Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-11
Our creates. Danxer, No ..

men. Indeed, il may be safely affirmed that there
is, for the present, no absolute cure. But some
thing may be done to mitigate the evil if we who
stay at home, are willing to endure 1.-THE Of the
suffering and sacrifices which our brave soldiers
in the field have voluntarily taken upon themselves
| to bear. But not otherwise. .
! If We content ourselves with shouting hozan-
mas to the brave, aud impreeating cursLs upon the
heads Of our enemies while repoepg on beds please
it, instead Of legslating for the permanent interests
| of the country, and the fnal success Of our arms
we continue 20 legisate only for the temporary con
venisnce of those who stay at home; If we cannot
rise to just conception of the magnitude of the
task which is before US, and of the real difficulties
and dangers which beset our pGth; if Statesmen up
or whose ssgscity and patriotism we rely to carry
US successfully through the present crisis of our
national finances shall give their great Inteects and
energies only to the task of devising ingenious
schemes for postpsning little longer the work Of
to-day, If we continue the sIuggard's cry,
"a little more sleep, q little more slum6er,
and a little more folding of the arms
we had better at once make our humble submis,
sion to the LRcoLS Government, and save our
selves from any they sacrifice OF temper, pa
triousm and money. But If we go forward resos
lutely to the task, determi. ed to do and endure
whatever may be necessary, we may DO much to
avert the danger which threat ems speedily to en-
gulph US in absolute bankruptcy nstion.
To avoid such a catastrophe it is not only in
portant but absolutely necessary. that our paper
circulating medium should be limited to the small
est possible amount. 1t is necessity against
which 10 legsl alive shams can provide, and to
this end the hrst and by 10 means the least i'm
pOrtant step is, to pay the tax which has been i'm
posed by the Confederate States Government, net
by issuing more paper debts, but By direct pay
ment out of our own pockets.
Let US revert for moment to4he reasons which
induced the imposition of this tax by the Confed
crate Sta ties. These are best explained in the .d-
mirable letter of the sagscious statesman ct the
head Of the treasury department.
From this 1t will be seen that the great object Of
the tax was to save our paper Issues, as much as
possible, from iueV table d. probation, by calling
it administering the amount iu circulation-creat
ing demand for it. and thus enhancing its value
But what does the bill now before the Legislature
propose to do? To nulfy the fleet Of this tax, by
issuing an amount Of paper debts in the precise
ratio Of that which the Confedei ate States by this
act propose to call in. L were far better to re-
peal the act Rether and leave the Confederate
States to make further issue Of Treasury notes
without Sll this circumlocution. CT putting in at
one end Of the bag only to take it cut Of the
other.
The laws Of gravitatiOn ere not more fZed or
certain in their operation. than tia: law Of trade
that the exchangesb!e value Of every commodity,
"a L. l,l,;., Z.
diminished, other things being equAl by an incresE
ed supply II Is an axiom palpakle that it Is
matter Of altonishmsnt that it does not riae up IN
hidden to confront the folly Of those who per-
petuaIly clEmoriug for more paper, more psper.
and that too at q time when il is already At q
discount of thirty to forty Per cent ard constantly
and rapidly depreciating-Gs rate that will, in
little time reduce itI real 70 half its nominal
value, unless something be speedily done to check
it. No mere empty denunciation of brokers will
save it. No sane man will give you, BY way of
silencing your patriotic Indignation, his gold dol
lara for your paper promises, the more especially
when he finds that you pay them only BY issuing
others, and thus diminish tie ability and prospect
Of ultimate payment.
have already sdverted II the established fact
modify is far greater than She dimiuution of the
supply, and for proof if any were needed, referred
to the fact that 9 short crop of cotton often sold
for larger aggregate amount than full crop.
The inverse of this proposition is equI!ly true
that the ratio Of decrease in the Pree OF any given
commsdity, the demluI being thu same, il far
greater than the increase in the supply.
II iron ore, by some inexpensive process could
b. converted into gold, it needs no labored argu-
ment to sho that thu value Of the latter would be
even less than the former. As medium Of com
msrcial exchange it would cssse to posses any
value. Bat it weuld st possess AT intrinsic value
for many purposes. The principle is the same, to
whatever extent the amount be increased
and its value would eertsialy be de-
precisted by the addition Of one hundred
millions a. OF thoUsand o. TN thousand millions,
though Of course to a much less extent:
But if this is demonstrsbly true of q metal
which possesses an intrinsic value, how much more
Of mere paper promises? Let GU. Oh continental
soldiers, if there be any stil living, answer. Would
that they could rise from their graves and impress
their answer upon the heads and hearts of those
Who, instead Of meeting the burthens Of our war
like men, think only OF how to shelter the dear peo-
pie who stay at home, from the pit;fal sacrifice of
perhaps hfty cents the hundred dollars, in Eddi-
ton to what they have heretofore paid I'd sustsin
the war. Nay more, will eRleavor to show be-
fore have done with this suhjec: that the addi>
tionsl tax of fy cent? the hundred dollars even
would be nominal rather than real to very large
proportion Of the tax payers.
II what have seid be true, aad no msn will dare
deny it, we shall by this proposed addition to our
currency of two millions of dollars add nothing to
the aggregate VaIue Of cur currency but rather
diminish it, while We shall have added jlst that
much to our indebtedness.
We are prOfuss in our prOteEtati,ns Of devotion
to the righteous csusein which we have embarked
all our fortunes, and OF sympathy for the suffering
soldiers and the many helpless families whom hey
have left Behind. For the suin of eleven dollars
per month they have engaged to endure sill the
perilI and hardship of war, and if need be,
to offer up their lives In defence Of rights our
liberty, our independence. So far they have kept
that promise faithfully, heroicaly. Shall VI coz