Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-15
THE MONEY POWER


The Democratic organ in Tennessee.
the NASHVILLE UNION AND AMERI-
CAN, takes the side Of the money power,
of the bond-holder, National Banker
and gold Spectator against the people.
1t seems to suppose that the Democ-
racy of Tennessee will take kindly to
Wall street politicians. Tennessee
wants more money. She wants fewer
bonds. She don't want Natianal Bank
money, and she is not going TO vote for
any body who is not right on such
Observation-Disclosures Enquirer.
The editor of the Enquirer has read
the UNION AND AMERICAN-if indeed,
we may presume that he ever reads it
to little purpose, else he would hardly
have ventured to indulge in SO fragrant
a misrepresentation Of its views. No
Democratic paper IN the country has
been more persistent and consistent in
its opposition to the aggressive policy
of the "bondholder, national banker
and gold Spectator, as against the
people, than the UNION AND AMERI-
CAN. Years ago, we wrote that
the money power, recognizing the
Democracy as a national enemy, would
exert all its power against us either
openly or covertly. We argued that it
was or interest to make the fight an
open one, and then we could appeal to
the people with confidence that they
would respond but so long as this insid-
ious power IN post BeIIum politics was al
lowed to hide itself and work in secret,
we could not marshal thepeople against
It. But now, the fight IS aboyeboard,
and We have nothing to lose, but I'll to
gain, by dealing blows at an enemy
hitherto concealed. The national banks
are foredoomed, because they give no
additional security OF other equivalent
for the double interest they receive,
their notes resting ON the public credit
the same as greenbacks. In their place
viii arise banks Of exchange and dis
count, with power to utter circulation
on a gold basis. Greenbacks will
smooth the road Of transition. and
these, too, viii be placed on a specie
basis, as soon as the commercial aud
financial situation viii permit, with due
regard to the interests Of the entire
country, and we trust, not a day soon
CT. There need be no contraction
whatever. On the contrary, leave the
new banks free to respond to the
wants Of commerce and communities,
and we VIII have all the currency we
need. a specie basis does not mean
contraction, nor does It mean the ban
ishment Of paper money any more than
1t did before the war. But
It means that a paper dollar
shall be worth a gold dollar; that the
poor mans dollar shall buy as much as
the rich mans dollar. 1t means that
the importer, and the wholesale dealer,
and the jobber, and the retailer, shall
not each make his little sum Of add
ton on the price of the poor mans tea
or coffee to cover the difference between
the gold standard and our present de-
preciated currency. We have always
contended that, until the country is IN
a condition TO restore the specie basis,
the greenback must be infinitely
preferable TO the national bank
note. Both depend at present ON the
solvency Of the Government at some
unknown epoch IN the future. So long
as the Government insists on furnish
ing currency, why not furnish it all,
and save S2l, 100000 a year of taxations
Why should the profits Of irredeomable
paper, supported alone by the peoples
faith in their Government, be divided
with private corporations: Why this
mixture Of systems? Il the Govern
ment cannot run the whole business, 1t
ought to quit, instead Of working con
tinual injustice. Industry and com
merce have never failed to provide their
own banking facilities when permitted
to do SO.
Only day or two after the adoption
Of the Ohio Democratic platform, we
expressed the conviction that the ut
most strength Of the money power
would be put forth 70 defeat the Democ-
cy in that State at the approaching fall
election, but we, at the same
time. said that we had no
fear as to the result. Such
is still our conviction. To believe fora
moment that the people can be bought
up. in a contest where their most vital
interests are involved, would be to be-
Iieve them unworthy of free institutions
and incapable of perpetuating them.