The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-11-20
THE FINAFCL1L .QUESTION.
rs REAL BEARING AND TKPoR 5 r

cleared away as that results may be
seen. In the final count the Demo
cratic party asssaeh- has=lest several
members Of Congress. BHtzthe fact
is fixed that both houses of the next
Congress are TO be Democratic. So
far as the old names Democrat and
Republican are, concerned, that is
theJ result. Bat the real result is
quite another thing. Some Of the
EasternD Democrats IN Congress- Will.
on all questions affecting The 6nan-
ces of the country, vote with the Re-
publican majority. But on these
same questions many Of the Repub.
lieans elected in the South and West
will vote with the majority COT the
Democrats It amounts to this: The
. names ssDemocrat'' and - Republi
can" no longer indicate the real
party line. iUpon5fpancial questions
there are two great fdeas-the one
fully cfystalized or ;formulated-the
ftother only partially. The first is
that of the leaders of the Republican
party and is chat the Finances of the
country must be based on specie
that interest ON public obligations
and the obligations themselves. when
due, must be met with specie: That
it is public dishonesty to do less
than this. The other idea is various
~ rially formulated. One says !:
1.-The object of all properly directed
government is the greatest good to
the greatest number. That the PEG.
pie ought to berfurnishedwith-a cir
calating medium sufficient to meet
the demands of trade. and that this
can only be doneEby the government
making greenbacks receiYeable for
all dues to or from the7government,
kand issuing them in larger volume.
And another says: the effort to
reach a specie basis has been made
too soon and ought to be postponed.
4 Another says: the holder Of gov
eminent bonds took them originally
with the understanding that they
should be paid in greenbacks. and
that they ought to be SO paid. That
we would thus be saved from paying
the interest and at the sametime
would acquire a larger volume of
circulating medium. All agree that
the country is undergoing terrible
Financial distress from which Con.
gross ought to relieve US.
The triumph of the first of these
two ideas--ihat is the specie basis
fdea-win of'neeessity result in per-
feet security to- and. increase of
the wealth of. those who hold the
governments obligations. but it will
at the sametime. be the fixing Of a.
mortgage. permanently upon The
productive capacity of the country
for the full amount of the public OBJ
legations. principal aud interest. 1t
will also fix the fact that the value
of property and of labor must range
very. low in thislcouutry for along
series of years, at least. It will also
fix another fact, that internal inn
provements Of all kinds must cease
in this country. 1t will also fix an
other very impeftantfaet, that those
who are Indebted, now, must part
with their property at valuations
that will ruin them financially.
These evils can only be avoided
by 2 modification of that idea. Iii
idle TO expect prosperity for the
masses of the country without a
change. 1--WE have said that theoth'
Ter great idea has not beenafully for
mulated We have heard much talk
in the campaign just closed Of the
money power. It IS said. and il is
true that che @gold basis'' idea is
the doctrine ofthe money power aud
that it is Numerically opposed to
the best interests of the masses. - q
What is this money power? If.
the answer to this question could be,
fully understood and eomprehendeai
by the masses the opposition TO the
gold basis" idea would soon assume
shape and form as well as resistless
power. A state of things exists nows
developed mainly within the nine
teenth century. for which the world
history furnishes no parallel. 1t is
this !: the public indebtedness in
the shape of Understanding bonds
Of Europe and America. including
National. State, municipal, and pri-
vate corporation bonds, is fully forty
billions Of dollars "A sum so vast
that the mind cannot comprehend
what i! Isl Thslholders Of helsscq.
rites evidencing this vast debt con-
stitute the money power. And it
consists 5of comparatively a fewiu.
diyiduals. This debt calls for two
billions of dollars in gold and silver,
pay the iaccr0ing inter-
est. tee as .-a+s 's
Letus now placein juxtaposition
with this stern fact another. fact
.an.u. T.. Eat IT, &. Ill