Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-28

ll1S I1ll1lA, 6fClx| \ VAIN ttD&kcC8tcPs II
| bslking 70 pShers{ kpoT hey can determine
when we come to talk about currency and
tariffs and banks and internal Improvements
and all that, 1t requires the mind to be ex-
ercised, because there is thought and there
is idea in it, and without understanding, u
all amounts to nothing-it Is mere sound
NOW, MY COUETRyMEN, fFt
we used some time ago, when men had no
serse as now, assume them to have become
fossilized and to have become old fogies--
that they didn't quite understand anything
such men az Adam Smith and McCul-
Tough and all those men who have written
and laid down doctrines and principles that
control the world to a great extent. Even
going back TO the days Of Grotius, there
were some ideas about currsncy;snd, mot that
intend to argue that part of 1t, bat simply
to throw out general idea whether the
world has been deceived and has come to q
wrong conclusion or not. So it has reached
certain conclusion, and what conclusion
is that?
When go back into history and among
the ancients there were various things
adopted for currency, bark, paper and iron.
Lycurgus had his iron money, and he made
it SO heavy, that they didn't want much of
1t. IA laugh.] They couldn't carry 1t
ABOUT. Then we got into the idea that iron
was just as good as GOLD or silver as cur
rency, and that the impress of the State up
on it was what impaired its value. Then
the idea Is that psper-that is bank notes
all that Is necessary Is for the Government
to make an impress upon It, and they are
equal to what is considered the money Of
the world. But what l was going to say,
In this connection, was In commerce-the
world, Pagan and Christian, has been COM
PEELED to hunt up and adopt some standard
by which commercial values could be
measured, and whether they are right or
wrong, even civilized as well as unciVilizsd,
they all agree that gold and silver Is the
standard by which the trade Of the country
must be measured. ,
l care not whether you take silver and
gold in ingots or set it up into pieces, and
when you put the alloy into it-when they
know how much it weighs-I care not how
far you go, there it is, and it viii bring you
what its intrinsic value calls for. The
world is made like . great store-house or
mercantile establishment, and has been
compelled to adopt standard by which
values are to be measured. xSupposing q
merchant should come into the city of
Washington, and propose to do business.
He might have fine lot of dry goods; he
might have fine lot, for instance, of groce-
ries. Suppose be would commence doing
business without a ysrd-stick and without
scales aud weights-he would commence
getting down things and running bis dipper
into the barrel of sugar or coffee with moth
ing to weigh or measure it by-how long
would be be merchant? Don't you think
be would soon quit business? The first you
know he would want 10 60 into bankruptcy.
Applause and Laughter.
Then suppose nation commences deal.
ing in currency, making money of copper,
and Of paper, and of everything else that
you can call up, and have got no standard
to measure it By. Go to the merchant on
the other side Of the street. He keeps bis
ysrd-stick upon bis counter, and when you
want anything there Is the yard-stick and
the scales to weigh it, and gold and silver
are the weights and measure by which they
measure everything of commercial value.
And you might rs well say it would be
prudent or good sense in the merchant to
throw his yard-stick into the street as that
8 nation should throw out this great stand
ard Of gold and silver and set it aside. The
one is about as sensible as the other.
Well, travel along, and where do we find
ourselves? We have had various contrac-
ton and expansion in the United States. -
BEFORE THE REBELLION
commenced we had banks-State banks
and these banks were generally founced
upon gold and silver. Then they got to
( 'undiDg banks upon bonds of the States,
and they founded the free banking system,
but these free banking systems all exploded.
Even in the days Of the free banking sys-
tenn, which we condemned and repudiated
and the main objection against them was
that they did not furnish uniform curren-
cy-some of the banks would be two per
cent, some three, four or five, and when
they got down 20 ten per cent. they were
broke. How now, my coantrymeR? You
have heard great deal about the currency
you have got. How has it been since the
war? 1t is nearer par now than twas ever
before. How long has it been standing at,
sixteen and twenty per cent? 1t is true, it
is uniform.
/ In the old time, when bank ran down
TO twenty per cent. it was ruinous, but now
You can have your national banking system
conneceed with greenbacks; and how does
it stand? 1t is uniform, it is true. 1t has
been as high as two hundred and eighty
per cent below par; that is to say, it is uni
form in depreciation. 1t is uniform in be-
ing below what gold and silver is worth
the standard by which the world measures
currency. Your attentioni l am not ad-
dressing matter, but mind; see faces and
heads here. And nov, how does the mat
ter stand? You talk, for instance, about
REsUAnNG SPECIE PAYMENT.
Why, you're laughed at. Some little fellow
will pop up who knowo more about
banking than his master does; that is, be
being the judge.
He knows all about it-knows what the
great pursuits and industry of the country
requires-snd there is not gold and silver
enough in the world to answer the purpose.
Don't you remember here in Washington
City, when we had purses and not pocket
books. No man pulled out his purse unless
he had gold and silver in it. Why? Be-
cause it was the currency of the country.
can now show you young men of twenty
one years of iage who never saw a coin,
gold CT silver, with the stamp of the United
States thereon. Where is the gold and sill
yer? IA voice, "Cooke has got it."1
Where has it gone to? 1t has not been
eat up; it has not been worn out; nobody
has drank It. Where, then, is it? In its
place you find this national banking cur
rency-16 and 20 per cent-it has been
clear down to $50 below par. Where is the
gold and silver? Don't every man know
that water will obey the law of gravity and
seek its lowest level? AS you push out the
inferior currency better currency disap-
pears, ard that when that is disappearing
the other is naturally coming in. Hence
you can see theidea of receding. 1t dissp-
pears. .-sr AZ.
Where has it gone? 1t is in the vaults,
in the secret places, and shipped beyond the
seas-hoarded mp and kept; and then, and
when we think proper, We will make
money scarce, ard depreciate currency; and
the few gold aud silver holders of the coun-
try have all the property at their control
But they will tell you there is not enough
gold and silver. Your attention: Go to
your own tables, published by the Treasury
Department, made out by the Mint, and
you will find that from 1S49 up to 1923
we raised from our gold fields over 81, 000,-
000,000-one billion dollars. Prior to the
war the greatest expansion we ever had was
when the banking currency reached S210,-
100000; that was the greatest; every
thing expanded and went up.
They are employing more Irishmen on