Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1865-12-21

republic lies certainly in the ener-
gy, virtue, and intelligence of its
citizens; but it is equally true that
a good revenue system is the life of
an organized government. Inject
YOU at time when the nation has
voluntarily burdened itself with a
debt unprecedented in our annals.
Vast as is its amount, it fades away
into nothing when compared with
the countless blessings that will be
conferred upon our country and
upon man by the preservation of
the nations lite. Now, on the
first occasion of the meeting Of
Congress since the return of peace,
itisof the utmost Importance to In
augurate just policy, which shall
at once be put in motion, and
shall commend itself to those who
come after us for its continuance.
We must aim at nothing less than
the complete effacement of the f.
nancial evils that necessarily fol-
lowed a state of civil war. We
must endeavor to apply the earli-
est remedy to the deran9ed state
of the currency, and not shrink
from devising a policy which,
without being oppressive to the
people, shall Immediately begin to
effect reduction of the debt, and,
if persisted in, discharge it fully
within a definitely fixed number
of years.
THE NATIONAL CURRENCY.
1t is our first duty to prepare in
earnest for our recovery from the
ever-increasing evils of an ire
deemable currency, without a sud-
den revulsion, and yet without un-
timely procrastination. For that
end, we must, each in our respect
i've positions, prepare the way. |
hold it the duty Of the Executive
to insist upon frugality in the ex-
penditures; and sparing econo-
my is itself a great national re-
source. OF the banks to which
authority has been given to issue
notes secured by bonds Of the Uni
ted States, we may require the
greatest moderation and prudence,
and the law must be rigidly en-
forced when its limits are exceed
ed. We may, each one of US, coun-
sci our active and enterprising
countrymen to be constantly on
their guard, to liquidate debts con-
tracted in paper currency, and,
b, conducting business as nearly
as possible on system OF cash
payments or short credits, to hold
themselves prepared to return to
the standard of gold and silver.
To aid our fellow-citizens in the
prudent management of their mon
etary affairs, the duty devolves on
us to diminish by law the amount
of paper currency now in circula-
ton. Five years ago the bank
note circulation of the country
amounted to not much more than
$4,000 10000; now the circulation,
bank and national, exceeds $780,
100000. The simple statement
OF the fact recommends more
strongly than any words of mine
could do, the necessity of our re-
straining this expansion. The
gradual reduction of the currency
is the only measure that can save
the business of the country from
disastrous calamities; and this can
be almost imperceptibly accom-
plished by gradually funding the
national circulation in securities
that may be made redeemable at
the pleasure of the Government.
Our debts doubly secure-iirst
in the actual wealth and still great
er undeveloped resources of the
country; and next in the charac-
ter of our institutions. The most
intelligent observers among pollt-
ical economists have not failed to
remark, that the public debt of a
country is safe in proportion as its
people are free; that the debt OF
a republic is the safest Of all
Our history confirms and establish
es the theory, and is, | firmly be-
lieve, destined togive itastill more
signal illustration. The secret of
this superiority springs not merely
from the fact that in a republic
the national obligations are dis
tributed more widely through
countless numbers in all classes Of
society; it has its root in the char