Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-03


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1t is very evident that the currency
question is to be made 4 most important
one, during the present session Of Congress.
There is a party which is in favor of a
rapid curtailment Of the currency and Of
speedy return to specie payments. There
is party which regards the action of the
last Congress, by which the Secretary of
the Treasury was authorized to withdraw
81, 900, 900 greenbacks a month, as COM
promise, and which opposes, for the pre-
sent any further legislation. There ID a
third party which insists that the govern
ment should have the profits of all circu-
lation, and that legal tenders should be
gradually substituted for National Bank
notes, and there is finally fourth party
which oppose the passage OF any act author
izing the curtailment of the national cur
rency or having in view the return, within
a limited time TO specie payments, and
which advocates the legal-tenderizing of
National Bank notes. The latter party is
most formidable one. 1t numbers in its
ranks the rich manufacturers and the up
holders of the National Banks. 1t counts
among its supporters all those who are in
toxicated with the stimulating effects OF
imitation, who, with the diseased and NOR
bid appetite of the drunkard, can never
be satisfied, aud who, like the daughters of
the horse leech, still cry Give, give" In
this conflict there is danger that serious
evil will be inflicted upon the interests Of
the country. One liking, however, is &C
knowledged to be indispensable, and that
IS well regulated and settled policy. I'm
der the present system, says the Baltimore
Gazette, the powers of the Secretary Of the
Treasury are too great TO be entrusted to
any one man. The control he has over the
currency of the country can be used at any
moment By him, as q powerful engine TO
foster any particular interest or person, or
to damage an opponent. 1t is a tempta-
ton to which no good subject would desire
to be subjected, and to which no good gov
ernment ought ever to subject him, and
that regularity and steadiness which are so
necessary to the prosperity Of the country
can never be attained until proper checks
are put upon the financial agents of the
government, who are in fact trustees for its
citizens. But there is another which Is, at
least, equally dangerous with that of the
power of the Secretary Of the Treasury,
and which is certainly much more fla
GRAVITY absurd II is the National Banking
system, system which draws the life
blood from the whole country, which robs
other communities Of the circulation which
is necessary to their business vitality, and
which makes, in fact, the labor and the
industry Of remoter sections prey to the
fat capitalists Of New York. Since the
establishment Of National Banks New
York has become the great money centre,
and New York has pretty much absorbed
the banking powers Of the whole country.
The banks there have really no check.
They are under no control. They are all
| expanded to their utmost, they maintain
their circulation at its highest point, they
barely keep on hand the reserve fund re-
4 CURED BY law, and that not in plain legal
tenders, so that they would, in fact, be I'M
able to meet any sudden run or drain upon
/ them to any great extent. With the immense
amount Of currency under their control il
is very easy for two or three of them, by
combining, TO affect markets very sensibly
and it is only a few days since that ther'
was a report that 81, 100000 had been with
drawn from circulation for few days, will
the evident purpose Of depressing the
market, by making money scarce, evidently
\ for the purpose Of profting by the fall
These transactions are ali the more repre-
h .ensible because the very system that fos
tiers them and encourages the worst kind 0
gambling, checks legitimate business ii
other sections of the country. While New
York is rich in currency, New Orleans
poor. The drain ofcurrency TO this monel
centre is SO great that in m any OF tn
Southern States to-day there is actuaiIy no
sufficient currency to pay the iuterna
Revenue government tax This is the sys
tenn upon which it is the duty of the CAV
eminent to place the strongest check.
The New York Tribune of the 2sth ult.
says: "The year closes with an uneasy
feeling among merchants, who find them
selves with ample stock Of goods for which
there Is no sale at the large sacrifices theJ
are ready to make in order to get thei
affairs within safe limits. The collection
from the interior are bad, and the report i
general that no large demand for goods cal
be expected, the shelves Of country deal
srs being now supplied beyond the abilit.
Of their customers to buy for credit ever
The industry Of the country Is seriousl
deranged blythe continued Levy of war take
and the blessings Of heavy national an
local debt are daily less apparent, and pee
pie are fast coming 10 the eonclusio
that the rebellion was n luxury
which the chief cost has yet to be paid b
sacrifices through a long peri cd Of time
The New York EriJuAe Of the 3lst al
talks gloomily in regard to the eommereii
and financial prospect. That paper says
r "Colleetions from the interior are Susgish. a.
l merchants in numerous instances arc obliged
take care Of both sides Of their bill -taook- FRO
the w est and South commercial adv icaas are alil
unsatisfactory, and II Is apparent that tae ye
1866 viii yield a larger harvested bad debts tbs
l.. han ada In a long TING Greaf hnnes a