Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-08-12
THE TWO LETTERS.

Va oOAAC tWO VI LAAGc H6CAc, Ah1ul-
cal speakers and Radical editors have
been endeavoring to infuse something
of alarm into the ranks of the Demo
cratic party; nor, as we think, has the
effort been entirely unsuccessful. Some
of the more timid have manifested no
little uneasiness lest supposed differ
ence of opinion on financial matters,
might be found an obstacle sufficiently
serious, to prevent Messrs. Tilden
and Hendricks from acting together
through the approaching campaign.
That alarm is now finally set aside if |
1t ever existed to any important ex-
tent. The two eminent statesmen who |
carry our banner have dissipated the
feeling for ever, not by evading the
question, not by reserving their opin-
ions or by the other non-committal de-
vices adopted by shallow politicians,
but by going to the bottom of the prob
lem and solving it. thus demonstrating
that, in considering what IS really a
question of fiscal science, men of real
ability are compelled to agree, all bick-
ering of hards and softs to the contra
ny Notwithstanding. The truth is that
the very origin of these two catch
words, and of the squabble in the Dem
ocratic ranks arising therefrom, is
most unfortunate instance of the sue
cess of Radical cunning, not met as it
should have been by deliberate wisdom
on the part of the Democratic states
men. 1t was started by the resump-
ton act of 1874 and was exactly the
effect which the authors of that meas
ure intended. i
There are two heresies, which may
be said to be the extremes of the two
schools, into which the Democratic
party has of late been divided,
1st. The Soft extreme, that of per-
manently irredeemable currency; this
is not peculiar to the Democratic party.
End. The Hard extreme, that of
forced resumption; almost peculiar to
the Radical administrative party.
We have said that both of these
were brought into activity by the re-
sumption act of 1874, and that it was
the purpose of that act to do so, and so,
If possible, to divide the Democratic
party; it partially;did so, the first effect
of that measure was to create great,
andjust alarm, through apprehension
of the great contraction of the curren-
cy, which must arise from the attempt
to force specie payments with a gov
eminent expenditure largely in excess
of an excessive taxation. This alarm
naturally carried many Democrats off
in the direction of the soft ectremeS,
and this again produced its counter
alarm in the Eastern cities where many
sought refuge in the hard ertrenae or
something like it. The thoughtful
men of the party kept clear of both as
mischievous heresies and tried, but In
vain, to arrest the controversy; and it
is well known phenomenon in politi-
cal history that when once opposite
opinions become the watchwords of
party, the tendency is to hurry men
into extremes, and hence the split. It
took all the atrocity of radical despo-
tism, and all the enormity of radical
corruption to heal the rent, and unite
the Democracy again in opposition to
the administration. 1t cannot be de-
MED, that even since the st. Louis
convention the leaven of the contro-
versy was working and uneasiness was
felt, in the West lest Tilden might ia
Yor ruinous contraction, and in the
East lest Hendricks might advocate
the issuance of legal tenders to an ex-
tent to produce as ruinous an infa-
ton.
The letters now before us, which we
desire to see in every mans hands, are
calculated to set both classes at rest,
and they are SO because their authors
are not juggling politicians, but pro-
found statesmen. They have both
wiped their hands of the heretical ex-
tremes to which men feared they might
be devoted, and have shown what is
the remedy for both imitation and con-
traction; to steer namely towards the
haven, which both admit to be the true
objective point, of convertible curren-
cy, using as a means thereunto, the re-
duction of expenditure, the removal of
burdens from trade and commerce, and
the promotion of public confidence by
strict integrity in all public transac-
tons.
And it is well worthyof remark that
the two heretical extremes which we
above defined are each condemned by
the man who was most suspected of
favoring it. Mr.. Hendricks COM
mences the financial portion of his
letter by rejecting the soft extreme, by
affirming that gold and silver are the
real standards of value and that our
national currency will not be perfect
medium of exchange until it shall be
convertible at the will of the holder"
and Mr.. Tilden as plainly condemns
arbitrary resumption, thus, Such pre-
parations (retrenchments and reform)
are everything; without them a legisla-
tive command fixing day, an official
promise are shams. They are worse,
they are a delusion and snare to all
who trust them" an attempt
to act on such a command or such
promise without preparation would end
in a new suspension, and in another
part he adds: Even when prepara-
tons shall have been matured the ex-
act date would have to be chosen with
reference to the then existing state of
trade and credit operations in our
country, the course of foreign COM
merce and the condition of our ex-