Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-07-10

deratum-the object Of the war, the fruits Of
peace-the restoration Of the Union. At
the opening Of Congress he submitted a mes
sage reciting what he had done, and what
had been the result Of bis effort; and remit
ting to Congress all questions concerning the
subject over which the Constitution gave it
the exclusive control. He earnestly insisted
upon the necessity Of an early return Of
ever State to its due and proper position in
the Confederaey Of States, and cogently Of
fered The reasons therefor. He did not die
tate. He did not even recommend, so far as
the powers Of Congress touched the subject
He viewed the matter from a statesmanlike
point, however, and unanswerably set forth
the duty.ofP erfecting the peace, and securing
restoration as the highest and first obligation
Of those entrusted with the management of
affairs.
Congress met and fatty sought to ignore
his action, and reject the premises on which
it was taken. Without waiting to receive
his message, or to be informed officially
through him, as was their duty, of the con-
dition Of public affairs, they assumed that
the war was not concluded, and commenced
by committee, the concoction of a series of
measures for the government Of conquered
province" perfecting the su6jugatiOn,
in its literal sense, Of States that had sur
rendered their power TO resist, and announc-
cd their willingness &c return to the position
which they had sought to change. The idea
Of restoration they have factiously and OBJ
stinately refused to entertain. They hold
the old Union for which the war was waged
as having passed to destruction in the war,
and regard il as their mission to construct
another on new principles. They have, in
deed, ayowedlv and deliberately DISTRACTED
the restoration Of the Government, and are
justly responsible for the consequences.
More than year has elapsed since the
close Of the war, and yet the condition Of
affairs is as unpromising to public prosper
ity as it was in the midst Of it. The action
of Congress has created a sense of insecurity
for the future, under which botA private
and public interests necessarily languish.
An ominous uncertainty broods over every
thing and everybody, and until it is remov-
ed we cannot return to the old and prospe-
rous state, or dare hopeful look forwardly.
If there be any who doubt our general I'M
sourdness as a solvent people, and who, in
tho spirit of blind optimism, have sought
only to look for a bright side Of affairs, we
commend them to the following extract Of
speech Of Mr.. MORRILL, Of Vermont, lead
ing member Of the Congressional majority,
and a member also Of the House Committee
Of Ways and Means; and % bear in mind as
they read, that Congressional delay Of res
toration and resistance to the Presidents
policy is responsible for the state of things
therein portrayed.
The statements here made are facts, and
they GENE from a source which is interested
insuppressing them. But the truth isl that the
men who know them are afraid longer to
conceal them, for they are fully aware that
a full and perfect pacifcation Of the country
would tend greatly to relieve the industry
Of the people, and sustain the National
credit Il is sinking, however, and sinking
every private interest as it goes down.
Mr.. MORRILL, says:
Our present amount Of circulating curren-
sy is vast OF legal-tenders, so-called, we
have S4Ol, 252. 468; Of National Bank notes,
coon QnT QOO. ,F ,,rtofandinr 1ao4oa Of tho
old State banks, not including those having
less than five per cent. Of their capital, S4S,-
479,7S2; Of fractional currency, S27, 05S,
709 OF; and of compound interest notes,
S159, 92G, $40, amounting in all to S9l7,0 l4,-
700 o. @
do not cite these figures as a reproach to
anybody, but as a fact, and mOHstrOus fact,
attended by evils increasing day by day, and
and the longer contraction, the true remedy,
Is withheld che more difficult viii be found
It's application. e-
AT the time Of the surrender Of LEE and
JOHNSTON any terms Of settlement might
easily have been obtained from the Southern
rebels, with ample guarantees for the future,
as they painted for nothing so much as de-
liyerance from the pains and penalties of
treason, and anything short Of repatriation
would have been accepted That Opportune
moment passed away, never more TO return.
So the translation from paper TO specie at
that time might perhaps have Oeen made
with less strain upon the country, with less
inconvenience TO individuals than il can now
or ever be brought about The people were
prepared for it. The goal, in point
OF fact, was almost reached. Nobody
was in debt, and nobody was distress
ed. The nominal reduction Of inyentures
would have LEFT all with relatively equal
purchasable values. But unfortunately
this policy did not prevail, and now
trade stands against any reduction of values
and Congress itself grudgingly authorizes the
return Of only about four millions per month
of our huge volume of currency, the presence
Of which stimulates sales and strangles pro-
duction. Our country from one of the cheap
est places to live in, is becoming one Of the
dearest. The wages paid 10 labor are not
too much, considering what those wages will
pay for in bread and meat and rent and
clothes. No manufactures can be made
while this state Of things has to be sent
abroad, and unless war, pestilence, or famine
occurs among foreign nations they will want
none of our corn or wheat beef or pork, at
anything like what Il costs 20 produce il.
Our gold they eagerly despoil us Of, and
why not? As money it is getting TO be OBJ
solete. Gold coin is itself deprecated in our
markets because il is useless, save as so much
convenient and portable merchandise. II
used for the payment of an existing contract,
il is worth no more than an equal amount
Of United States legal-tender notes. Our
whole monetary system is h0ated by more
than a fouriold addition TO the currency in
circulation.
This is unnatural aud daily begets diseases
Of new type, formidable because unknown,
as well as those with which we are already
familiar, and know to be dangerous. Hay
ing TO deal with such facts, and it being inn
possible 20 remove this iHctbds upon the la
Dor Of the country at once, our legislation
must recognize the situation and trina our
sails for such breezes as may blow. Our inn
ports Of foreign goods this year are nearly
double Of what they were last year, and we
pay for them by sending abroad gold and
silver and United States bonds At little
more than half their face value.
Foreign goods win crowd our marts with
nearly the same imposing profusion that they
have done heretofore, or at the rate of over
a million dollars for every day in the year.
Last year our imports amounted 70 S2S4,-
7S6, az, but this year they viii reach not
less than S4l9, ,513. This is drain that
we are Ia no condition 10 bear. Every spare
dollar in the country is needed TO fund our
rapidly maturing national obligations.
For the past year we have received from