The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-10-15
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GAINESVILLE Tobacco Leaf.
Inhationists make the great mistake of
supposing that panics and hard times
are the result of defective currency:
namely, its too great contraction. Hard
money shriekers are guilty of the same
error, in supposing that initiation of the
currency is the evil to be remedied, and
propo sing to do it by contract
The truth is that the currency simply
registers the movements of commerce
and industry When these are sound
and healthy, usually the currency will be
sound and healthy and rice versa. By tam
perlng with the currency government can
produce temporary arrangement i'll q
healthy period and give temporary relief
in period of disaster, but in the main
the currency is representative as much
when viewed with reference to its condi-
ton as a whole, as it is, in its uses, a rep
resentative of values. If it is deranged
and unsound there will generally be
found some great defect in the workings
of industry and commerce. is custo-
mary to attribute evils to initiation, but it
will generally be found that initiation is
rather an effect than a cause The evil
is back of the currency. The initiation is
in society, and the state of the currency
but its form of expression-one form of
its expression. Both in this country and
in Europe it will be found that when
currency was abundant a state of affairs
existed to call forth excessive issues, and
that the evil, while it may have been
augmented, was not caused by redundant
currency.
Given in this country great war, the
employment of millions of men by gov
eminent at extravagant wages, the pur-
chase of material stimulating production.
to an enormous extent, excessive use of
farm products at home, and excessive
exports abroad, the reckless ex-
trayagance of people who ceased to
look beyond the present hour, the va
cuum caused by large levies of troops,
creating a demand for labor and enhanc-
ing its value, and we have state OF af-
fairs which we can justly call Inflated
such a state of industry as will demand
and create for itself an inflated currency,
or an initiation of credit, a large extension
of credit. Society was anticipating, liv.
ing upon the future, and governm ent
simply met the demands of society by the
issuance of currency and bonds, con-
verting waste into fixed form and thus
postponing the day of reckoning, and of
bearing the burden. If the government
had not issued a currency, an inflated
state of industry and trade would have
found some means of exchange suited TO
the inflated state of affairs. Credit, pri-
vate notes, bills of private banks, local
bills and all the means which we have all
seen used at such periods.
1t is scarcely fair to lay the evils re-
sulti1g from the war, and the initiation
caused by it, upon the currency which
simply expressed in a most convenient
form the amount of waste and ruin
which appeared to be capital, capable of
producing prosperity. The end of the
war did not bring sudden collapse. The
stimulated industry capables of so vast
production released from warm channels
of production turned into other channels,
and railways, canals, mines, manufactures,
for q time served to keep up the delusion,
but at last the crash came, and the su-
psrhuman energy of society was show n
to be what it was, the energy of disease.
Society had Preyed upon its own vital
force and its industrial energies were
suddenly palsied and the mighty frame
collapsed.
Society has now arrived at the best
point for cure TO be effected. Con-
sclCus OF disease and struggling to throw
it off, it only requires TO substitute health
y action for its diseased energy. To la
Dor, to produce, to heal the breach and
repair the waste Of war. 1t has but little
to ask the government beyond such leg
islatiOn as wi stop the continual drains
upon the people. A total repeal of Ma
tional banking laws and the substitution
of government issues to the extent of for.
ming a sound and sufficient currency,
such modification of the tariff laws as
will bring it to revenue basis, and the
absolute repeal of the act to resume
specie payments and cessation of all eff
fort to force upon the country a hard
money basis-;o force sick community
to use the strong diet of health. When
health comes the appetite will demand
the tOod OF health. If we are a confirmed
invalid we must be content to live on
taDiOca and broth.