Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-11-22
The Resumption of Specie
Payments.

Payments.
The resumption of specie payment
is being urged The question is.
would such a step be wise at this
lime. Those who urge the immedi-
ate resumption Of specie payment |
base their argument on the financial 1
crisis of 1878, but seem to forget /
that that crisis was precipitated by |
the destruction of the United States |
Bank, which bore substantially the
same relationships the government
in that day, that the present financial
system bears to the government now.
The present system of finance is
practically an expansion Of the old
Wing idea, that is, giving the country
a paper currency which would be an
acceptable medium of exchange
throughout the United States. The
good old Wing partly party We
most truly ACKNOWLEDGEMENTS a
national banking system; just such a
system as We now have, the changes
and circumstances incident to a de-
structiye civil war considered. Hence
it is with awkward grace and pervert-
ed sensibility, yea, we might say, ig-
norance of historic facts or still worse
wilful misrepresentation, to place
the present financial crisis at the door
of the Democratic party, or as the re-
suit of its teachings. Such an effort
is only another wedge, hewn from
the radical log, with which the elm
dependents hope to split the opposi-
ton and thereby secure Republican
triumphs in the future. Those IA
miliar with the history of the country,
with the history of parties and their
tenets, and who have brought their
reason and experience to bear in solv-
/ ing the causes which have produced
/ the present crisis, will at once see the
wickedness of such iusinuations aud
tho object sought to be attained by
their illumination.
But TO the leading question
Would it be wise to resume specie
PAYMENT at this time ?" Ia the first
place, the crisis now upon the cOun-
try is the result of reckless specula-
tion-not IN gold, nor in currency
nor in government bonds-but in
stocks, in wild railroad and mining
projects and in futures on The staple
products of the country. No system
of finance can keep such speculation
down. Such is the experience of the
world, aud hence no commercial
country has ever been exempt from
financial crises. More frequent, but
! yet like political revolutions they
sweep all countries; and like their
prototypes defy alike the experience
and wisdom Of the ages. In short,
speculation is an inherent, uncon;rol-
liable principle of human nature, and
to stop it viii require that divine
presence whose second coming all
christians fondly look for. But the
United States, like other countries
and other times, are called upon to
face and deal with the evils forced
upon them by this unconquerable
spirit of speculation. Then, i'll the
second place, how shall we meet the
issue? Now the great want Of the
country is cuTency-mOney to move
matured crops, now ready for market
For the want of money to move the
crops the whole country is suffering
especially the producing Interest,"
Delay will be fatal to producers. A
change in the financial system of the
country will necessarily cause delay
and contraction. Contraction in the
established currency of the country
would be disastrous at this time
Specie payment can not be resorted
TO without material contraction
Hence we oppose specie payment al
this time. An army cannot success
fully change it's front i'll the face o.
an enemy. Neither can the people
afford to.ehansA tia flaAaAisi --s-.+~--
of the country in the face of great
crisis like this. For present necessi
ties the currency of the county is all
sufficient. The only trouble is to ge
sufliciency of that currency to nee
the demands of commerce. In the
third place, any change HOlo would
result inevitably in a reduction o
values. In other words, resump
ton Of specie payment at this time
would materially reduce the price o
cotton and all the substantials, whlcl
are the products of our soil. Whel
we consider the basis upon which al
the past years transactions between
producer and merchant were made
some idea may be formed of the wide
disaster that a permanent reduction
in values would produce. 1t should
also be considered that such IA reduc
ton, for the present, would fal
heaviest upon the producer-yea, al
| lAOsI Oh MN aAOHG. VI luO SOONI
he is compelled to buy, the notes ant
accounts against him, are all on a pa
per currency basis, and when he SELL
his produce on specie basis he pays
the difference in specie and hence il
the sufferer.
We could pursue this subject fur
ther, but our article is already too
long. If necessary we will refer to i
again. But before we close we woult
say, that the present financial system
of the country does not meet on
views fully. We think that there il
great room for Improvement, and W,
viii favor resumption of specie pay
ment whenever such a step can b,
taken without material disaster to tn,
country.
MOTHERS WHO AVE DAUGHTERS THAT HAyI
WEAK LUSGs.-ShOuld arrest the disease whel
it is in the incipient stages. 1t is Indicate
by hacking cough, pains in the chest, dinicul
~ ,i breathing, or oppression OF the lungs.
this be permitted 70 run on, tubercles will form
and Consumption Will be The result. A mos