Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-09
TIE ONE rHrna NEoEssARY.


ton, VIII proceed to puncture the falla-
cies in the Presidential arguments upon
the industrial situation. he sells us
that both capital and labor are "most
abundant;" that the former tasks very
moderate rates. . where the security is
undoubted, while the latter is willing
10 work cheap. But money and muscle
stand apart; both remain unemployed;
hence stagnation. How shall we bring
them together, for their mutual benefit
The President answers, by repeating
the legal tender clause and specie re-
sumption. Desirable as the latter may
be, the argument is complete non
sequittT. If we have to wait for specie
to bring the two great elements of
prosperityinto OBSERVATION-DISCLOSURES,
we must yet endure several years Of
distress, according to the views Of even
the most sanguine hard-money men.
tits not the lack of money basis on
which to agree, that keeps capital idle
on the one hand and labor on the other.
The people are only too wen content
with greenbacks and national bank
notes. To prove this, we need but cite
notorious facts. An ounce Of fact is
worth q ton Of theory. "A few years
back, the whole industrial machine
worked well on a greenbaek basis En-
terprise and energy pushed out in ev-
cry direction. Capital was confident
aud went en- conquering and to con-
quer. So confident was it that eighty
millions could be found to sink IN a
North Pacific railroad. Capital indeed
became too self-confdent in It's ability
to. defy and overcome all obstacles,
human or natural. Then followed the
reaction.
To-day's trouble lies in the excessive
timidity of capital. A lack of conf
dence is the curse upon us. Uncer-
tainty is the bane of all our industrial
interests. fluctuations in the currency
is only one of the elements going to
make up the universal feeling of inse-
curity that prevails, especially in the
North. Radical misrule and class leg
islatien; the growth of great monopo-
lies; the corruption and bribery in high
places; the utter disregard of the
masses Of the people, rich as well as
poor, unless they belong to some priv
LEGGED ring; the annual increase of pub
lie extravaganza, and of taxation, with
no prospect but that of continued in
crease IN the fnture-an these have
contributed toward breeding a sense of
insecurity. The practices and usages
of Radicalism have done more.
perhaps, than its bad legislation, to
undermine public confidence. We say
this feeling of insecurity prevails es-
peeially IN the North, because it is,
comparatively, a new thing in that Sec
ton. With the Southern people, ithas
been a constant companion for years,
sticking closer than a brother, para
lying all energy with a numbness
which friends, as well as foes, have
often mistaken for Incidence. But now
the North begins to feel the blight, and
it affects all classes In different degrees.
While the poor are begging work, to
save their families from starving, the
wealthy see their money and mills
standing idle and unproductive, while
they have to draw on their principal
for the cost of living. This state of
affairs intensifes itself, making
capital still more cautious and
slow to invest. This evil will
continue until the people regain
confidence in themselves, confidence IN
the future and in their own ability to
shape and determine the future. The
recent elections give evidence of some
return toward self-confdence, and af-
ford basis for hope. Meanwhile the
assembling of a Radical Congress
brings fresh uncertainties. We doubt
that the wisest legislation by this dy-
ing Congress could favorably impress
the people or restore the needed conf
denee. The party In power has duped
us too often. Judging by the popular
estimate of it, as reflected in the recent
elections, the one only thing the
present Congress could do toward
rehabilitating our financial interests,
would be an early and authoritative an
nouncement, that it viii not touch the
subject at all. Such Is unquestionably
the popular feeling toward a party
which they have discarded. The past
doings and misdoings of Congress JUS
tify this withdrawal of all confidence
In their ability or willingness to rene
dy existing evils. The best thing this
session could do, therefore is to declare
that it viii do nothing. Such course
would allay the fresh born fears excit-
ed by it, and leave roo..I for the play
of hope in the future.
THE NelC York Herald has been