The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-10-30
RESTORATION OF CONFIDENCE.

| RESTORATION OF CONFIDENCE.
The New York Express publishes many
good articles, upon the current subject, 'the
times"-and the remedy. In a recent issue
it remarks that confidence is plant of slow
growth, and its restoration is not easy. espe.
eially when the basis of it is but paper
money. Pecuniary confidence demands for
ITS foundation the precious metals,-and
these, just now, it cannot have. Neverthe-
less, there is the confidence of character, OF
merit, and Of established wealth,-and il is
upon these alone, just now, that we must de-
pend for the necessary, and the imperatively
necessary, restoration of that confidence. 1t
should be the aim, therefore, of every man,
to do all in his power to restore confidence,
not by blind system of extended credit, nor
by rash curtailment of credits, which shake
and shatter commercial society to its base.
We are just now in two perils, and We
must carefully avoid them both,-the one,
an irredeemable, base!ess, paper-shin- plaster
currency, and the other further and violent
contraction of that currency, which would
frighten society once more, and reduce us
again to the condition of barbarians, all cry
ing for gold and silver, to the neglect of
every thing else.
The Banks have great duty to do, in an
early resumption of specie payments, but
they have greater duty than even thai,
which is the restoration of commercial Gre
dit, of the domestic exchanges, and of fur
nishing the means Of credit for bringing the
produce of the interior to the sea coast. We
can live without gold and silver,-but we
cannot live without bread, or clothes, or cot
ton, and We must have the means of effect
ing an exchange net only with one another,
but an exchange with all the world. To at
tempt any sudden, violent, afrighting re-
sumption of specie payments, just now,
would do rs much harm as the violent con-
traction Of the currency has just done. Let
us hasten to resume, but hasten slowly
peStinG tenie,-for there is such thing rs
being too 'fast" 10 this as too "fast" in any.
thing else. And the resumption of specie
payments, in great credit country like this,
Is gigantic work,-a work not to be done
in an hour, nor day, nor in spasm,-but in
calm, cool, concerted, universal action. The
crops must come to market, and go to Eu-
rope. We, must sell everything, and buy as
little as possible. We must await for more
and more Of the rich treasures from the mines
of California. We must cease to be extrav.
agant, and become very economical. We
must contract expenses in all ways, and re-
duce inflated values everywhere TO solid, real
prices. Now, all this is the work of year,
not OF month, nor quarter. The holder
of house That cost him 100000 will not
part with it for half the prize without think
ing weeks over it, and groaning loud and
long. The owner of wild Western lands,-
rich in profits on paper,-wil not consent to
become poor without struggle against it.
The farmer, who has had two dollars for
wheat will not sell it for one without fight.
The owner Of catile,-the grazier, whose
mouth waters now as he reads, 40 cents per
pound for beef in New York." will hold on
till his cattle eat themselves twice up in feed,
before he will sell them for half their present
price. Thus, the reimbursement Of values be-
comes one of the most painful and difficult
of tasks,-and a task not to be performed in
day or week. Nevertheless, all these re.
adjustments must come before confidence"
the inspiring genius of all things, will be
restored.