Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-12-22
DECENTRALIZATION IN CONNEc-
rios WITH RESUMPTION

In fhe course of next year France n
,ronoses to resume specie payments. +
n any nation in Europe can do this t
in the present state Of the money a
market il is France. That nation G
M this time ha- more gold coin ana t
bullion within it, limits than any {
other i'm the weird. 1t is wonder ,
fuI indeed that it should be so. {
seven wears ago France went
through a war which cost her pro-
digious expenditure OF blood ana
treasure. and within five years she
Maid the last iilstallment of the trib-
nte IMPOSED upon her by her victo-
rious antagonists tribute appa-
rentlv sufficient to ruin a nation al
ready severely tried; and yet, at this
dav. France has abundant stores OF
GOLD, and Germany, who received
her millions of tribute, Is at her wits
and for the want of 1t. England /
herself-the great commercial CEN
ire of the world, the mart in which
the precious metals are forever
bought and sold, and under the I'M
pulse of whose vast transactions
they circulate with increasing mo-
tion SIS the blood obeys the throb-
bings of the heart-England has
been unable to prevent this deter
mination of gold to France. The
Bank of England has again ana
again raised the interest on its dis
counts. hitherto an infallible styptie,
IN check the effusion of that gold
which is her life blood, but in vain.
She raised it until the other banks
with one accord refused to follow
her example, and for the first Tune
i'm forty years that powerful organ
ization has failed to control the rate
of interest in England, and giving
II ND i'm despair has reduced her rate
to that adopted by the other banks;
and after all these efforts France has
nearly double the amount OF gold
coin that England has.
1t would be far beyond the scope
of this article to enquire by wha'
means it is that France with all he
burdens and trials has been enabled
TO keep her resources so wei II
hand. though it is Il most interest
ing phenomenon to study; at presen
we can only state that it is so.
France, then, feels encouraged b,
the favoring circumstances to com
mence the work next year of re
deeming her paper currency in coiT
There are those who doubt her abb
itv TO do So, but the best informe
men believe ti:at under her eXceI
tionaIly favorable conditions sh
can dose without seriously contrac
ing the commercial transactions
her people. The reserves OF con
which she will have to maintain
do so with safety will have to
enormous, but haply she will be el
abled to weather the storm witho
serious disaster, especially II 81
should relax her restrictions on Il
coinage of silver.
tits to aforementioned that Fran
has never, strictly speaking, demo
cited silver; she has only agree
with certain other nations that 5
will not for the present coin an
Italy, Belgium, Greece and Ro
mania are the nations which cons
tute this league, and what one &c
all must do, according 10 III
treaty, till 1890.
France can do what she will wi
this league, and if she will coin sol
silver for currency in the hands
her people, the gold reserves
must keep in her treasury to REM
resumption safe will not prob0aaII
seriously contract her c - %,
medium; but she nf 1878
-.IC emu Oh Io'o'
oS'iil England have any?
have seen already that all the {
vices by which she has hitherto &c
trollpd the movement of gold a
maintained her own reserves
falling her, and with France wol
ing against her, as she must duri
the year of her resumption, she W
do well if she can keep enough
save herself from disaster. Engla
will certainly have no gold to sp;
in 1878.
VIII Germany and Austria ha
any? These were the the Sta
whose concerted action commend
the demonetizing process which
sued in the silver panic. Germa
has been crippled for want of &C
ever since. She demOnetized silly
for fear there should he too mu
money iii inc country when the 60
tribute ~ France was added TO
own silver. She has been melti
up her own silver ever since a
selling it I'm bars, but cannot Ike
her gold, which is leaking out
only i'm the direction of France, |
i'm that Of Austria. Austria has We
little gold, but needs it less tn
Germany does, because she !
an inconvertible paper curren'
Whatever may be the causes, sp
u!ation is reviving in Austria a
falling Off in Germany; money
consequently gravitating to
former country, Austrian securit
rising in the market, German se
rites falling, and it is d grave gu
ton now before the German Parl
ment what shall be done to cou
cract this tendency: for one thil
Germany has, it is said, stlll ;.
0oo. 900 worth of the silver she
been so eager to get rid of, II
i wise she viii coin it over ag
and keep it at home.
Meantime, Austria has no z
and Germany has much less u
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