Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-01-09
CURRENCY Its RELATIONS TO
GOVERNMENT.

We are told by those who advocate
an early return to specie payments,
that an amount of gold equivalent to
the volume of currency, is not all es-
sential, because a very limited amount
of paper will be presented for redemp-
ton. This assumption is obviously,
based upon the supposition that the
people are so well satisfied with the
currency they have, that they will not
care to exchange it even for gold. 1t
is true that the people are satisfied
with the currency they have-their
only regret being that there is not
enough of it-but it is false assump-
ton that this satisfaction is attribute
BILE to the fact that the government has
promised to redeem the greentacks
with gold. On the contrary, as we be-
lieve, this confidence is based. to a
greater extent, upon the stability of
the government and the wealth of the
country, which is pledged to make
good its promises to pay. And it is
a very grave question whether this
confidence in the wealth of the coun-
try and the wisdom andintegrity of its
government. is nota better basis for its
circulation than the fuctuating gold
basis, so earnestly demanded by the
money-rings and monopolies of every
grade and hue.
1t avails little to argue that the
people are so content with the present
currency that they will not care to
present it for resumption, unless it can
be shown at the same time, that Wall
Street, approaching the advantages of
a monopoly on the gold basis, will not
drain the Treasury of its last piece
of coin, and thus armed with all the
power that basis can give, will not use
it TO appreciate, or depreciate the cur
rency so as to advance its speculative
schemes. On more than one occasion,
that money centre has created panies
hy Withholding greenbacks from cir
culation-how much greater then,
will be its powerfor mischief with the
bulk of the currency basis locked up in
its vaults? The people may not pre-
sent paper money for redemption,
but the capitalists will, and the
less the people get, of the Treasury,
the more will fall into the hands of
the Wall Street sharpers and the more
the material interests of the country
will be at their mercy.
Blu. with the wealth of the country
for the basis of currency, with the
government as security against loss to
the holder, and confidence IN its stable
value, on the part of the people, even
Wall Street can buy no monopoly of
the currency and, at will, contract, or
expand the circulating medium to its
own profit and the serious detriment
of the material interests of the whole
labOring classes Of our population.
The intrinsic value Of gold is less than
that of iron or lead, and as it is law
alone, which gives it its superstitious
importance as a representative of
values, may it not be wiser to subject
it with basis which can not be made
the plaything of capital, to be monopo-
lized. contracted, or expended for the
advancement of the interests ofmoney-
chargers? Financial history teaches
in many lessons, the instability of
gold as currency basis, and this insta
bility will always attend it, SO long as
capital can accumulate it, at home, or
abroad, and make its monopoly source
of profitable speculation at the ex-
pense of the general welfare. If sta
bility be the desideratum in any form
of circulating medium, its basis must
be something which capital, stimulated
by avarice, can neither grasp nor hold,
in sufficient quantity to enable the
would-be monopolists to increase, .or
lower the prices of commodities in
which they may wish to speculate.
Gold is not, and never has been, such
a stable basis, and We know of moth
ing which can SO well answer the pur-
pose as the wealth and credit of the
Republic.
These are some of the suggestions
offered by the advocates of the cur
rency issued by the Treasury upon the
faith of the government, and redeema
BILE with low interest bonds-the last
recoverable into currency. This ro-
tary sort of paper currency is not &C
ceptable to the gold worshippers, who
argue that gold and silver are the only
constitutional currency, and that the
precious metals can not be dispensed
with as a basis of currency, without
serious detriment to commerce and to
the prosperity Of the country. There
is plausibility 10 both theories and
whilst we are incompetent to decide be-
tween them, it may be suggested that
neither will meet the expectations of
Its advocates, without the aid of that
surest basis of confidence and stablli-
ty-wisdom in the administration of
the government, official integrity and
public virtue. Without these, there
can be no perfectly solvent currency
because without these there can be no
security against monopolies nor the
oppression which inevitably follows
the accumulation Of currency in the
hands Of a few, such accumulation
being the necessary result of class leg
islation. And until it is demonstrated
that gold can not be thus accumulated,
as readily as bonds aud greenbacks, we
shall cling to the belief that the first
step towards a sound 5Sand adequate
currency, is to secure an honest and
wise administration of the government
the only true basis of commercial
and industrial prosperity. Let US Sc
cure such an administration, restore
public confidence in its permanency