargo of
silks and broadelOths. They expect, and do get
money. So long, therefore, as our merchants i'm
port the extent Of their means of convenient paw
ment-in other words-so long as supply and
demand govern our foreign commerce so long win it
be healthy and profitable to the individual engaged
and to the country large and it is nobodys bust
ness but those Immediately concerned whether they
pay for their imports gold or in barter-prOvided,
always, that they use their own capital, and not
other peoples. All attempt of either governments
or individuals to control foreign domestic com
meroe BY any other rules than those imposed by
supply and demand, is arbitrary and unwarrantabe,
and invariably results in evil.
Nor, is it any answer to this to say that it is of
great Importance to the country that as little specie
should go abroad as possible. No nation or indi-
vidual was ever made poorer by paying their debts
and supplying their wants in gold and silver The
only enquiry to be considered is, whether the liza
bty was judiciously and necessarily incurred, and
if it were iquidating it with specie is rather an
evidence Of prosperity than of adversity-of wealth
than of poverty We have no shade of respect for a
great nation which could only discharge its indebted
ness by barter. That mode of exchange may reflect
no disgrace upon poor people and poor coun-
try but is certainly badge ofinferior civilization
the world over. But it is not true that our expor-
tations Of specie have been caused by the excess of
our foreign impOrtations Of merchandise. The pre-
cious metals are just much an article of commerce
as are cotton and tobacco, and there is as regular
trade in the one as in the other More than half
of the gold which went abroad the past year, was
bullion fresh from the mines of California and con-
stituting no part of our circulating medium, has
detracted nothing from it in being shipped abroad
We ship an excess of coin annually for the simple
reason that it is 1cortk more abroad than at home
Every channel of trade is conducted with paper
money to the exclusion, except for change of gold
and silver. The consequence is, that the precious
metals driven from circulation and from the
country. If we would change this state of things
we must change our currency.
The existing crisis is attributable to our present
financial system, which is radically wrong, and I'M
less it is changed these periodical commissions must
continue to occur. 1t encourages vicious credit
system and wild spirit of speculation-a grasping
desire to get rich in moment off of borrowed capt.
tai, or with no capital at ALL
Now is the time to point the moral While the
dead corpses of these banks are before us and all
their deformties staring in view, let us con-
template their evils and guard against their prac-
ticas in future.