Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-25

Notwithstandingthe drain Of war the great
masses of people are free from debt.
Thanks at least, to the Secretary of the
Treasury, for having born aloft the matter
Of an early resumption of specie payments.
This, if no more, has prevented the coun-
try from indefinite expansion Of credits,
from plunging headlong into debt, and
never in my opinion shall we
have a more suspicious movement to
initiate a measure for the vigorous retire
ment of the excess Of our paper currency. |
| wish | could believe the Treasures es-
innate Of receipts from customs, for the /
years lS67-S, were not too large, but can
not, and instead Of S145, 900, 900, if we get !
less by $4,000, 600, it ought to content and |
be satisfactory to the country. The capa- |
city Of the South to resume aud pay for |
the immense importations has been vastly !
overrated, and the like trade alone will |
probably much exceed the entire aggregate !
Of Southern trade recently restored. BY !
prompt action on the tariff bill now pend !
ing 10 the Senate, BY which the rates Of
duties would be somewhat increased for
time, would generally stimulate importa-
tions, and we have had both a glut Of
merchandise and of revenue by no means
to be anticipated for coming years. 1t is
most likely that the Secretary Of the Urea
sury has under-estimated the amount Of
United States bonds held abroad, and that
instead of S350,000,0 not not less than
$500, 100000 of our national securities are
so held, and 50 long as they remain below
par abroad they will be held mere or less as
fancy stocks, likely to be returned for reali-
cation at any moment if they could be made
equal to par. 1t does not seem that holders
would part with securities for which they
were receiving per cent. interest, in order
to accept another no better at 81. Beyond
q question, when our bonds bring what they
represent, dollar for dollar, new loan payaa.
bic abroad, could be negotiated, if it we're
desirable, at per cent, perhaps at AZ per
cent. We shall ere long demonstrate
whether it is safer to trust the United States
at 81 per cent, than any other nation in
| the world. First We must make our pres
/ ent obligations worth their par value in
| gold at home.
| Mr.. Morrill, presented statistics showing
the present paper currency at over $780,
4 100000, actually less business than we were
! doing six years ago, with less than one
| fourth the same entire, amount. In Great
| Britain in 1865 it was hardly 100000, 900
sterling, while her trade and commerce ex-
ceeded that of our own or any other nation.
Our own highest bank note circulation be-
fore the war was $214,77S,S2S.
He also urged that gold was as cheap a
thing as we had to sell. The government
requires gold to be paid at the CUSTOM
house; it pays out an equal amount at the
sub-treasury. This il the inflexible and
perpetual measure of our wants. As long
as this continues, we are maintaining the
paper system to the great disadvantage OF
foreign nations and orr own loss. While
it continues we shall be the subject OF
foreign plumber and the spoils of gold spec
ulators; every mans property is at the
mercy Of the wild waves of an inflated cur
cency. 1t is often said that the United
States government, ifthe legal tender issues
we're withdrawn, would be the loser. The
commercial health Of the country is Of ten.
fold more value than $24 100000 to the
| government. With inconvertible paper
health is impossible, but with health, We
could negotiate our loans for one-sixth less
The $500 600 600 of national bank currency
itself would be convertible, il being Over
fifty per cent. more than we had
While we have a lready entirely extin
guished, or propose to extinguish the cir
culation Of State banks, we have supplied
its place, and much more, by the creation
of a family of national bapkH whose issue
alone are $I00, 000, 900 greater than the cir
culation displaced. Issues everywherl
practically irredeemable and inconvertible
and only claiming to be continued at som,
time or other in paper currency Of still
larger proportions, which the goyernmen
will, in some way and at some time, redeem
if it does not choose instead to 60 NOR
deeply into the monopoly of fancy eolore,
paper money. That the deposits Of bill
of exchange and checks Of individual
really possess, in collateral transactions
all the functions of bank note currency
and in modern times are used nine time
more extensively, and, therefore, in pro
, portion to the business of the world, ia
lessmoney is actually required than former
! iy; that the rapidity Of circulation 0
money, or what is used as money, great,
magniRes any currency which nay be use
| in the United States; that immensely Q
our paper money circulation tends to tn
3 spread of unthrity habits, and induces
. fragrance on the part of Congress and tn
Executive Departments as we'll as the pee
ple-that a postponement Of the time {
resumption will find our people NOR
? deeply in debt, the banks with heavie
line Of discount and the credit system NOR
: exhaused every where than now For a wist
S steady and prudent adherence to tn
; idea of early resumption, and without thi
! cardinal idea always in front, we are
!. danger in place of diminishing the rev'
{ nue. Of no resuptiUn at all. A violent an
a abrupt contraction of the present volum
= of paper currency might not be advisable
but a moderate and persistent contractio
> of the food within its old embanknents
o advisable in order TO restore health an
T vigor to the languishing industries, and il
I, order to build up our greatness as natio
! upon an impregnabIe foundation.