Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1874-01-29


OF expansion of the money circulation in
Tennessee contraction were not to be
adopted, it would inevitably cause the
destruction Of thousands of the most en-
terprising citizens of the State, and it
would produce such ganeral prostration,
indeed such complete overthrow of all
the material interests of the State, as can
not be contemplated without the most
serious alarm.
The Immediate resumption of specie
payments would be as cruel and destruc.
tive in its effects as would be the con6ne,
ment of living creatures of any kind in
an exhausted receiver. On behalf Of
those whom have, in part, the honor to
represent in this body, l most earnestly
invoke commiserative iustivo. ....H'
1t is not my purpose here and now to
discuss formally and elaborately the sub
jocts of banks and banking, Icannot all
together agree with the celebrated Mr..
Fox, of England, who is reported to have
said that she did not regard political
economy as science;" though it is quito
surprising, and not little amusing, to
observe the great variety of opinions aud
theories to which, in oversubtle and inge-
NOUS minds, the simplest financial propo.
sltions sometimes give rise.
| might have recourse to the massive
volumes of reconcile learning on this subs
ject to be found in libraries, and import
ing them into the tody of speech l
might thus gain among the shallow and
the undlscerning mOmentary tribute as
profoundly versed in the mysteries of
financial science and as a great political
economist. But | have no such ambition
to CRAFTY, no such purpose to serve. l
have only desired, on this occasion, to
state frankly and explicitly the views
hold upon the several important questions
to which 1 have referred. Whatever
others may think of our paper.money
system; whatever sneering, contemptuous
illusions may be indu lged as to the char
aoter OF the money put in circulation by
as compared with the efficiency of gold
and silver money, have ever regarded it,
as | still do, as worthy of all the conf
dcnce and commondation which its friends
have heretofore been in the habit Of be-
slowing upon it. Originating, as all
know it to have done, under the dire no.
cessities of war, and answering SO well for
so long period the purposes for which it
was created, l can see no good reason for
parting with it altogether, not for wcaken>
ing Its efficacy in the fields of commerce
while the consequences engendered by
the war are still to large extent lingering
among us. .a
Based, as our system Of currency is,
upon the most solid bonded security /;
backed, as every legal,tender note which
can be issued is, by the entire credit and
resources of the Governments Govern
ment whose Scrupulous fidelity in fhfll>
ing pecuniary engagements has never
been seriously qucstioned-I cannot but
believe that, with sound and pure ad-
ministration of our financial concerns, not
the slightest danger is to be apprOhended
of any considerable depreciation hercaf~
ter in the legal tender notes which it is
proposed shall supply our whole currency.
The chief danger in this matter, as it
seems to me, stands closely connected
with the habitual use of the language Of
decrial and ridicule, so common of late
on this subject in the two Houses Of
Congress and elsewhere. ...
Public confidence is the sole support of
any moneycd system which can be de-
vised. 1t is, therefore. greatly to be de-
sired that we shall take care not to under,
mine the only ground upon which our
present system of finance and currency
can hope to stand.
Let us, then, move forward firmly il
the plain pathway OF duty, unterrifed by
the clamors of interested and rapacious
parties who hope to profit by disasters
which they seek to entail upon the masses
of their fellow countrymen by the fnan'
cial policy which they would have inaug
urated. The policy Of these money
sharks, instead of expanding the currency
to meet the demands Of trade and com
merce, the rapidly growing population o
the country, its great extension over ar
. "a IL A..