Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1875-12-09

upon continuance OF the system
of irredeemable paper money they
play directly into the hands of the
very classes they affect to assail,
and perpetuate in their hands
control over the currency danger
Gus to the welfare of the laborino
and producing classes.
1t is the man whose daily toll
supplies that days need; the man
whose reliance is upon steady in
dustry to whom the fiuctuation in
the value of the currency, in which
he is paid, are so full of distress
and loss. That which depletes
him fills the pockets of the specu-
lative class.
How wise and eloquent are the
words of Webster! "Of all con
trivauces for cheating the laboring
classes of mankind, none has been
more effectual than that which de-
iudes them with paper money"
"Thisis the most effectual of in
ventions to fertilize the rich mans
field with the sweat of the poor
mans brow. Ordinary tyranny,
Oppression, excessive taxation,
these bear lightly on the most of
the community, compared with the
robberies committed by a depre-
ciated paper money!
s. l feel the welfare of all our peo-
pie is bound up in Il proper settle
ment of this great question, and
especially by the Southern people,
to whom relief from the present
unfriendly Administration at
Washington, which is continually
frowning upon them, and threaten
ing even the very existance of
States is Immediately and vitally
important.
Finance has it's laws, and the
business Of the commercial world
moulds these laws, and the nation
that refuses to conform to them
must suffer just in proportion to
the extent of such refusal.
The currency of the country is
the basis of its business, and if
it consists of money without in
trinsic yalue-a money based upon
credit only-and inconvertible and
irredeemable at any time, it will
have no value whatever outside the
Jurisdiction of the Government by
whom it is issued, and is totally
useless in the markets Of the
world.
Therefore, being inferior in value
to the money of the world, it will
always depreciate, and being de-
preciated, it will drive out Of cir
culation all other currency of su-
perior value. For the obvious rea-
son that no one will give in ex-
change a thing of greater value if
he can obtain that which he needs
for something of less value, and
thus the currency of superior value
will disappear and find its way in
to places where it can be used as
money, and without loss.
The law of supply and demand
will control, and gold like water,
HnHS It's IeVel.
To invest paper currency with
the attribute of being a legal ten
der for all debts, is but to increase
and intensity its powers for mis-
chief, and does not, and never did
in all history, permanently prevent
its depreciation. The power OF
legal tender annexed to the tone
only assists, the more hopelessly,
to unsettle values and demoralize
all dealing between man and man.
If our people will read the his
tory of this subject--in all coun-
tries-rehect upon 1t, and examine
it by the light of experience, l feel
confident they will willing accept
the councils of Washington, JEFF
ferson, Hamilton, Madison Jack
son, Webster and Calhoun, and
reject the modern lights afforded
by Kelley and Butler and Wendell
Phillips.
A restoration of confidence will
"infate" ia. a wholesome way, be-
cause it will encourage timid CAPT
tai to come out of it's hiding places
and embark in enterprises which
will give employment to labor and
increase production.
Should such outlays become ex-
cessive and degenerate into specu-
lative scheme, they will grow and
burst; then 'panies" will come,
and then contraction" follows the
withdrawal of capital.
Every era of reckless specula-
ton is followed by a season of
timorous distrust-such as now ex-
lists.
Witness the wild embarkation of
capital upon vast and premature
enterprises, such as the Northern
Pacific Railroad, in the construc-
tion of which tens of millions of
dollars were buried, for this gen
Grafton at least. The victims of
this speculation are to be number
ed by thouands, and I have now
before me glowing oration by w.
d. Kelley, NJ. c. delivered in Phil
adelphia in June, 1871, inviting
everybody to put their money into
this magnificent undertaking.
His promises and pictures of profit
and prosperity were as abundant
and con6deAt as those with which
he now Seeks to allure the people
of slIe United States into his patent
"greenback bonding scheme" And
the misery his oratOry assisted
then to produce would be terribly
repeated should he again succeed
in misleading his countrymen.
The wreck of railroad property
which we see all over the land
makes capital necessary to set
them again in operation, and capi-
tai in Europe and in this country
only waits the signal of confidence.
Whenever we make it safe to in
vest, the money will quickly seek
investment.
But the main source of conf
dence in a man or in a people is
not so much in their means of pay.
ment as IN the honest will to paw
Herein is my reliance for the ulti