Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-26
REaULArINC rmE CUnnENoY.

Manufacturing establishments all over the
country sre either dischargiDg part Of their
hands or have curtailed the hours Of work.
Everything indicates contraction in the
demand for labor, a hard winter and much
Suffering. And now comes the New York
J9usnaI Of Ccmnlerce Of the 20th inss, and
states that it has received word from vari-
GUS parts of New England Of concerted
movement to close the cotton mills and
other manufacturing establishments, or to
run them only on half time. The ostensi-
bic reason for this action is the scarcity of
currency for the payment Of wages, but the
movement is not spontaneous, and the
msthods employed to secure the combined
action of all the mills furnish conclusive
rioof that not for selEprotection or for the
personal convenience of the promoters as
employers, has this scheme been devised.
One OBJECT Of the movement is to take mea-
sures toward general reduction
of wages the supposition being
that lower rates will be more
easily enforced after partial or entire sus-
pension of work; bat the movers who sre
behind the scenes, and who have no spe-
cial interest in the establishments, intend,
il is believed, to produce by this action an
entire change in our national financial sys-
tenn. Free bankingis the object of their
effort. The West, IS large borrowers of
capital for the develop Eent of their re-
sources, are clamorous for 1t. To start It
at the East by throwing many thousands
out of employment, for the assigned rea-
son that there is not currency enough to
pay their wages, is certainly most sdroit
beginning, and likely to produce profound
impression upon the country. By the time
that Congress- comes together the pressure
will thus assume the form ola well develop
ed public opinion; aud those who have set
the springs in motion will insugurate the
change, not at their own instance, but in
assumed Difference to the demands of the
whole people.
We do not pause here to protest against
the imitation after which SO many are
eagerly reaching, but if we are to have more
paper money without specie basis, let us
throw out suggestion by which Congress
may place in the hands of the people rem
cay to control this infstion so that it may
not be used to the permanent injury of the
commercial men and Isboring classes. II
Congress shall authorize an additional issue
of currency, les it be greenbacks, or legal
tenders, and let provision be made that
parties holdi g large amounts may retire
such currency at the Treasury, in exchange
for Government bonds. Then when cur
rency becomes scarce in q, particular focali-
ty, lie, parties holding bonds have the priv
ilege ofexchsnging them for currency. Some
such plan as this would prevent the clock
ing UP" process, so often resorted to by
spectators, and at the same time accom-
modate the volume of currency to the re-
quirements of trade. While tbs Govern
ment assumes the right to control the busi-
ness of banking, it should provide for
regulating the volume of the currency SO SIS
10 meet the requirements of trade, and
thus mitigate the severity of panics like
that through which we lave just passed.