Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-04
..wY OWN JUDGEMENT"

HE shall from time to time give to
Congress information of the state of
the Union"
Owing to this provision IN the funda-
mental, but now somewhat antiquated
law of the land, and to the moral force
Of his oath Of Office, our taciturn Exc
cutive felt impelled to introduce into
his message and discuss at some length
the subject of the general panic. "
This portion of the message is charac-
teristic of the Executive mind, accord
ing to the meagre phenomena which
that mental organization has put forth
during its terrestrial career. Possibly
it will be interesting to examine with
some care the remarks on the panic and
the currency. If we mistake not those
remarks betray the eccentricity of the
Executive mind. First of all, the Ex-
ecutive conveys to Congress the grave
intelligence that the full effect of this
disaster, Cmeaning the panic if it should
not prove a blessing in disguise, is yet
to be demonstrated. It is important
that Congress should know this. In
either event, >" no matter whether it be
a blessing or not, sit is your duty to
heed the lesson, and provide by wise
and well considered legislation, as far
as it lies in your power, against its re-
currence, and to take advantage of all
the benefits that may have accrued"
This is an item Of moral information,
the value of which to Congress is
incalculable. Without it, what
might that rash and irresponsible body
have done?-to what extremity gone?
They know now, however, and the
country is safe. MY own Judgment is
that, however much individuals may
have suffered, one long step has been
taken toward specie payments" One
long step! This, if it could have been
substantiated, would have been graft
flying bit of information to the entire
country; but, instead of being con-
frmed, the tidings are, in the same
sentence contradicted. eve can never
have permanent prosperity" says
Grant, until a specie basis is reached,
and a specie basis cannot be reached
and maintained until our exports lex
elusive Of gold pay for our imports,
our interest due abroad, and other
specie obligations" How many long
steps will it take to reach specie ba-
sis? How many long steps will it take
to reach the termination of the geOlOg-
ical age Of man? However this view
of the President S may have struck the
other members, it was certainly no very
startling item to Judge Kelley. He
knew before that specie basis would
have to be reached, and had been sur
prised that the Executive mind enter
tanned a similar view. 1t is, therefore,
the opinion of the Executive
mind that all thought of
resumption must be abandoned till that
period of the unknown future should
be reached, when our exports other
than gold shall equal our imports.
Congress is next gravely informed that
undue imitation on the other hand,
while it might give temporary relief,
would only lead to an imitation of prices,
the impossibility of competing in our
markets for the products of home skill
and labor, and repeated renewals of
present experiences" 1t was highly
necessary that they should be apprised
of this fact. The next remark is Wig
orous rebound: 1.-THE fact is, specie is
the recognized medium of exchange the
world over This is the sum Of it all,
say what you please, gentlemen of the
Senate and House OF Representatives.
''That obtained, we shall have cur
rency of such a degree of elasticity"
Another rebound back to the side of
the infationists: 1.-The experience
of the present panic has
proven that the currency OF
the country, based as it is upon the
credit of the country, is the best that
has ever been devised" Thus we have
specie lauded to the skies and green
backs and national bank notes lauded
to an equal attitude. There is so much
duplcity about the President s remarks