Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-24
Greenbacks vs.. FNatiOnaI Bank
/, Notes as a Currency.

F'cllOI1- CitizcHs-Wheu the Republican
Convention met in 1874, it spoke in tn,
language Of triumph and with the prestige
Of victory. 1t congratulated itself upon
the history and achievements Of its party
OF its great services and great successes
the wisdom Of its financial policy, its pro-
lection Of civil rights, the economy Of its
expenditures, the purity OF its adminIstra-
ton. II declared itself in favor of a speedy
return to specie payments, Of further con-
traction Of the currency, Of the withdrawal
of legal tender notes, of free bank nc, of
internal Improvements, of sumptUary laws
10 the full extent Of the legislating power
OF the State, and promising lower taxation.
greater economy and increased prosperity.
III saw, or thought II saw, many years Of
continued or even enlarged power.
The Convention of this year tunes its
voice 10 a different key. Defeating a can
dldate for Governor for the sole reason that
he is broad and liberal IN his views, it
abandoned its triumphant strains, abandon
ed its self-laudatiOn, bOasted nothing Of its
ecIOmy in the past, promised nothing for
the future, forgot to recommend free bank
ing, but did declare itself in favor Of our
public school system and of a separation Of
Church and State, Gentlemen, On these
two points Democrats can have DO argu-
ment with the Republicans. Democrats
established the free school system; Demo
Gratis have perfected il; and Democrats put
into the Constitution that there should be
no division ofthe school fund. Appeals VII
be made TO your preiIdices, wicked
efforts VIII be made to awaken the fervOr
Of religious zeal and the bitterness Of sec
tartan differences; you will be told of an
alliance between the Democratic party and
the Catholic Church, but remember there
Is the full and complete TefUtatiOn in this
one fact that Democrats have made the
division Of the school fund forever impOs-
sible, and their cardinal doctrine and prac-
uce is, and always has been, religious in
dependence and absolute freedom of Opin-
iOn.' a striking contrast is the declaration
of principles by the Democratic Convention.
Read It: Adherence too the yrin-
Ciples of Government established by
the fathers; opposition TO all en-
CrOachments Of one department upon
another, or by the Federal power upon the
Constitutional rights Ofthe States; equality |
before the law Of all citizens; one term for |
the President: rGtrenChment wherever there
Is extravaganza; reform wherever there is |
abuse; no subsidies, public land for actual |
settlers; a tariff for revenue only; equal and !
exact Justice to all religions; free secular /
education in the public schools; opposition 1
10 sUmptUaTy laws, 10 interference with |
social habits not criminal, to malignant es- /
piOnage. And on the financial questions: /
Cessation Of contraction; a sound and suf- /
ticient currency; promotion Of industries |
the surest road to the appreciation Of paper /
70 par with gold; greenbacks instead OF /
toms 10 the extent that the /
'ecessities of Government viii permit.
Rag money! "Infinite inflatiOn,' "Pa-
per manias," "Repudiation.' In behalf Of
Two hundred and fifty thousand Democrats
of Ohio, denOunCe the falsehoOd, [ re-
sent the asperSiOn, Gentlemen, we are en-
titled 10 truth; but if that be impossible
with them, we are entitled at least to de-
cent eZaCgeTation. In any event, however,
We remember that sthe lip Of truth shall
be established forever; a lying tons Ne is but |
for a moment Whenever they cOnde-
scend 70 reason at all on the subject they |
tell MS that the Government should not in |
tertere at all with the currency; but Gov
does now, las always, under our
present civilization, must interfere with the |
quantity OF theiCUTenCy. 1t declares what
shall be legal-tender, stamps the con, pre- /
scubes lis weight aud tiueness, regulates
the number Of banks, limits their issues,
pTescTlbes The security for circulation and ]
Furnishes couuierieitinC, ana these ObieC- | (
tiOns approve the legislation. s
They raise cry Of holy horror al the
words: eve demand that the volume Of {
currency be made and kept equal TO the :
wants Of trade Well, gentlemen. if the 7
wants Of trade are not a fitting measure for Y
the volume Of currency, pray tell us what !
amount would yOU havr2 4 volume less
han the wants Of the trade demand? A q
volume greater than "the wants Of trade +
iemaud2' If you viii have the volume of q
currency neither greater than the wants of
trade, nor less than the wants of trade, nor Z
equal TO The wants Of trade, perhaps Won /
would like 10 reverse the proposition, and Z
say that the volume Of trade shall be made
and kept equal to the wants Of the cur q
-ency2 q
The craftsmanship Of the civilized world / q
has always been directed to this very c
point. Ii has recognized the necessity and C
ability of currency only as al instrument Y
IF trade, anu IFS iuCasSaut, Unflagging effort ]
has been TO snake and keep the amount (
equal 10 the wants of trade. Every issue i
IF Government paper, whether legal tender n
DT nOt-eveTy restricted banking system S
las been al effort 90 make and keep cuE-
-ency equal. according 10 the judgment OF D
he Government, to the wants OF trade. S
Every free banking system has been am {
Effort TO make and keep currency equal TO {
he wants of trade according to The Wdg- Q
nent Of trade itself The foundation idea
IF free banking system is that circulation .
Hlll be expanded or contracted as the uses ]
IF trade will increase or diminish It's value. Z
The Republican platform Of 1874 declared | c
hat sbankinT should be made free. so that Z
he circulating medium may De expanded / 7
Yr contracted according t0 the demands Of !
commerce and trade" And Amasa Wal 2
ser. the hardest Of hard-monay men. speaks h
# the natural volume Of currency. and thr Z
-nluma Of currency regulated hy ihr laws a
If trade. Away, then, with this folly that L
he wants Of trade are not the true measure D
f mss and useful value Of sound cUuen- d
y, al candidly admit that the objection is T
rot 10 The rule, but 10 the power which a
hall apply the rule. You fear to commit