Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-06-24


E EessFal.. So So sa asg 81 u g g
s8a $3.50 SIS 81
Itcan not be doubted that the system
attic and extreme disagreement i'm
posed on the States of the South has
greatly detracted from our national
prosperity. In those impoverished
communities it has not stopped with
the ordinary effects of ignorant and
dishonest administration. 1t has in
ficted upon them enormous issues of
fraudulent bonds. the scanty avails of
which were wasted or stolen, and the
existence of which is a public dis
credit, tending to bankruptcy or re-
pudiation. Its taxes, generally op-
pressive, In some instances have con-
6scated the entire income of property,
and totally destroyed the marketable
value.
In region five times as large as the
British Isles and three times as large
as France, Astounding in all the ele-
ments of natural wealth, it has destroy
ed confidence and credit in all trans
actions, difused uncertainty and dis
trust everywhere, and consumed ex-
listing capital, while retarding produc-
ton and paralyzing the enterprise by
which such waste might be repaired
and future growth assured.
1t is impossible that such wrongs
should not react upon us. The i'm
mediate sufferers by it are the pro-
ducers of four tenths of the exported
commodities, excluding specie, of our
whole forty millions of people, and of
the most important raw materials of
our own domestic manufactures. They
are agricultural communities, which
more than any others sell what they
produce and buy what they consume.
They are our most valuable customers
for the products of our own industries
and for our merchandise and they
make us factors in all their transac-
tions. The State of New York, which
contsins the commercial metropolis,
receives the largest injury; but its
consequences extend Throughout the
whole country.
The temper which now predomi-
mates among the people revolts at
financial .quackery. 1t is no longer
susceptible to fattering illusions which
have exploded amid the wrecks of in
dividual fortunes and private prosper
ity. 1t is excessively incredulous. 1t
demands sound measures, such as COM
mend themselves to the judgment of
the best intellect and the best expert
ence
After eleven years of commissions
without a restoration of specie pay
ment, it now claims a restoration of
specie payments without CONFUSION
The problem does not seem difficult.
Resumption by the Government will
accomplish completely resumption by
the banks. The treasury has only, by
gradual and prudent measures, to pro-
vide for the payment of such portion
of the outstanding treasury notes as
the public, not wishing to retain for
use, will return upon it for redemp-
ton. The sum required in coin, If
the preparations be wisely conducted
so as to secure public confidence, will
be what is necessary to replace the
fractional currency and to supply such
individuals as prefer coin to paper for
their little stores of money; and also
what is necessary to constitute CEN
trail reservoir of reserves against the
fluctuations of international balances
and for the banks. To amass a suffi-
cient quantity by interpting from the
current of precious metals flowing out
of this country, and by acquiring from
the stocks which exist abroad, with
out disturbing the equilibrium of for
eign money markets, is a result to be
worked out by study of all the con-
ditions, and the elements to fulfill
those conditions, aud by the execution
of the plans adopted, with practical
skill and judgment. Redemption, be-
yond this provision of coin, can be
effected as other business payments
are effected; or in any method which
converts investments without interest
into investments upon interest, on
terms the holder will accept; and by
such measures as would keep the ag-
gregate amount of the curreucG self
adjusting during all the process with
out creating, at any time, an artificial
scarcity, and without exciting the pub
lie Imagination with alarms which lm-
pair confidence, contract the whole
,arge machinery Of credit, and disturb
the natural operations of business
The best resource for redemption Is
that furnished by public economies;
for it creates no new charge upon the
the people, and stronger public credit
is certain to result from sounder
finance, and will reduce the annual
cost of the national debt.
What is most needed now is that
the public mind be treasured by wise,
safe and healthy policy. The dread
of imaginary evils ascribed to the
methods assumed to be necessary to
restore specie payments is more mis-
chieyous than the reality, wisely pur-
sued. ought to be. As soon as the APP
prehensions of an impending fall of
values is removed, manufacturing and
mechanical industries will start anew,
dealers will buy for future consump-
ton, enterprises that commend them
selves to the sober judgment OF In
vestors will be undertaken. and CAPT
tai, which now accepts any low rate OF
interest, where there is no risk, but
is withheld from operations of aver
age character, will be lent on reason
able conditions.
But the remedies for the evils now
felt by the people in" their business
and industries must extend beyond
any measures merely relating to the
currency. They must begin with q
prompt and large reduction in govern
mental expenditures and taxation,
which shall leave in the hands that
earn it larger share of the result of
labor. They must proceed by with
drawing, as much as possible, govern
mental interferences that cripple the
Industries n of the people. They must
Gonsummated with an increased
etlcSleGcy and economy in the conduct
OF business and in the process Of pro-
duetlon, and by a more rigorous fru-
Rod of self-denial will replace ~
has been wasted. ""A'