Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-09
THE CURRENCY ISSUE.

tlarAsTl-lG IOD2cCD-LeA1, July !.
While the people Of the East are
clamor0us for hard money, and the
West Is equally earnest IN the demand
for more money, 1t will be found before
the national canvass Of 1876, that the
Democracy Of the East and West are
not 50 far apart as they now seem to
be. There are extremists IN the East
who are ready to force a specie re-
sumption, while there are those equally
extreme IN the West VINO would Infict
upon the country all the evils of an
inflated paper currency, unmindful
that we have Just passed through a
period Of initiation which has borne its
legitimate fruit in a great panic.
Between these the great mass Of
thinking people will not be found far
apart. They would, by reforming the
government, cutting off all useless and
unwise expenditure, meeting only such
obligations as are binding at present
and not anticipating tue evils Of the
future, reducing the tariff 10 a strictly
revenue standard, and thus relieving
the people Of one half their burdens,
% ALAE Tue NtuL-4f Dulh ~ pACo kJEAALTs
crush out all mOnopOlies, and surely
and cautiouslyTestOre the currency to a
specie basis. Wise legislation, in a
negative way, by cutting of expendi-
lures, reforming evils and abuses, nay
aid IL this movement towards specie
resumption; but legislation can never
force the issue one Gay sooner than the
business Of the country Is ready for It.
Thus, while, on the one hand, we find,
between the two extremes, one class ex-
alting the idea OF specie resumption
and the other that Of currency sufi-
Client for the wants Of our trade, there
Is really no wide difference Of opinion.
The first class do not desire a forced
resumption, with an inevitable shrink
age in values. and a financial crash
ruinous to the trade and Industrial
pursuits Of the country, injurious to
all, bankruptcy to many; the latter
class do not desire an inflated currency
with the evils OF undue expression,
ruinous and extravaganza speculation,
and ultimate panic aud financial revul-
sion.
Looking to the wise and statesman
Ike forethoGght Of Mr. Pendleton,
when he resisted the legal tender act,
and f0Tetold the rUinous result Of the
greenback issues; predicting, with a
prophetic utterance, which has been
literally fulfilled, the evils Of initiation,
wild speculation, bankruptcy and panic
which followed, we can see in the
charges of his enemies nothing more
than malice and an attempt to put
good man out Of the way. Mr.. Pen
dleton is fUTthest removed from an IN
fiationist. Indeed it is those who
would rush hastily, by forced march,
into specie payments, that are most
likely to bring upon the country the
evils of imitation, as Il remedy for the
contraction and stringency they would
bring about.
We understand the plan Of Mr. Pen
dletou, and that laid down in the Dem
ocratic platform Of Ohio to be a move
ment in the direction Of specie pay
ments. This would bring the tariff to
a strictly revenue basis, eGmiuat NJ all
incidental protection, thus relieving our
people Of the enormous buTtben laid
upon them IN the shape Of boua-
ties to manufacturers, upon every thing
they eat, drink, wear, or use in any
conceivable way, and even the planks,
metal, nails, screws, glass and shroud
they are buried in-a sum amounting
to very much more than the sum paid
to the government for revenue. They
would cut off the issuesuf the national
banks. substituting therefor issues Of
the government and making the banks
only banks of deposit. 1t is difficult
10 see how this is initiation, and why
with the banks as judges Of the
amount of money needed IN their
communities and applying to the treas
ury for It, we are any more likely to be |
afflicted with the evils Of initiation than |
under the old system Of banking. |
Unless we return to the Old ystem it |
is hard to see what plan could be |
adopted. 1t may be taken as a settled |
thing that we shall always have, in
some form or other, a national curren-
cy. This appears to be the simplest