The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1866-03-20
FINANCIAL INTELLIGENCE.
DAILY USIoN OFFICE,
Nashville March 81 1879

NashVllle, March 20, 1856.
Business in the city is exceedingly dull
but IS soon as the railroad restrictions are
ramoyed, and if our merchants
the suits they propose, (see proceedings Of
Chamber Of COmmerce) the discrimination
will not remain long it will be found to
be non paying.
Dispatches 20 the New York Chamber OF
Commerce, yesterday, report gold lower in
New York. It is evident that thu policy of
contraction lie 10 be continued by the secre-
tary of the Treasury and the recent Con-
gressional inve5tigation having shown that
the statements Of Mr.. Freeman Clarke can
not be sustained, the prevailing feeling is,
that we shall speedily resume specie pay
ments. Cotton is dull at SIC. Groceries and
provisions, except in a retail way, are also
dull.
The New York Post has the following re-
gsrding specie payments:
It is charitable 10 suppose that Mr.. Sher-
man, Of the United States Senate, when on
Tuesday be offered his proposition to cease
the redemption Of the government notes
which have been made a legal tender, when
that sort Of currency shall be reduced to
four hundred and twenty millions, had not
maturely reflected on the nature and con-
sequences Of such a measure. When we
read IL we took for granted that it would
hardly be seriously debated in Congress.
A dispatch, however, which we received
last evening, and laid before our readers in
the Third Edition Of the Evening Post, in
forms us that the Finance Committee Of the
Senate IL likely TO adopt Mr.. Sherman's pro-
iect. II this be so, he is not alone in enter
tanning one OF the most mischievous schemes
which has been suggested since the legal
tender act was passed.
Il is IN effect a proposal not TO return to
spscie payments; in other words, a proposal
10 continue the present paper money system;
In still other words, q proposal tc refuse the
ful6lment Of promises which the govern
meut had formally made. When the legal
tender set was passed the exigencies Of war
were alleged as the excuse, and in referring
20 the measure the Secretary Of the Treasu-
~. and every member Of Congress whose
words we have any recollection, has apollo
gized for that departure from the course
pointed out by the msxims OF fair dealing,
on the grounds Of an alleged state of neces-
sity. But now, when the country is at
peace, when enterprise is reviving, when
men are returning 70 their old pursuits and
~ begins 10 flow in its old channels,
comes a senator and asks that the legal ten
der act shall be made Perpetualj that the
Government shall not be bound 10 make its
promises good at any time hereafter.
II is 20 be noted, moreover, that this pro-
posal is made when we are already on our
wsy b. the resumption OF specie payments.
The amount OF legal lender notes current,
thRnks to The discretion with which the
Treasury Department = administered, Is in
a wsy Of gradual reduction. We begin TO
see q prospect Of returning 20 the olj-issh
Ioned, honest practice Of giving gold and
silver on demand for government notes, IN
literal fulflment Of the promise they bear
on their face. Il was an understanding OF
the country when the le al tender act was
passd, that we should return TO q SOUND cur
fency when the alleged necessity for paper
money should cease.
That this necessity, il il ever existed
which We by no means admits less and
less urgent, is shown by the progress already
made IN redeemlng the amount OF legal
tender notes in circulation. We shall reach
specie payments n we 60 on. Mr.. Sher-
mans policy is never 10 reach Il, 10 make
the recovery Of sound currency hopeless.
HIS four hundred and twenty millions Of
irredeemable paper, along with nearly as
many Ina the notes of the national banks,
will change a temporary mischief lnto a
permaueut one, Keep up the ialae standard
OF prices which now creates such hErdshlP,
place the government OF the United states
iu The class Of those which repudlste their
debts, and iphict n fatal blow on ITS credit.