The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-12-04

whose objects aud aYowed intention was
to prey upon the peaceful commerce OF
the world to sink, burn aud destroy"
Had those vessels been allowed to leave
our Shores proceeding worthy only
of the most barbsrOus nAtiOns--it would
not only have been lasting disgrace and
humiliation to England, but il would,
fear, have resulted in the disruption Of
frieadly relations between our country
and yours. Happily, those dangers have
passed, and you have had recent proofs
of more kindly feeling manifested not
only by the British people, bnt By the
British government.
Let not the idea therefore be prevs-
lent in the mind of Am rica that the
English people srs opposed to you his
not 50. The hesrts of the great mass
of the people are with you to the very
core.
And let me not omit to name that lsrge
class-the people OF Lancashire and
Cheshire, the workers of cotton--to whom
cotton is as necessary as food, for it 3 by
means Of cotton that they obtain the ne
eessaries of life, who, in the Stops &c #
the supply of that material, have suffered
privAtlOns of which you can form no con-
ception-- bearing their suferings with
fortitude, worthy of all praise. When
goaded by those opposed to you, to urge
upon the British Government to take
part with the South as the best means of
obtaining that cotton which was their
greatest need, resolutely and consist
emily opposed their entresty, expressed
confidence in the North and in the great
principles of Union and emancipation.
regret to say, however, that much
Misrepresentation exists in England rs 10
the real condition of this country. And
confess to you when a month or two
ago came out here, did ex0ect from
what / had heard, that there was cOnsid-
cradle gloom among yOu-that you were
rapidly increasing your debt and that
there was much alarm and GiscOntentex-
isting-but although have visited Ama-
RIGA previously, have never seen so many
signs of prosperity as now, solid proofs
of which have presented themselves at
every turn. But when represented this
t. my friends on the other eide, their an
swer was, Oh they are in a paper para
disc don't believe in their apparent pros
psrity, it is all hollow, for their country
is on the verge of rain.
Being somewhat largely interested in
this matter have felt it to be my duty to
20 into this whOls question and if you
will bear with me / will tell you the re
suit of my inquiries. Loud cries of go
or, 60 on.
am fully alive. as all men must be of
experience, TO the dangers attendant on a
paper currency, and for this amongst 9th
err reasons, that it gives to the Executive
the power of seriously affecting the pro-
perty of every individual in tho nation.
BY altering the measure of value il dis
turbs the money relations of commerce
alters the nature Of contracts-affects
prices, and has had often the effect of
producing incalculable mischief.
The rate of labor is enhanced, but with
no benefis to the laborer, for lie has to
pay an increase for every article which
enters into bis daily consumption bis
coal, his rent, his food, bis clothing, all
are higher in price, No man knows what
be is about, for = contract made In the
time of q cheap currency might be dis
astrous one if paid for in q dear one.
It is therefore of the highest impcrtancs
that the measure of value should as nearly
as possible remain the same, and what
ever fluctuations there may be in prices
should be resulting from supply and de-
mand, from abundance and scarcity, aud
not from the creation by the Minister of
sums of money which, by breath, he
can command to be turned of by millions
on = machine. The day must always be
contemplated when return to a sound
state of things must come, when the Gov
eminent resuming the payment Of its
notes in specie might ultil the prediction
Of wide spread ruin. Unhappily the
emergency Of this great war has caused
YOU, as il has cau.ed Eng land aud other
nations, to resort to the system Of paper
money. But this great principle should
always BE- acted upon, that ii your ne
ces,ities should compel you to issue pa
per money, il should be under such con
troll that its fluctuations should, il posi-
bic, be only such as would take place il
the currency we're entirely metallic. To
the honor Of our Minister, Sir. Chase,
may say, that in my humble Judgment
be has acted upon this prineil ls, for
money Is at this moment as scarce IN
New York as it ever was when your cur
rency was based on gold and silver.
have said that England during our
great war, like you had to issue paper,
and in 1897 The Bank Of England stop
ped the payment Of It's noles in gold.
The inevitable consequences followed.
The issues Of paper increased, gold be-
came higher in pfice and With 70 rose the
prices Of all the necesssries OF life. Those
who are conversant with English money
will understand me when 1 say that the
English euina sold for twenty seven
shillings and even thirty shillings,
though il did not maintain that price.
Gold, therefore, was approaching 70 =
premium somewhat akin to that 10 now
bears in your country. There were
people at that time who believed We never
should be able TO resume payment in spe
Gle, and remember that popular wri-
ter Of great repute stated that when event
took place he would consent to BE- roast
ed alive upon 3 gridiron, and 10 remind
hisreaders constantly Of his prophecy,
be placed vignet.e Of : gridiron at the
top Of every article be wrote on the sub
jsct. Bat the war came 70 an end, and
after the lapse Of time finance minister,
who lives il the grateful memory Of bis
country and Of mankind, the late SIR
Robert Peel, bad the courage and firm
ness 70 restore the currency 10 its proper
and sound condition. We resumed our
payments in gold and the prosperity Of
the country has been ersatsr ever since.
The measure Was not, however, without
iis dlfRc1lties; tui the popular writer 10
when have alluded did not offer to be
roasted.
Itusl that when the time comes you
to- will have man fully alive 70 the re-
%, nsi5 ilities Of his high position, who
will have the msnliness o take the same
coarse bat it viii Be for the people also
TO do their duty ia this great regard, al
ways b bear il in view. Bat, say your
Europs1n delractors, they are overloaded
with dett, and rushing hsadlong into
ruin.
have made IL my business, therefore,
TO look into this with some care, for do
not like the idea OF placing any Of my
little money where sush a statement
could accurately be made
V.,r d.hf I u,Harstand "a Ia aoua.