Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-20
OUR ONLY WAY OUT OF THE
VEnnnS


gold interest, too, on bonds. Perhaps
they propose to reduce greenbacks to
the size of the gold pile, and thus
create a financial smash for the benefit
Of those who hold all the gold in the
country.-CIarksUilJe Chronicle.
The financial tangle, which Radical
ism leaves the Democracy as a legacy
of misrule, will require caution and
calm consideration in the unraveling.
It will demand and put to the strain
the best thought of the country and
the soundest craftsmanship. In this
incipient stage of inquiry, when the
people have Just found out what hurts
them and have not yet fully probed the
wounds, we should guard against jost-
ling each other While discussing
remedies, we should carefully guard
against misrepresentation of our past
or present condition. Errors and mis-
apprehensions can only DO harm.
Returning to a specie basis does not
mean an exclusively specie currency,
any more than it did before the war.
Paper would still be used in preference
to the same extentas then; but it would
be paper representing specific value,
and convertible into the currency of
the world. Therefore it is not necessa-
~ to ask where the gold will come from
to redeem 1882, 100000 of greenbacks.
Very little of this amount would seek
redemption, especially if the volume of
paper out BE- too scant. The mere GER
tainty that Government was ready to
give gold for it, would take away the
wish TO present it for redemption. We
all remember the story of the French
man in the panic. He thought his
bank had burst, and rushed IN, loudly
demanding his money; but when the
cashier calmly counted it out to him,
he handed it back, saying he
did not want it, explaining;
Ven 1 links you can't pay
1 wants my money; ven you can pay,
no wants it" The Radical party has
during the past six years neglected
several inviting opportunities for
specie resumption. The same blind
faith, or patriotic confidence, which
ever we call 1t, that has believed the
Government promise to pay one dol
lar" would have believed It's promise to
nay one gold dollar. With growing
country, requiring more currency each
year, the inconvenience of a run on
the Government" would constantly de-
crease. But run on the Government
is hardly supposabIe except in case of
a threatening war, when redemption
would of course stop, and the people
would find out the full beauties Of Gov
eminent banking, just the same as they
will under the present irredeemable !
system, if a war breaks out before it be !
abolished.
As cognate 10 the general subject,
we make the following suggestive ex-
tract from an editorial in the Dresden |
Democrat:
The volume of currency thrown up
on the country has not as much TO do |
with its prosperity as many persons |
imagine Five hundred millions issued |
tomorrow by the General Government !
or by national banks would not benefit |
the great masses of the people as much |
as q reduction Of fifty millions of the |
taxes We have to pay.
As far as the South is concerned, she |
Is not dependent upon the United |
States Treasury or the National Banks |
for the means 70 move her crops. Her |
staples are those OF the world, and her |
largest buyers are Europeans. En-
gland alone cOuld and would furnish |
the gold and silver to move the cotton,
tobacco, rice and hemp, of the South. |
The price of Southern products are |
governed by the great laws of supply |
and dem8nd. Ii there were one hun
dred billions Of specie in the country |
and no demand for cotton, We would |
get 10 part Of 1t. We must have the |
commodity to exchange for money be- |
fore we can get 1t, and the amount of |
money that we will receive is almost !
IL exact proportion to the necessities,
not OF the producer, but Of the con-
sumner.
The increased stimulant given by |
the war TO other sections in the raising
Of products that strictly belonged to
the South, together with the substi-
tutes introduced during the war for
Southern staples, have had a tendency
to debress prices. Southern farming
has not paid since the war. 1t viii
not pay again, unless practiced upon
the most economical principles Where
then must the relief come from: Not
from an increase Of paper promises to
pay.
Our future prosperity rests entirely
upon the practice Of the most rigid
principles of economy IN private and
public affairs. When we make but
little we must spend but little. TIE
General Government must so reduce
the volume of its expenses that it viii
not require bat half 50 much in the
way of taxes. The States must do
likewise; also the county governments,
TO say nothing Of the nasty little cor
porations that are stuck up at every
cross roads In the country.