Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-07-21
PRICE FIVE CENTS.

I
yesiments win be made, the rate Of taxa
ton will yield larger return and these
notes viii flow into yoar treasury. Let
economy be practiced LET corruption be
banished let speculati@ of public funds
be pnnished; let the army be reduced
the Freedmen's BnreaH be broken no ; The
impOVerishment Of the South Cesse and
notes viii be abundant. ..-.e -.
EXPANSION.
But, gentlemen, if these measures will
not supply funds, speaking for myself,
would expand the currency IWould cor
rect the evils which have been produced by
such extraordinary and unprecedentedc con
traction. The business Of .ihe country has
become adjusted to larger volume OF cur
rencY than we now have. The demands Of
the South and West require a greater
amount Of currency. They are beggers for
money, and are willing to pay from ten 10
twenty per cent. During the war, when
the currency was at its largest amount, gold
touched $50 per cent, and yet upon The de-
ciarahon Of peace, when the Southern coun
trv--impovershed "a she had been, with
100000 OF people, who had been shut
out from the use Of our currency, ready to
strain every nerve 10 repair the wastes OF
war-was opened to our business, gold stood
only at a fraction over l2S.
The system OF contraction was immedi-
ately commenced, and with currency of al
least 500 100000 less than il was then,
gold stands to-day at l4l. The value Of
the currency then was not too large for the
demands Of the business Of the country. L
do not believe that it would be necessary or
advisable to expand the currency to that
extent, but if it shOnld prove to be 30,
would not hesitate TO restore the currency
to the amount it stood when gold touched
rs. | tell You, gentlemen, if Ghis were
done, 1t would be "a grateful to you and to
the people of the West and South AZ the
dews Of heaven TO the parehed earth a.
the quails and mama which God in his
mercy youchsafed to the children of Israel
in the wilderness By these two measures
alone your debt would be reduced $780,
600, 900, and the interest will be reduced
more than $50,000,000 in gold, annually,
and the accrning revenue would enable Won,
without further expansion, to pay of the
residue of the five-twenties as they mature,
and thus to diminish still further the
amount of interest, and consequently the |
Laxes. II, then, the currency was found |
gradual contraction could be |
effected, and as it would come when the |
tebt had been paid-when the necessity for
large sums of money on the part of the gov
had passed awsy-When taxes |
were low, it could be accomplished |
without the oppression and disaster which
now attend it.
PERSONAL POSITION TOWARD THE BOND
HOLDERS As A CLASS.
| have been represented a. inimieal to /
he bOndholder. Gentlemen, you shall |
udge me. | am hostile to no class or
interest in the country. I simply desire to
)e just-iust to the bondholder-just to the |
people. would live up, with scrupulous
idelity, to the terms Of our contracts. |
Eonld pay the interest Of the fve-tWenties
n gold, because the government has proms
sed to do 80. would pay both principal
md interest of the ten-forties in gold, be-
,ause the government has promised to do /
%. ! would pay the principal Of the Eve
wenties in legal-tender notes, because the
agreed to receive them in pay
nent; and as | would not repudiate an
honest bargain TO make money for the |
people, so will not repudiate an honest
bargain TO make money for the public
,reditor.
ALLEGED CONSEQUENCES CONsIDERED.
II has been said that this policy will |
give us deprecated currency. think
not. | think, on the contrary, that Just rs |
he public debt ia in this way discharged, |
will the certainty Of its ultimate redemp- |
ion become more apparent, and its value
,e steadily increased. These bonds operate
= mortgage upon the property and labor
4 the country. There are two thousand
million of them. Pay oil these two thou
and millions, and will not the legal-tender
Iotes be just IN that proportion more Yalu
BILE? .a
But again: give 10 these notes the ac-
undoubted capacity to pay
hese bonds to pay all public obligations,
nd they Immediately increase ia value. I
now the evils Of deprecated currency
Webster described them ] would not AID
n depreciating our currency; fought
gainst il when IL was proposed by the le-
al-tender act my warning was not needed.
But since it has been accomplished since
he debt was contracted in legal tender
ince it may be lawfully and honestly paid
n legal-teuder-I am in favor of eOntin-
ng il until we can secure to the people,
tho have already suffered all the evil,
whatever good may be extracted from the
ysiem.
RECAPfTULATIoN AND APPEAL.
But, gentlemen, detain you too long.
have sought to bring 10 sharp contrSst the
NO parties and their respective principles. |
Choose We between them" Il is a strIg- |
lie between law and force Consultation |
nd revolution; order and anarchy pnrity ]
nd corruption; economy and extrava
,ance; civil government, and whatever
ONES after its overthrow intellect, cult
'ation, experience, capacity for govern
nent, aud--bnt ] fOrbear--as-- cheers;
ries, eco on let il ont las will not
ay one word in disparagement Of the
hOsen leader Of great party Of my eoun-
rymen. This is the supreme struggle Cor
he mastery by these enduring and opposing
Drces. Choose wisely between them
Work earnestly for your choice, and on
he day OF the election in November the
american people can be congratulated for
he achievement Of victory for their Con
achievement Of n prosperity |
nj happiness which can only be secured
y the enjoyment Of liberty regulated By
lw, and Of Law inspired by the geoius Of
irtuous liberty. Immense and pro-
lnged cheering.
A NEw MODE Of TORTURE.
The Washington NatioHai Iateiligeaeer
obtained, some days since, statement
hat instruments Of torture had been APP
lied in Fort Pnlaski. near Savannah. "a