Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-08-05
language 1--WE quote from his speech q
May In that year,:

ain what he had said he did not wish /,
| be understood that his object was to hisv
| cash payments resumed Immediately. lou
that steps should be immediately fagel
| with u view to that lesumption-~sha IA
4 Bank should set about lt-that the dfiye
/ tors should prepare for resumptloni tna
i indeed the Government and the Banl
should set about measures to relieve IN
right honorable gentleman 1.-THE Chanceilo
OF the ExcEequerl from the dilemma II
which he was placed by the removal o
/ those causes which had formerly assignee
to justify this restriction. He would no
/ specify any time within which this restric
| ton should be removed-he would not eyel
mention two years-but he could not hell
thinking that it was the duty of Govern
meSt and the Bank at once to set about tn
means of accomplishing that object which
the public had right to expect.s
Such was the language of the Hard
money leader ofthe English Parliament
in 1916, and such is virtually the lang.
nage of the Democratic party to-day
when we are called to confront finan.
cial situation closely analogous to that
of England during the period to which
we refer, and when financial blunder-
| ing and broken legislative promises
had produced in that country the same
evils and miseries as those under which
our country is suffering to-day from
the same causes.
We need not say that the suspension
OF specie payments In England did not
come to an end six months after the
termination ofthe war with Napoleon. "
as had been promised all along in the
statues of England since 1904; for, af-
ter the finale close of the war in 1916,
the suspension was continued by act of
Parliament from time to time, until at
last, in 1919, Sir Robert Peel, con-
verted soft-money man, brought for
ward his celebrated bill providing for
gradual resumption at definite periods,
and for full resumption on and after
the 1st of May, 1923, but providing and
forseeing at the same time adequate
financial measures to secure the ends
in view, and on this occasion, as if to
demonstrate the utter futility of fixing
dates, where the adequate measures
are provided, the Bank anticipated the
operations of the bill, and commenced
paying all its notes in specie on the LIST
of May, 1921, two years prior to the
date fixed by the act of Parliamentfo for
such general resumption. Could de-
monstration be more complete as re-
CARDS the impotence and folly ofmere
words assuming to fix, by ''act of leg
islation," the date of events whose oc-
currenee depends upon natural causes
and necessary administrative antece-
dents, and not on the brutatns fulnren
of a Parliamentary decree, or the
mimic thunder of Senatorial caucus
whose behests are registered in the
shape of Congressional act.
AS long as the British Parliament
fixed the date Of specie resumption.
but omitted to provide the means of
resumption. the appointed day of re-
sumption came only to blast the
hopes and fortunes of the British peo-
pie. When at last competent finan-
cial policy had come to be established,
and when the date of resumption was
fixed in conjunction with provisions
for resumption, the latter so far out
ran the former that the act of fixing
any date at all was shown to be who'll
ly superfuous, because wholly inoper-
ative and void where wise and adequate
measures of finance had prepared the
way for the desired consummation We
will leave the history to point its own
useful moral for the admonition of the
American people, SO far as our voice
can reach them.