Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-03
NATIONAL FINANCES,

means of diverting attention from
this knotty problem. But it can
not be delayed longer. The people |
demand some wise and wholesome
legislation which shall gave stabil-
ity to values, and establish trade on
basis of sound political economy.
The leaders of the dominant party
perceive there can be no further
delay in the adjustment of this
question, and are preparing to
meet it.
Senator Morton of Indiana, who
is not a statesman, but has a
vigorous intellect, a strong midi
viduality, and great influence
in his party, has ly
given utterance to views
and purposes. His views on
the subject of finance have been
frequently expressed at various in
tervals and in different places since
the close of the war, and they have
not been consistent either. Within
the past year, he has been for and
against the Pendletonian or green
back policy. He is, however, far
seeing enough to discern that the
great, absorbing question of the
day, when the more ephemeral
topics that occupied attention
have passed away from pub
lie consideration, will Ge the
disposition Of the national
debt, the resumption Of specie pay
ments and the lessening of the bur-
den of taxation. To the measures
ecessary to accomplish these ends
he has especially directed the cur
rent Of his thoughts, and we may
be prepared TO expect very elabor-
ate financial discussion Immediately
after the organization of Congress.
What with Senator Morton and his
plan for the easy resumption Of
specie payments, Senator Sherman,
with another for the gradual fund
ing of the debts, Senator Corbett,
with his own original scheme for
substituting gold certificates in
place Of coin for the payment of
customs dues, and a score of Sena-
tors besides, each with his own par
ticular panacea for the financial ills
to which the country issubject, the
debates which are sure to arise will
be Of the most intricate and Devil
dering character.
In a recent interview published
in the New York Herald of the Both
Senator Morton is reported to have
said
The financial question occupies more of
my attention than any other"
"It is understood you are preparing
bill to introduce on the assembling of Con-
gress."
"Yes; ! have been misrepresented az to
my exact views, but shall be happy TO
give YOU a correct understanding of what
propose"
Well, Senator, what is it you pro-
pese?"
81 propose a return TO specie payments
and contemplate fixing a time by law, say
the lst Of January or July, 1871, for be-
ginning the redemption of the greeoback
currency This for several reasons; First,
to give notice 10 the country that every
| body NAV prepare for il, make their con
tracts and adjust their business accord
ingly; second, TO give time for the payment
of the great body OF the existing debt
among the people before it arrives; third,
to give time 10 collect the amount Of gold
necessary to begin redemption by resery-
ing the surplus gold in the Treasury and
that which is to accrue. By fixing the
time for redemptioD,sa fixed vslue, /
CDD5lUeIy Will Dc klbCh ~ NuO
back note, which will gradually
appreciate as the time approaches for re-
demption, when it will be at par, and but
little gold will be required, as the green
backs, then being of equal value, will be
Tar more Convenient in business than gold.
am opposed to further contraction until
redemption begins. Then contraction will
take place by The act Of redemption, tie
bills redeemed being Cancelled, bat their
place will be filled by gold and silver,
which will then be poured into the volume
Of currency. The process will be 50 grad
ual az to cease TO excite the attention Of the
people; will carry with it public conf
dence and take place without crash or con-
vulsion. The return to specie payments
will settle all questions about the mode Of
| paying the bonds, restore the confidence in
business and revive trade. The flow OF
gold from the country to Europe can only
be checked by cre4ting a, demand for it at
home for currency. 10 every country
wnsre 4 legal tender paper currency has
been established it has driven gold and
silver from circulation, and in great part
out of the country. The only way 10 call
home our gold and keep the product of'
our mines is by reintroduciDg il as q part
of the currency"