Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-11

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Of specie, announce its readi-
ness to begin, and could actually be-
gin; but there is such a
vast disproportion between its
debt and its present assets,
that a run" might be made and a
panic might ensue. 1t must, therefore,
before it resumed, enlarge its assets to
that bulk which will inspire confidence
so as to prevent the senseless demon
stration of "run." But we are OPP
posed to the stupid policy of standing
off and waiting for our assets to en-
large themselves. Our little pile of
cash might make few spasmodlc ef-
forts to enlarge itself to heap which
would aspire confidence; but 1T would
enlarge about as fast as the vain toad
that emulated the size Of the OK. It
would only cause the bystanders to
chuckle. No; the Government must do
something tc increase its assets. 1t
would require no great amou MT to be-
gin resumption. We believe that suf-
ficient amount could be accumulatedina
much shorter time than that suggested
by the Economist. The amount of coin
which the United States takes in on
the single item of customs was, for the
last fiscal year, was S1S8,0o0,O00. The
amount of specie which the Govern
ment is compelled to pay out annually,
viz: the interest on its bonds, is IN
round numbers only $105. 100000. The
difference therefore, between the in
come of gold customs and the necessary
outgo, by interest, is $83,OOO,OOO. 1t
is our firm persuasion that the best dis
position which can be made of this
surplus of revenue is to apply it to no
other purpose but resumption. Here
tofore the Government has applied it
to the licentious purpose of specializing
on its own credit. True it has used
some of it to buy some Of its
bonds and thus to decrease the
debt for political effect. But this plea
yunish way of curtailing the debt has
brought with it serious speculative
evils. Let this diseased way of paying
the debt be stopped for the time and
let the specie be employed to restore TO
the country the old reliable medium OF
exchange. But the great difficulty OF
immediate or early resumption, accord
ing to the Chronicle, is this: ''On debt
ors, resumption would operate as tax;
on thecreditors, asa bonus" There is
force in this: If paper dollar were
suddenly elevated to par with a gold
dollar. it is true that in paying your
debts previously contracted, you would
pay more in value, while you would pay
the same nominally. Thus the Govern
ment would be divesting you Of invest
ed rights, which would be another NO.
lation of the mutilatedold Constitution.
Here is the same old difficulty that re-
tarded the resembling of the tariff laws.
How hard it is to back out of a bad
policy after we once get into 1t.
But this same difficulty would present
itself again and again, if we were to
wait hundred and fifty years. The
only difference would be that it would
become more and more aggravated the
longer we should wait. No time can
remove it. A promise without assets
to meet it on demand can never equal
cash. There always will be difference
1t is a difficulty, therefore, which
we can as well or bet
ter obviate now than at any
time in the uncertain future. The only
question for Congress, then, is how to
obviate it now. 1t is our opinion that
it can be successfully done by judi
cious proviso in the act whichishall or
der resumption. If this be impossible
now. it will ever remain 50, and We are
told the melancholy tale that there
if no remedy forever. Whilewe depre-
cate sloth. however, we counsel dehb-
Grafton. wherever such q course will
avert private injuries, which haste might
inHict; provided, always, that the great
er maxim be adhered to that a private
injury shall be permitted rather than a
public inconvenience"