Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-10-16
GAINESVILLE 3: OCT. 10, 1875.
THE New York Tribune INDUCES in

The New York Tribune INDUCES IN
the clap-trap phrase of an honest
currency" as applied to gold, pre-sup-
posing that moral honesty is an inhe-.
rent quality OF Illuminate matter. An
other bullion organ. less extrayagant,
is content TO rest the merits of gold
upon " its intrinsic value" That
it possess such value in the arts is un-
deniable. but that this value should
not commend it as basis of currency,
is obvious for many reasons Gold is
itself an article of commerce. aud as
such is liable to all the fluctuations in
cident to supply and demand ms is
every other article comprehended in
the term-commerce. The history Of
commercial nations has demonstrated
that, as an arbitrary standard of values,
it is not competent to avert those
financial pauics growing out Of reck-
less speculation. general extravaganza
and improyidenee-tbat so far from
exerting a conservative influence over
commercial commissions and disturb
ances, il rises and falls in the mai ket
like any other article Of merchandise
If gold be scarce in England, the of
fering Of slight premium above its
previous value viii be followed by an
influx Of that metal into it. from this
country. for purposes of mere specula-
ton. i,aving the paper currency here
unprotected by the arbitrary regulator
of commercial values. In times of
healthy prosperity, when confidence in
currency and governments undisturb-
ed, gold plays the part of dormant
partner in a solvent firm; but let con-
fideuce be shaken, and that sleeping
partner will prove as powerless as any
member of the firm to sustain the in
stitution and avers its ruin.
During the late war, god fuctuated
in value from 20 to go per cent. and
during that period of fiuctuation, we
do not remember that greenbaeks de-
preciated or appreciated in their pur-
chasing or debt paying power to any
disturbing extent. although twas. and
is, irredeemable paper currency
France shipped her gold as tribute to
Germany and with an irredeema bic
paper currency, her progress since her
defeat has been rapidly orward-her
commerce largely increased, her agri-
culture we'll developed and labor well
paid, whilst Germany. on a gold basis,
is complaining IF her thousands of
unemployed hands and a financial
stri1gency of serious proportions.
From l76 to 1921, "a period of twenty
four years, England had currency
irredeemable in gold, and during
portion of that period, waged war with
France and fought the decisive battle
of Waterloo. And during those try
ing crises in France and England, their
paper currency was not deprecated by
enforced contrast with gold, which was
substituted by confidence in the gov
eminent and the resources of the
country
In this country, it is true, there is
not, in the absence of gold basis, a
parallel line of recuperative energy
between those of the two countries
just named, and the reason is, that
this government has pursued the policy
best adapted to the repression of en-
ergy, increase of general poverty and
the concentration of wealth in the
hands of corrupt few. Its effort
has been, in time of peace, to consum-
mate by the most villainous means the
ruin inaugurated by the war. And now
that the party feels the reins of power
slipping from its hands, its dying ef-
fort is, by enforced resumption, TO deal
the fatal blow to the prosperity of the
country, in order that the mOney power
may reign supreme amid the ruin it
has created
Since, in the instances given, gold
played no part la giving stability to
the currency and in sustaining the
credit of the countries mentioned, in
their hours of trial and misfortune, it
is legitimate to infer that confidence,
not gold, was the basis OF Il credit
which gave to paper money all the
practical value of coined metal. And
if, under the trying ordeil of war and
the necessities grown & out of it, a pa
per currency, not convertible into
gold, met all the demands ofthe crisis,
with no other basis than confidence. it
Is fair TO enquire of the bullionists
why similar currency, upon the same
basis, will not meet the less pressing
demands OF time of peace?
4 LATE Grand ,JuIv in the CITY of