Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-12-22

recess. We have already shown Ml
hat here it is not likely that more ler
han s36. COO, 900 per annum could be he
dded To the circulation, and any TO
,ther nation which proposes to do
he same would have to buy silver ~
# us, paying commodities for It IL
which in the present state OF trade OF
.ould not be very rapid process. q
Meantime, secondly, as this process o
goes on, the very depression OF sill q
yer and elevation of gold, which is
the fons ct origo mali, would both
be affected by it in such way as to
rectifiy the disparity; silver would |,
rise i'm proportion as it came into use q
and demand; gold would fall because t
the present intense pressure for II r
would be relieved by the supply OF !
silver. Thus by the time thatthere t
should be enough silver in circula- ?
ton to make its action felt, the dis {
parity between the gold and silver
standards would have been removed
entirely.
However this may be, the alter
native will soon have to be adopted.
If there be anything in the finan-
cial sketch of Europe that we have
given above, the nations of theworld
are beginning TO find the simple
gold standard impracticable. They
began their laundering course by
fearing that silver would become
TOO cheap ior the worlds use as
money; they are now discovering
that gold alone is too dear for the
purpose.
But we seem to be wandering from
the main question, which is, can
the United States resume specie pay
ments in gold on January /,
1879? Practically the United States
has no gold in the Treasury.
For the exact figures we must refer
tn Gen. Ewing's speech on our first
naoe: our readers can study there
whatwouId be required and what we
. have. Clearly the gold is not there,
and where is it to come from: we
have seen the. condition of those
communities which hold the gold
it's clear that to go there for it would
!. be a more hopeless task during the
coming. year than it was to Mr..
Boutwell, when he went for wool
} and came back shorn. 1t is so de-
monstrahle that it cannot be done;
that TO saw what ought to be done,
/, to discuss it in a moral point OF
: view. seems trifling with realities.
= Beforea physical impossibility o"ghf
> and o,,0M not are out of place, it
'0 mioht as well be said that we ought
to bring down the moon from her
- orbit and coin her to redeem our
= notes. This is on thesuppoSltIon tha'
~ silver is not remOnetiZed; but sup
~ Dosing it is, what then. Can we
then resume specie payments? NO
~ bv Jan. /, 1879. We have shown
- that the effects of reconciliation
" can only be partially realized b!
that time. But, say four year
" hence, suppose the United States t
u have coined in that time $l5O,o0O,
!, 600 in silver; suppose France to haV
'i0 relaxed her restrictions on silVe
~ coinage; which we think there Is II
:. doubt she will have done by tina
time; suppose vast irrigation WORK
-, to have been initiated in India b
0' the English Government, necess
:, tating immense supplies of silver
iui nav the Workmen: sunni a.,
me - C,o,,,..,IIy shall nave seen I'll
of e-tnttv of trying to sustain ne
she ,,,onetarv system on gold basl
der lie, and shall have recolne
blv her silver and demanded more
S AIlthe silverto supply this renewe
JIM demand at home and abroad WI
~ have to be supplied by our nine
~ which are the only ones in worEdn
- order, and the export of that met;
as "A commodity cannot but give
~ vast impetus to our commerce
=, Suppose that impetus further IL
creased by a repeal of our crushin
nS tariff and our barbarous navigatio
~ laws: BY that time silver, throug
~ the great demand for it, will haV
nv regained its commercial value; golt
nc through the relief of the preser
pressure for it, will have come dow
~, to its normal purchasingpower, an
'e gold, silver and greenbacks will b
:" freely circulating side by side, equ;
- i'm value and mutually interchang'
ny able. and resumption will pra
'lp tically have been realized witt
'e' out any legislative enactment
~ all.
'+ II must be admitted that the
NO. are a great many ifs in all this an
"a that all of them are not likely to [
,on realized, but they all lie an the are
,nt tion iehich public opinion IS no
M taking, and substantially we belie'
,,.,- that such will be the worlds polio
on for the next four years. we are Il
zoe from having adopted the heresy
ov a permanently irredeemable currel
&C. CIV; such heresy would never, W
nd believe, have been heard of but +
i the oppressive evils of double co
no traction of our currency, both III
los tallic and paper; but we have
on WAYS denied the possibility OF I
ns- demption by an arbitrary ena'
10 ment. and we have always belleV'
nt- the possibility of it by means OF e
no lightened legislation, monetar
N financial and commercial, ana WIN
nos should be the nature of that leglsl
ne tion we have now indicated, al
ain that completes the subject, exec
that we have yet a few words
old our next paper on the right al
IAN wrong of resumption.
l.