Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-01-28


and which it IS alike our policy and trty
TO make really such, be magnified and
made honorable in the view of thecorApser-
cial world. Only thus can we ihapart to ma
per money thus issued the dignity oG the
Government itself, and inspire proper zen
eral coniidenceas to the ultimate redSnp-
ton of the whole. mass of currency Thus
put in circulation. In fine, snly thus can
the notes be made equivalent to gold and
silver, and the way be QuieAy and, s3rad-
ually opened by a safe and easy process to
return to speoie payments. .
am fully satisfied that $1,000 O0o, Of le.
gai tender notes possessing the char7etar-
istios and qualities which have desenil,ed
would, If equitahy distributed, and otn,r-
wise administered on sound and aorr ,ct
banking principles, prove Of inca,anlable
benefit to the country.
In the State OF Tennessee the financial
and business situation is mGstcrtioa,t Nm
less in some way the amountof the, al rcu-
lating medium can be judiCiously eNu md
ed aud fairly distributed the most q isas-
trous results will follow. IfinsteadUi ex-
panslon of tho money circulation in Ten
nessee contraction were now,to be ado pted
it would inevitably cause the destpu etion
OF thousands otithe most enterprisimJ cit
liens of the State, and il would M o,luce.
such general prOstration, indeedi.s lch -
complete overthrow of alhthe mattel ial in
terests OF the State, as cannot be 40 ntem-
plated without the most serious slaI m.
The imme tiate resumption oi specie
payments would be as cruel and .lestruc.
tive in its effect as would be tho, .ontine-
ment of living creatures .ofany HS nd in an
exhausted receiver. On behGln of those.
whom have, in part, the honor, I o repre-
sent in this body, I most parncstIh invoke
Justice
1t is not rly purpose here and now To
discuss formally and elaborately the sub
~ hDY tran sa.l ~.
together agree with the celh,n 'ated Mr.
Fox, Of England, who is repoTta d TO have
said that he did not regard poll tical econ
omy as ssience;n thoug tits quite sur
pTising, and not a little amusi ny, to Oh
serve the great variety, oGsoD inions and
theories to which, in OVersubta and inge-
nlous minds the simplest lina ncial prone
Sstlons sometimes give rise.
| might have reeOUlrse to, the massive
volumes oh recOndibe learnins on this sub
lect TO he found in libraries, nd importinp
them into the body Of speech might thus
gain amcngthe shallo W aaCatheundiscem-
ing nomentary Uihute. us profoundly
versed in the mysteries OF lhlancial science
and "a u great pnliti cal economist But
nave no sunh an, Atj on to- crafty, no suoi,
purpose,tO serve. haNe,o only desired, on
this ii 5, occ9slon to stsanf fraaaly and explicit
ly the views h0i0 upCn, ssveral important
questioats to wh1ch / have referred, What
ever Others may TIN ink OF our paper money
systerEs 'whatGgerr sneanllg, cOntemptuous
may be ndulg9d as to the charac-
ter OF the morey put isL circulation by our
GoyC 1anent or un0eD its authority, as
COMPARED with the 4hc iency Of gold and
ana silver money, T. have ever regarded il,
as atAil do, as vEortAYof all the confidence
and eommendat ion VII ich its friends have
her sEofOre. been in 5ht, habit OF bestowinE
upon it. CBig inasifais, as all know it to
haze done, nndeT tle dire necessities of
wGr, and answering so well for so long Il
pc ciOd the pO.pOss. for which it was Great
ecs can seen good reason fer parting with
II altogether, nos s1rrweakening its efficacy
IN the he-as OF GC1 Imerce while the conse-
E Sences -enSen6sGn by thewar are still to
B. large eNe.it Linn sering aaong US.
Based, as our sg stem of currency upon
NE mosa said no nded security; backed As
sNery sgaL tend 1r note which can he issued
y, oy the entsh6 credit and resources of the
ooveranseht-Ss Government whose scrup-
Nous hUelity in fulfilling pecuniarv en-
Sagensents hs never been seriously ques-
sioneI IEI can not but hslieve that, with
souni and l1ure administration of our
hnane6l con Germs, not the slightest danger
h tobs aEgls ehended of any considerable
depaeciathfn hereafter i'm the legal-tender
notes whSasl it is proposed shall supply our
whole cUlar .ncy. .. - -
ahs CHI # danger in this matter as 1t
seems tN me, stands closely connected
Will et-ff iuaOlIual use OF the language of
dsoral aI ridicule, so common of late OH
this snag ,ct in the two Houses of Congress
and elsR' where.
PuhaIG confidence is the sole support of
any Snsneyed system which can be de-
Visea. 1t is, therefore, greatly TO be de-
sired d lat we shall take care. not TO under
minS the only ground upon which our
pres@T t system of finance and currency can
hcTs to stand. . ..
lie us, then, move forward firmly in the
piazza pathway of duty, unterrifed by the
car nors of interested and rapacious parties
wh o hope to profit by disasters which they
ses * 10 entail upon the masses of their fell
lUw couutrymen by the financial policy
which they would have inauguratel. The
policy of these money sharks, instead Of
expanding the currency to meet the de-
mauds of trade and ComO1Rgce, the rapidly
growing population of the country, its
great extension over an iaAnrnse area and
its unRqualed activity and enterprise,
would for selfish purpeseA suddenly di-
minish the amOuAt of the circulating me-
dunn BY this method, this scheIling,
rap2GtOus class would seek and secure their
oWA sudden elHGhment while widespread
panic, ,disasteysd bankruptcy would sweep
over the whole country.
We are moi to legislAte with view 10
increase thS wrongful gains of this already
bloated clurSs of men who thrOng the great
centers OG commerce, aud who obviously
prefer the increase of their own a.iiSs 10
the prospS rity aud happiness of thai Gov