Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-24

lrishEnan thought he would contract the
daily supply, and accustOm his horse fito
do business" on one blade a day; but as soon
as he hao contracted t0 that point, the
morse did no business, and died, and then
the b, Y accumulated in the barn.
Gold and paper stand to-day at a differ
ence OF fourteen per cent? they stood a
year ago at a difference of ten per cent.
Now, what is the true remedy for this con-
ditiOn of things?
The Republicans say, continued eontrac-
ton; that this only will bring gold and
paper TO par; that this only viii produce
specie payments, that If necessary, we must
sell bonds 70 buy gold for legal tender
notes. and silver for fractional currency,
and thus reach specie payments through
the still greater pr0stration of all business;
the still more absolute idleness of all labor
eTs, the still greater poverty and suffering
! Oh all the industrial classes; and then, they
| tel us, business will instantly revive, and
profits viii accrue, and labor will be re-
WaIded, and smiling prosperity return.
1he congress has passed a law declaring
absolutely that resumption shall take place
IN January, 1873, and TO prepare for it has
euIhoflEed the Secretary Of the Treasury
70 issue gold bonds with gold interest TO
Guy gold and silver; and it is stated in the
papers that has actually boughtS15, 100000
silver. No man will engage in business
ana undertake enterprises when, by law,
the money is to be appreciated and his in
deDtedness is 10 be increased seventeen per
cent. In three years.
Every dollar of gold purchased with bonds
Tor the redemption OF greenbacks adds to
The annual interest. If fifteen millions
have been issued and sold for silver bull |
lion, this one item alone adds seven hun
dred and fifty millions in gold annually for |
thirty years. Last months report showed |
about fifty millions of gold in the treasury. |
ana somewhat less than four hundred mil /
lions OF outstanding greenbaclls. The Sec |
rotary has the power TO issue bonds TO buy |
gold TO the amount of every dollar of /
greenbacks. If he means TO make redemp- /
ton in coin absolutely certain, he must do 1
II. And if he does, he will issue more than |
TOUR hundred millions Of new bonds, at an |
annual interest of more than twenty mil
lions in gold. lt is the same old weary /
story of funding a debt which paws no in
terest in bonds which pay large interest; Of |
borrowing money on long time at high |
rates, to make investments which Weld no |
return, If a private man should act so. |
your courts would adiudge him a lunatic,
and unfit TO be trusted with his own prop
erty. This policy has been pursued strictly
for the last year, and what has been the re-
suit? Business, instead of reViving, has be-
come more Stagnant and less profitable.
Labor has suffered as it never suffered be-
fore. Gold has become dearer. Last July
The premium was 10; it has been during
his month III; il is now ia. God has
become scarcer. Last year we exported
FOO, T39, l26; this year we have exported
So, 5OI, All, an increase Of more than thirty
our millions. Gold has fluctuated more. |
Tie premium has changed seven per cent.
within year, three per cent. within a
month. The supply Of gold in the Cincin-
lati banks has varied within one year from
sos, 0U0 to $4,000. The supply in June.
SI4, was 1858, 700; in June, 1879, $751;
100. In June last the circulation was
., 10000; their gold was SIS9JOO. A
'retty condition for forced resumption!
Exports of other articles than coin from :
he port of New York alone have fallen of I
more than fOrty-seven millions of dollars. 4
Farmers of Gallia county, consider this !
able, in eleven months in these nine :
rticles, the production of farmers labor 8
r land, there has been a reduction Of ex- |
Orts to the amount Of eighty-seven mil !
Ons of dollars: