Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-16

Let us be Just. A contemporary thinks
there conldn't have been panic under
/ sigood old Democratic sway" Well, from
March 5, 1929, to March 4, 1841--twelve
years-Democrats were IN the White House:
jackson eieht and Van Buren, four wears.
But the crash Of 1887 came, all the same.
From March 4, 1858, to March A. 1851.
there were Democratic Presidents-P Pierce,
followed By Bnchanan--but there was .
financial panic in 1867 that not many per-
sons have forgotten. The truth Is that
neither Democratic nor Republican Admin
istratioHs have thus far been able to avert
panics, though those since 1860 have been
less disastrous than former ones, because,
unlike 1857, the currency did not go to the
'dennltion bow-wows,v In 1857 every
body wanted to trade of the currency fer
swamp lots, big ''yslleTy dogs, gourdseeds,
or anything else that could be eaten or util-
led. Now, everybody clsmors for greeu-
backs. Memphis AuGi1nche.
Yes; let Us be just. Let the -AUol-
onche give the name of that convenient
contemporary who thinks there couldn't
have been a panic under the good old DEM
ocrstic sway. Then let Cs lemember that
the government, under Democrats admin
istration, had absolutely nothing to do with
the panics IF that period. Let US remems
Der that our own Jackson, of Tennessee, had
squelched the United States Bank and
seyered%he last link of connection between
GoVernment and the business Of banking,
several years before the crash of 1887. And
let US remember that this healthy divorce
Of sGoyernmsnt from rapeoaealsrs contin-
ned in fuli force for some years after the
panic Of 1857. Wesuppose the avalanche
agrees with us that the Government, in
those days, had no part in precipitatipg
those two psnics. Bot what have we To-
day? The whole banking business of the
country, regulated by the laws Of a Congress
which numbers over hundred ma
tionsl bankers among its members.
The whole currency OF the coun.
try reduced to irredeemable paper,
based on Government credit at one, two,
three aud four removes-greenbacks based
on Government credit direct; national bank
notes based on Governments bonds; certified
checks based on the two former; and loan,
certificates based on bonds and currency of
all sorts, including those of the Govern,
ment. Fortunately. government credit is
good with our people, or we mi bit land in
the region of nowhere. The people clam
ored for the Government currency in 1887
and 1861, as vel as now. But the Gov
eminent currency was then gold and silver,
and the confidence of the people had a solid
basis; it was not a child's belief in pa
ternal institution run largely by aChristian
statesmen" for their own profit, as is now
the case. Besides the complication of the
present Government In all our banking and
paper currency, the following extract from
the New York Bulletin Of Sept. p, may
show the AUGIdnche how twelve years of
Republican administration are responsible
for the present panic:
"All the embarrassment of the past few
days can De traced largely to Congress and
the Federal Government. By unwise and
unjust grants of lands to railroads, new
roads were stimulated into existence where
they were not needed and beyond the
means of the country to provide for the ex-
penditures their construction required. By
excessive taxation, revenues far beyond the
of government expenditures
were raised and allowed to remain idle IN
the public treasury, thus depriVing COM
merce and industry of the coin, the legal
tenders, and the National bank notes need
ed for the exchanges Of the country and for
the payments of the community, and en-
failing on the country the further loss of
paying interest on az equivalent amount of
the public Indebtedness, which might have
been paid of, thus restoring ID commerce
and industry its life-blood, instead Of allow
ing it to lie uselessly idle in the United
States Treasury