Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-23

regulation to be observed is uniformity quality
Valse. But for this important fact any other meta
would answer well the purposes of gold and sill
yer. The scarcity Of the precious metas-the diff
Guilty Of obtaining themhas necessarily led to theil
adoption as the true standard Of Yayie with every
country from the earliest history of the world to the
present period If stamped paper would have an-
sWered its purposes, mankind would never have ex-
pended such incslculsble labor to obtain it, Bank
bills have therefore, been issued upon the idea
that they were or could be constituted money, but
Is svidsaoes of mOney-snd hence the suppOsition
which all bank charters carry with them, tina
banks always ready to redeem their paper issues
The utter fsllacy of this superstition the people al
this time necessarily understand.
And yet the idea that paper issue is money, has
erept into the minds of the uniformed that it is
difficult for them to realise their error and under
stand that bank currency is nothing than a de
lusiVe and dangerous system Of credit If, however,
it were true that bank currency money, and that
By the establishment of these institutions it is per-
msuently increased thereby, it would be precisely
the reverse Of the true policy, it would but serve
to destroy that fundamental principle of all sound
currency, viz: uniformity in quantity and value
The standard of value which one dollar would rep
resent with given circulation it would require two
dollars represent with double that circulation
The wealth is in the commodities and properly not il
the money which determines their Price Their Val.
isquite Independent of their prize and would be
precisely The same with one-tenth of the currency
we now employ in their exchange as with the whole
Of it.
The opposite of all thshss been the principle upon
which the ruinous banking system of this country
has been built up. Men have been unwilling to re-
gsri op,ry and the products of labor wealth /;
but vsrs & the truth, have endeavored to purtuade
themselV into the belief thai wealth was an inhe
rent tlIy of money, sndthat the fastert could be
incr .ssd the more rapidly a community would
r,Sin wealth. And the precious metal being I'M
sltainsble without labor, they have sought for the
easier process, but really unsttainable object, Of
making money out of paper.
With the establishment of every bank our currency
has been distended, until four dollars of paper cur
reney took the place of dollar of real currency
As a natural consequence of this unhealthy disten
ton, property seemed to thrbble 10 value, and tn,
whole business of the country forced beyond
natural limits
For this fictitious paper currency the banks had
promised redemption with real specie whenever
called upon. Having reached point of initiation
where their inability to make good their promise
was too apparent not to be seen, they necessarily
trembled for their oWa safety in the event of any
suspicious with the people Then came the cOntrac-
ton Of their circulation, the aPprehensions and pan
&c among the people, and the consequent ruin that l.
following its train, to the varied interests of the
country.
The inquiry now is, not how shall we get back to
the dizzy pinnacle from which We have tumbled,
but how shall we get back to first principles, sound
and uniform constitutional currency, SO as not to
heigbten the financial Affections under which the
community is suffering!
Whilst we know that in answering this question
1t will be impossible for all to agree in detail, we
feel that all admit that whatever reforms are
proposed should be based upon the principle of less
paper aud more coin. Let the first step be taken in
the right direction with the view of folOWizg IL Up,
at stated periods until we arrive surely, though
gradually, at the proper point. As we lessen the
amount Of paper money will invite coin into gen
sral circulation, as far may be necessary to
Ever the wants and purposes of exchange.
Thighs the only basis upon which profitable bank
legislation rest. Let the movement be towards
an tnmiSed currency, With Fpid steps az caution
and prudence will sllOW.\ t
! I GOV. JoHNsONs SPEECH AT THE FAIR.
n We print below a communication from gen
kleman alike eminent as a scholar and farmer
one who has written much for the ofagricul-
ture but in his honored old age appears too seldom
in Print-in compliment of the late speech of Gov
JOHNSON at the State Fair. 1t speaks in terms Of
sincere and hearty, and we think well deserved,
praise Of the speech, while dissenting from one OF
his conclusions:
HesSrs. Editors Union and American.
The undersigned sOlicits a small space in your
columns. The Governors speech at the Agricultu-
raj Fair Grounds, or rather his manner-for Idonot
purpose sketch, or review of his speech-hs
manner is like himself earnest, and therefore i'm
pressive. His periods not always well rounded,
but his language is uniformly strong, ard conveys
his meaning clearly and forcbly his enunciatiou
is distinct his emphasis is always at the right place
and his action CO operating makes it doubly en-.
phatic. All this was looked for from his former
character as an orator, but what did not expec
from any seftaught man, his pronunciation is pure
and in accordance with the most reputable usage
His utterance gave delight to the agr:cuturalists
and the mechanics ought have been equally pleas
ed for he did justice to their genius and skill The
description of the Railroad Steam Engine, l would
could write short hand that might give it in his
very words. Personifying, he said ''his feet are
sdamsnt his ribs of Steel he with the swift
ness Of the wind and as he runs he snorrs volume,
obtaining fire" This is as near as can report from
Il 4 e, q
eence of Jobs description OF the war horse and is
the nearest approximation have ever heard OF
read.
But, Messrs. Editors, am not Gov Johnson's eu-
lOgist, and do dissent from part Of what he said
II should however be remembered. that for the last
msuth or six weeks he has been entirely occupied
with his public duties and therefore, as he said he
hsd nc time to prepare speech for the occasion.
He sdverted to the enormous quantity of hay raised
chiefly in four Of the Northern Sta es amounting in
vaueto hundred and fifty million dollars, $3.50
OO0,O00.) This makes our cotton and tobacco look
rather diminutive. l have seen some bales of Ohio
hay on our wharf ami felt it a shame to our plan.
tiers The $780, 600 worth Of northern hay
what becomes of it. Some tons are consumed South
and easily balanced by few bales Of cotton hogs
heads of sugar, and tierees of rice. The balance
where does it goH Not TO England. They grow
enough and far better. If any is to France or
Spain. have not heard of it. Where then, does it
GOT In my opinion it is consumed by their stock
during their long dreary and severe winters, and
after all their pains-taking and labor they hardly
raise beef enough for home consumption, and the
beef exported is grown and fed in the South and
West and carried to the Boston and New York mar
kets.
Sirs in politics am for the "Unon, the whole
Union - and wish to be friendly and am willing to
interchange commodities with any or all the States
but believing as do that the resources OF the Gov
erument are mainly derived from cotton tobacco and
wheat, am not willing have the head Of the Agri-
cultural Bureau place the hay of the North in 20
stion so prominent as to Overshadow al the staple
products Ofthe South; nor am willing TO believe
IL l. IL a.