Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-05

| SPCdhS "IIcu he cIdlllS UnaU the PRESIDENT
agrees with him in regard to the finan.
ces. Mr.. Kelley was prominent mem
Der of the Committee Of Ways and
Means Of the last House of Representa-.
tives, and aSpires to be the chairman of
that Committee in the next House, and
being a strong administration man from
Pennsylvania, is likely to have great
influence on the action Of Congress
soon to be IN session His theory is.
that we must have a cheap money mar
ket so that it will be to the interest of
capitalists in our own country to pur-
chase and hold our government bonds,
and thus get them from foreign bond
holders. Weare willing to believe that
MrKelleyhonestly thinks that Congress
has power to make real money, which is
gold and silver, cheap and plenty OF
otherwise, at its sovereign pleasure.
We notice many writer's for the press
entertain the same views, which are the
sum and substance Of the Administra-
ton policy. It goes earnestly for an
unredeemed and irredeemable paper
currency, as something better than
bank notes and government notes con-
vertible into specie at the viii Of the
holder This is Grantism and Kelley
ism with all disguise removed. It has
been tried eight years, since the war,
and we are now experiencing the conse-
quence.
Mr.. Kelley says: THE annual
amount Of interest which we are re-
CURED to pay abroad, Sl0O,0OO,OOO, is
S1O,000,000 more than the annual pro-
duct Of all our gold mines. Besides,
the balance Of trade las all along been
agojRst as" He pittingly adds:
while this condition Of affairs re-
mains he regards any attempt at re-
sumption as absurd" Mr.. Kelley re-
minds us OF the heroic quack who, after
salivating his long suffering patient by
the free use Of mercuial pills, proposed
to cure the sore mouth and throat by
doubling his daily dose Of calomel!
Political and financial quacks have ex-
ercised and applied their best tai
ent in legislation and administering
the laws twelve years; and while they
have doubled their own salaries, specu-
lated on the government, its public
lands, its bonds and credit, its patent
rights, and by extending protection to
a thousand and one private manufac-
turing interests. have brought financial
ruin upon the country. All through
the Northern and New England States
we hear Of cotton and wooden mills and
IRON manufactures stopping, throwing
thousands Of operatives out Of employ
ment some estimate the number al
ready discharged at one hundred thou
sand-at the beginning Of winter and
all the plain result Of IN abuse Of the
credit system. Does not cheap
paper money encourage overtrading
and an excessive importation ?
To make currency cheap, Congress
must issue so much Of it that it viii be
of small value in the markets Of the
world. at home and abroad This done,
and every man, woman and child will
instinctively seek to exchange paper
dollars and shinpIasters for goods Of
some kind, which are intrinsically worth
more than dirty and wornout rags.
Who does not know that cheap money
and no money are near neighbors, and
own brothers? Long experience has
proved that a high tariff does not pre-
vent excessive importations OF foreign
goods, and large balance of
trade against our national industry.
This fact should have great weight
with the American people who have
practical common sense. The same
specie currency that pays for foreign
fabrics abroad, should buy them Of
merchants in every part Of the United |
States, that there may be no trick nor
share, nor wheel within a wheel. by |
which the farmers corn, wheat, cotton |
md tobacco are sold for cheap paper
money! while he buys foreign goods |
and pays Government duties thereon |
in gold or its equivalent. Cheap Gov
money is at best fifth wheel |
in a public coach, which attracts much |
attention, and facilitates the |
operations of trjcksters, gamb-
lers, thieves and robbers.
We respectfully ask our readers Of all
parties if the country has not had
enough Of this kind Of financial states
All wealth is the product of
labor, and lawmakers can give it exis-
tence only by productive industry as
other men do. Tampering with our
constitutional currency is precisely ike
the length Of our yardsticks,
the weight Of our pounds, and the
square feet in an acre of our farms.
Changes Of this character are funda-
mentally disbonest-a premium on
fraud, and lead to an alarming increase
Of crime. Influenced by 4 federal de-
caption in currency, millions, promise
more than they can fulfil without ruin.