The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-11-28


The voice Of the country seems almost
unanimous in support Of the Secretary Of
the Ireasury's proposition 20 contract the
currency. Il is everywhere realized that
the redundancy ofpaper money has inflated
prices and established an artificial none
tary standard. People. however obtnse
ordinarily, are appalied a the prices
charged for the neeessaries Of life. and are
able 10 trace the effect 10 e petenl cause-
the rsdundency II paper raonev. Tbehsb-
lIs Of j e before the war are still remeu-
oered, and there Is q consequent sense Of
insecurity smongst the masses, who feel
that "a artificial system IS unsound, and
taat the day Of reckoning must come. just
now there seems 70 be a general disposition
70 eld Inc Government Ia carrying cut any
weil-devised scheme for gradual contrae-
ton. Like the Irishman, who pulled the
trigger "Glsy," so as only 10 lame and not
XII The bird, the most OF the money doctors
wish Mr.. McCulloch 70 pull his trigger
easy, so as 10 see the effect.
The Treasury Department and al the
leading newspapers re flooded with the
financial nosirums Of currency doctors, aud
is really amusing to see how many Of them
are wiling 10 assume their respective plans
to be the only infallible remedy for our
financial diseases One set relies upon the
repeal Of the legal tender enactment. This
enactment having made paper notes uure-
deemable in coin, took away the only known
check 70 unlimited emission. Consequently,
there has been a large over issue, no. only
Of greenbacks but Of bank notes. With the
redundancy thus created has come depre-
ciation, ana until the excess is reduced the
depreciation viii continue to DEFY all our
remedies.
The average amount Of current money IN
= i.
0lEd0llars; in France less than three hun
dred millions, aud ID has beea estimated
that about three hundred millions is amply
sufficient for all the monetary transactions
IN this country, with the currency on a gold
basis. 1t Is therefore certain thss the paper
currency must be reduced down % the spe-
cie standard; that is, must be 50 reduced
that al the money in eirculalon-gold and
silver and paper-will not exceed, 81 any
rate four hundred millions, before prices
can get back to what they were before the
war, less the excise tax added thereto.
Specie payments cannot bs resumed until
this reduction takes place. u is proposed,
howeVe 70 come at this gradually: and il
is very desirable, ii financial crisis can be
avoided, that this should be done. With
this view Secretary McCulloch, II is said,
VIII suggest 10 Congress q new contraction
and paid for in legal tender notes, so o. 10
retire the legal tenders from circulation.
This would fund the circulating debt Of the
country aud relieve the Government OF the
on'y obstacle 10 a repeal Of the legal tender
clause. That clause, passed in 1862, for the
purpose Of afiording to the Government all
/ hn8nciBl resources necessary 80 carry on
the war, justified itself by results. Il COM
mended itself to the loyal, at the time Of
its enactment, as d necessary measure 10
preserve the life Of the nation, and It ac-
eeompiished all il promised. But it is now
desirable that We should again get back 70
the old and more natural standard OF a spe-
eie basis, and we think the pro rosed peG-
sure Of the Secretary is a wise one. Its
process viii be very gradual; but when We
reflect that England suspended specie pay
msnt for twenty-five yea e At the beginning
OF this century without halt the cause 10
struggle for that brought our suspension
upon as, We must bear up under its neon
yenienee rs q duty Of patI i0tism, and try 10
aid the Government IN every possible way
10 restore the currency Bait. Amer.