Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-10-09
cLARKsyILLE "a: OCT. 0, 1875.



THE Courier j Journal publishes q
engthy essay from the per of dis
inguished fnancier-name not given
on the currency issue. The writer
is in full accord with the bullionists-
the only point of difference being that
he thinks contraction should preceede,
rather than follow, return to specie
He ignores the fact that
contraction has been going on for years,
and to ruinous extent, and comedies
the Democratic statement that still
farther contraction must be the inevi-
table result of a forced return 10 specie
payments. OF course. he dwells upon
a gold basis as the only security for a
sound currency, but fails to explain
why greenbacks, though not conyerti-
ble into gold. have for years been its
equivalent in all the business transac
tons of the people nor does he deny
that its nominal depreciation has been
the work OF spectators and Of the
law which makes gold the currency of
the government and greenbacks the
currency of the people.
Heargues, farther. that the deprecia-
ton of a currency is proof OF IFS re-
dundancy In reply, We call his atten-
ton TO the fact of seventeen per cent.
discount on greenbacks, as compared
with god, and call for the proof
that there is superabundance ofpaper
money in circulation at this time. Ii
there be redundancy.it must be in
the hands of those who, he says, will
hoard it in order TO reap the profits Of
whatever greater depreciation may re-
suit from forced resumption and con.
traction. If his test of redundancy
of currency be infallible, there nov
exists an anomalous condition of the
finance which scarcely needs explana
tion-that anomalybeipg the deprecia-
ton of our currency which, notwith-
standing its depreciation, is felt, every
where, not to be abundantenough. The
writer's test is either not infallible, or
his argument is a poor attempt at
passable sophistry in defense of the
money power. The best test of an
ample supply of currency is the gener
al prosperity of the industrial classes.
Labor, fairly and promptly rewarded,
is always accompanied by contentment.
and is stimulative of persistent energy
in every honest and productive avoca-
ton. A redundancy of currency, no
matter how much in excess, ceases to
be circulating medium, when it is
boarded in the vaults Of monopolies-
a condition of things that can be
brought about only by defect in the
laws or in their administration. A COM
merce, untrammelled by unwise res
trictions, and industry. wisely stimula-
ted, like the heart, force the vital
fuid-the circulating medium
through every artery and vein of the
body politic-imparting health to the
whole system and preventing those sud
den congestions under which the vital
powers collapse and from which reac-
ton is soslow. Look at out restricted
commerce and depressed industries, if
you would find the chief source of our
financial troubles, and at the corrupt
rings and monopolies which, like can
GERS, arc destroying the life of
the body. polite, if you would learn
the disastrous results of a government
teeming with corruption and a people
too ignorant to know their rights, or
too demoralized to offer resistance to
their OppressOrs. The too much or too
little of greenbacks or gold is but an
incident to what should constitute the
real, the vital issue before the people
the true issue is, an honest, stable and
wise government, or the longer contin-
uance of foul monied despotism. We
have thought, and still think, that the
currency question should have been
held as one of the subjects for reform,
which can only be consummated when
aRadical change of administration shall
have been effected through the ballot
box. Whether this change can be eff
fected, with the currency as the lead
ing question before the people, is yet
to be determined-we hope, affirma-
lively.