Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-27
THE CURRENCY QUESTION.
10 the Union and American.

1t would be difficult to over-estimate
the importance of a right decision of
the currency question now under dis
eussion in Congress and before the peo-
pie. AS one Cf the latter, and Dem
ocratic voter for fifty years, allow me
to .criticise briefly one or two state
ments made by your correspondent
I'D" In your issue of the oath inst,
who says: Among the masses of the
people there has not been evinced the
slightest want Of confidence. Where
then Is the necessity or good to the
people OF change either by contrac-
ton or expansion, or initiation of val
uess 1t you change the standard of
value you necessarily change the prices
OF all commodities, whether Of the
farm, the mill or the mine" The
above implies that Congress can easily
keep the market value of its currency
notes at their present price as com
pared with gold, and the products of
the farm, mill and mine.". This as
sumption is as baseless as can be, for
II the Government redeems its paper
IN gold, it will appreciate; if it refuses,
IL VIII 1au IN price.
3D." might as well expect the sun to
stop at midday, and shine there forev-
er, as that an unfulflled, repudiated
Government promise to pay gold will
retain its brightness and value after
the promise was deliberately violated.
The Congress of the United States
must keep its promise to resume specie
Payments or disgrace itself and the
American people In the eyes of the
world. The sooner this promise is re-
deemed, the better for every honest
man or woman in the nation. 1t is
downright dishonesty in a person, orin
a government, to be able to pay debt
when due; and yetIunder one subter-
fuge and another, refuse to pay it for
five or ten years. ID" should know
that 1t is the belief of the masses that
the CURRENCY OF the country will be
paid in gold, that gives it value in all
markets. Can worse thing be done
than for Congress to impair this conf
dence by any trick, or evasion of plain,
simple duty? DO as you agree is a
sound maxim In all financial matters.
When the trainers Of the Federal
Constitution were agreeing on the
measure and standard of value as ap-
piled to all property and the legal pay
ment of debts, they had before them
the wisdom and long experienced ages.
Acting by the light Of history and
sound common sense, they made gold
and silver coin the chosen substances
for legal tender and currency. To-day
there is not nation in Europe that
has any other than a metallic standard
OF value. 1t is only by usurpation,
and a Radical "higher law than the
Constitution" that Congress can pre-
sumo to make paper rags of little or no
intrinsic value, perform the natural
functions of the precious metals. The
attempt Is absurd, and would only be
thought of by men in Office who have |
the ignorance and vanity to claim that
their individual services are worth ten
thousand dollars a year to the public, |
no matter whether they labor to en-
franchise negroes. or disfranchisa white |
men, that voters having the true Afri-
can odor, and a few usurpers South
and North, may rule the whole nation
with rod of iron. do as you agree
Is an old-time Democratic principle. !
adapted to the every day business Of all |
honest people, but not TO the trade of
men who want to pay old debts with
new promises, and find it easierto make
new obligations than to work with self
denial to cancel them. FRANKLIN.