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

/ nctenJ Tor the easy, active, economical
profitable Interchange of commodities, an
as fixed and stable as the nature of III
case viii allow; and so long as we mus
have a Government paper currency we ORE
| fer greenbacks, which are sound and cbeal
and good, 10 national bank notes, which a
! the outset cost the people six per cent.
and a-e at last only redeemable in green
backs.
l do not conceal from myself the defect,
! and dangers of this CONTRASTS system. l d,
not conceal from myself that the super
structure Of paper is larger than the founda.
lion OF coin, and that as the supe5structurt
grows higher, il grows wider and larger.
DO not fail 10 see that as the coin fOunda-
ton becomes smaller by an unavoidable
drain from abroad that the necessity for a
still larger superstruCture becomes more
pressing; nor do ] fail to see that political
science must remove these defects or the
system viii fail. Thoughtful men have
suggested remedies and other systems.
This IS not the occasion for their discussion.
l viii not discuss to-day the merits of value
Of currency and paper currency and mixed
currency and mercantile currency. l will
not stop now to inquire whether the best
possible system has been adopted. The
house is burning; let US put the fire cut,
and then we may consider whether we will
repair the injuries OF rebuild on another
plan.
L cannot fOresee what truths investiga-
ton may evolve in the future. For the
present ! repeat 1 am a haTd-money man.
l believe that a return to specie payments
should be kept steadily in view in our leg
islatiOn and action; and that wise states
manShip VIII seek the means of recOnciliug
such return with tire true interests Of labor
and business, and Justice TO the debtor.
resumption cannot be safely forced. Ii must
beEihe proper OUlgrOwth Of surrounding
healthy conditions, or it viii be neither
beneficial nor permanent. The gardener
may cultivate and stimulate the tree, but il
Is the tree that produces the fruit. And if
l may do it without egOtism, let me say. /
was in Congress when the legal tender act
was passed. i voted against il. / believed
the law unconstitutional and the policy nm
wise. / have never changed that opinion.
But In spite Of my efforts the policy was
adopted, and became interviewer with orr
system Of finance and trade. l will seek
all the good l can find in it. I would not
abandon specie payments, because l Thought
IL unWiSe and great wrong to the creditor,
VIII not rush TeCEleSSlV back TO sDecie
payments over the prOstratiOn of all BUSH
ness and the utter ruin of the debtor.
specie payments are a means, not an end.
find no mystery either in our condition or
n the remedy. In 1861. when the Repub-
leans came into power, they found gold
md silver coin the only Government cur
enCy and the only legal tender. A few
Government notes were outstanding, but
,nly because they had not been presented
or payment. The Sub-Treasury system
vas in full operation. The Democratic
larty had, after twenty years of struggle. |
established the system, and fixed it as they |
firmly. Tie Government re-
eived and paid nothing but gold and silver |
DIN. At that time the coin currency was
ne hundred millions, and the paper cur
enCy issued by State banks was abOni four 1
hundred and fifty millions.
a Republican Congress passed the bond /
Ct, the legal tender act and the National |
bank act. The effect was instantaneous.
iOld and silver ceased TO circulate. The
to pay interest in coin. and the
emand to pay customs duties in coin,
lade the Government the only purchaser |
n home uses and increased the premium.
The various issues Of paper-bank-notes,
certificates and other notes
Ime bearing interest, some not, but all |
irving as currency in one way or another,
theT as circulation, surplus, reserve or
herwise, in the year 1866, reached an
lormOus sum, stated by some authorities
be more than tWenty-One hundred mil |
ons. The bonded debt Of the Govern
ent was then twenty-five hundred mil
Dns of dollars. The floating debt was
teen hundred millions. The taxes were
X hundred millions.
The whole South was opened up 10 the |
rency, which had been confined TO the
ouh and West alone, and one million Of
en- who, as soldiers, had been consumers,
ere returned to the field of active pro-
IctiOn.
Then commenced the Republican system
finance. 1t was plain and simple. Con-
act the currency. aud, if necessary 70 this
ID, increase The inteTest-paying debt. |
ma from that hour to this, with occasional
ief rcspites, there has been steady, grind |
Q contraction of the currency. Down, |
,wu has come the currency; and down, |
,wn, down also have come the prosperity |
Id happiness Of the country, the fortunes
Il credit Of the wealthy, the vigOr and
.Ivity Of enterprise, the rewards and
mtorts Of the labOreTs, until now we are |
nfrOnted with a condition of affairs
liCh yOu,my fellOw-citizens, feel too keen
10 make description necessary.
The iron and coal Of al this region can |
ID no market. The supply lies heavy on
UT hands. Y orr mines and mills are |
1ppel, Your capital is uuuradu0fivp. |
our buildings are going 10 decay. Your
D0rers cannot Get employment and are
feung. The rest Of the country is in ]
e same condition, and the Republicans
u You in accounting for it that there is
o much money.
DO You believe it, Do the miners and Z
asteTs and mill-OwneTs and IabOrers of !
iwrence county believe it, You know {
tier, they know better. They know a
currency has caused declining q
ices and staguant business, and loss Of t
offs and consumption Of the accumula-
DDS Of former years, and these combined
we made business improbable until it
S ceased, and have kept lah0rgrs idle mn {
they have starved They tell us money | :
Cumulates De the money ceuters and in {
T. banks. Certainly. Ii accumulaies b
cause il finds no employment. No bus I
ess uses it. In lS65-T-S. when the cur
ncy was far greater, business was active.
ID the currency never accumulated.
The supply of hay was scant, and the