Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-10

and meat, where deficiency Id one section were
not made up by an excess in some other quarter.
The exact measure of this increase cannot be meas
ured or estimated automatically, but 1t is spps-
rent that the facts to which have alluded will
count for much of the increase IN prices Of which
there Is such general complaint among consumers.
But unfortunately We have not yet got to the bot
tom of our difficulties. $500
have estimated eur diminished supply aud in
creased demand for articles of food as equivalent
10 twenty-five per centum beyond that OF any fOr-
mer year. Bat the thing we have to offer in ex-
change, il far in excess Of any former period-I
mean our paper money. Here again must have
the reader to supply statistics Let it be remember
ed, however, that every Southern Bank is in
state of suspension and that there is little or no
restraint upon then beyond their mere discretion
and it may be safely assumed that their aggregate
circulation is in excess of any former period Add
to this the millions Of Treasury notes already is
sued and daily increasing, and doubt whether il
would be exsraYagsnt to say that our paper issues
are twenty-five per cent in excess Of this time last
year. Let any one then work out this sum. The
supply of an article OF indispensable necessity is
twelve and q half per cent. Ininus-the demsnd
twelve and half per cent. plus-Eith surplus
of twenty-five per centum Of the commodity (pGper
money! which you have to offer in exchange, what
should be the enhancement in the price Of the
things demanded?
wish could say that thess sre the only items
to be taken into the estimate Of what should be the
present price Of the necessaries of lfe Bat there
| il yet another, and by no means an unimportant
one, which hiss and will continue to exert power
full influence in aggr&vating the evil Of high prices
the unwise attempt Of the Legislature to suspend;
the collection Of debts. To whatever extent it has
been successful it has essened the demand for bank
currency, and has thus not only enabled these who
hold the staff of life in their hands to withhold it
| from market, but has enabled the Spectator to
offer higher, prices and practice with the greater
success the system Of monopoly to yhish so
much mischief has been attributed. Our paper
currency would have besn a drug on the market
but that prices have constantly advanced 50 a. to
keep Esce with the supply, and 40 it will continue
to be to the end Of the thspter.
Just in proportion to the increase In tbs amount
of the circulating medium, so will the price of
everything continue to rise, upon the principle al
ready stated, AID which applies az well to money
or paper currency a. to any other commodity 20
odds what may be its ultimate scarcity, that the
exchangesble value Of commodities Is always di
mAished according to the supply. When, therefore,
we have made our estimate az TO what should Be
the value of pork or fJur when exchanged for
gold, muss add thereto for the depreciation in
the thing which we have to ofsr in exchange, and
when We have done this, doubt whether it will
any longer be regarded matter of establishment
b.v 90
aud bread IS we paid this time last year.
Our indignation, however sloquently expressed
those who wish to get the highest possible price
for what they have to sell, whether it be meat or
gold, will have No other effect han to wear out
our own nerves, without in the slightest dsgres
affecting the object at which We vent our
spleen. 1t were not more idle to fret -
the winds Of Heaven, than to expect tc
brighten Ren into an exchange of their coru Whea
oats, pork, -four, cloth and other vslusbles for
thing which they do not esteem 80 valuable. TIT
neceEssries of Life have greatly appreciated in value
but they have scarcely appreciated more, Al
compared with gold, than Our paper currency
! has deprecated when measured by the Eamt
standard And this depreciation. bs it kno Hn ant
remembered, is not the result Of brokerage but o
= law more immUtsble than legislation or the edic
Of the VeTest dsspot that ever welded the Sceptr
OF any throne. The comparative value betWeeI
gold and paper currency will forever depend upol
laws which are above human legislation, and tina
is upon the relative demand for each sud thst de
mand and the consequent difference in value to b
estimated by the Judgment Of the parties to the
, change. But have already extended this commu
ncAsion toe long. will resume 1t, If find time
. in your next number and point out what seems t.
me to be the only practicable remedy though it b
but Psrti al in its operation. WV.