The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1876-03-30

saying it is It's intrinsic status or
worth. Right there is the puzzIer
right there is the rock upon
which parties split, men fall out and
brothers disagree-right there sup
purates an abscess which the physi
clans cannot diagnose nor agree
upon a remedy. 1t cannot be the
excess OF currency. for it is very
little in excess of what il was when
the country was more prosperous,
and 1t is now about $3.50 per cap
tia, when all learned writer's upon
finance agree in calling for even
more than that. 1t cannot be the
lack of a sufficient volume, for it is
greater Low than it ever has been
except at one period in each of the
years 1874 and ). 1t is a gross
mistake that many have fallen into,
who have not consulted the figures
and accept only the statements of
Others, that .here has been an i'm
mense contraction of our currency.
Look at these official figures: In
1866 the volume was III millions
I Ground numbers); 1861, 687; 1868,
$50; 1869, 693; 1870, Cos; 1871, 722;
1872, 744; 1873, 764; 1874, ISL;
1875. 762. This is from official re-
ports on Nov. lst Of each year.
What does it show; That the vol
ume is greater now than it was in
any of these prosperous years just
after the war (it is BOW about
$73O,OOO,OOO); that imitation was
going on all the time and that on
Nov /, 1872, it for the first time
exceeded its present amount, and
that just then the panic commenced
and eliminated in 1873 Ia a grand
financial simeon, just when the vol
ume of the currency was approach
ing its greatest magnitude. Then
it has been practically demonstrated
that TO initiate the currency on its
/ present basis viii bring anything
else than prosperity. But it has
been contracted from ISL to 73O
millions since Nov. l, 1874, and that
has brought little relief, so we are
forced 70 the conclusion that it Is
neither contraction nor imitation
that we need as a prime remedy for
the ills that afiict US. These are
secondary considerations. This
brings US to the third proposition,
the intrinsic value of our dollars,
and right here, in our humble opin-
ion, is the evil. Greenbacks have
no basis except the promise Of a
government against which you have
no right of action, and which is tax
ing no steps TO redeem its promises,
aud cannot redeem them under the
present policy. Therefore green
backs fuctuate in value. by actual
calculation, one per cent. daily.
Hence, every day somebody loses
$4,000 without fault and some
body gains $4,000 without merit,
and this in one year amounts to
s2G6, 10000. Now, you say, this
Is not lost to the people, for the
men who are losers to-day may be
gamers tomorrow. True, but there
is the iuctuation still, aud men see
it and feel it, and then they begin to
distrust the money, lose confidence
in its value, hesitate in making con
tracts, look upon each other with
suspicion, and commerce and trade
languish and die. and lethargy and
inactivity bring stagnation TO ali
/ enterprise. There it is in a nut
she'll We want not an imitation of
the volume Of the currency. but an
iudation OF confidence in the cur
rency as it now is, and this can be
brought about by making the cur.
rency what it should be. 1t viii
not down. We cannot disguise it
by plastering it over with theories
nor drown it out with demagogic
appeals and cries! GOLD is the sine
qua asH, the only true basis, the only
salvation, the WltimatuH, AND To IT
We MUST CONE! England demon
strates it in the perfection Of the
! grandest system Of finance ever con
cocted by man. France demon
strates It in the most stupendous
financial accomplishment that his
tory records. Our country demon
strates it in tie grandest financial
failure that ever befeiI a nation
under such conditions. Our expe-
I rience has forced it home upon US
and common sense tells il 70 US in
words plain as print ana as audi
bic As thunder. Gold Is the only
common money the world over, the
only natural money, and YOU can
make no substitute answer for it
unless gold underlies the substitute.
! Stop right here, readerl We op-
/ pose the resumption act Of 1875 as
strenuoasly as We would the intro
duction Of HindoO sacrifices into
the customs of our country. Il is
impracticable, suicidal, insufficient,
impossible-and there's an end Of
it. France after her war with Ger
/ many made the issae Of her bank a
legal tender for everything. Gold
fell TO par and confidence was re
stored, the people went cheerfully
to work, and presto, Prosperity
smiled upon the land, the people