Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-02-12
Money.

:" Whether in the form of gold, silver or
psper, money is commodity and an article
OF commerce, and. like all similar articles, it
varies in value and price with its rlenty or
cheapness in the market. As certainly and
invariably as plentiful harvest renders grain
cheap. does an increased supply Of the crrren-
cy. whether in specie or paper, render money
cheap, "a comprred with the price of other
commodities. Il 1t as money is itself the
standard by which the value of everything
else is measured. and in which its pTc, is
paid, this change in it's price cannot be seen
in any change in its If; because it is the
standard it appears il the price Of every
thing against which il il bartercd."--Sr dr.
citijaLd alison.
As the people of Tennessee have been invi-
ted by Number Of the Democi attic organs
and leaders to elect Legislature in August,
that will take efficient measures for putting
down all paper money, and establishing an
exclusively metallic currency, such organs
and leaders ought surely to be prepared by
facts and figures to demonstrate to the people
how the proposed system will work To
whit extent will the abolition of bank notes
and the adoption Of purely hard money
currency reduce the quantity of money,
try, and by reducing the amount raise it in
value and price-thereby lowering in value
and price to a corresponding degree, every
thing against which money is bartered?
ly, the advocates for great and radi-
cal chan sc in the currency like the one now
proposel have made some calculations-have
prepared themselves with some information
which viii enable them to furnish solution
of the foregoing question.
Again: what amount of circulating medium
whether in gold ct paper. or both, do the
hsrd-money reforBrrs estimate is required
for the legitimate trade, commerce, and
general business of the State.
What has been the average amount for the
last FIVE years?
Has it been, at any period within five
years past. too much expanded,
If it has, state the year. and the price. at
that time, al labor, ard the leading products Of
the country, agricultural and manufactured
20 A. to show whether all the branches OF
industry prosp"rcd or suffered during this
time of alleged undue expansion.
Surprising by refusing to re-charter the
Union and Planters Banks, the capitol there
of is driven out OF the State and by that and
the other measures adopted for the establish
meat of an exclusively metallic currency
the circulation medium of the State be con-
tract 80 per cent, swill not such contraction
according TO all experience and the dictates of
common sense result:
la raising the value of money 50 per cent.
In lowering the price of commodities and
tie wages of labor so per crntH
In adding to the wealth Of all money holders
80 per cent;
In addiUg:te the debts of the 6ebtor so per
mt!
In adding to the burden of taxation. though
at the same rates and nominally of the
same amount as at present. 80 per cent!
In short. in making the rich richer and
the poor poorer:
All experience shows that such would be
the lffycts of contracting To that extent the
circulating medium of community; aud
that u COZ traction to hat extent would follow
the adoption of purely metallic currency in
this State we do not believe any one acquaint-
ed with the subject will at all doubt