Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-10-17

maney Ter az d parf o.es o fte. He's te~
the e are ready. and able, 10 pay cash TO ne
bu cher, or baker, or grocer. FOR their Tally
3 ippiies; or TO tb- church for The support OF
their spiritual guide. Even be frinoliae. iha,
occupies such breadth OF pavement, gces on
tick. Every man, almost, feels that b. has {
much ss he can do 20 raise money 10 meet DIS
: Bills Payable" in bank, and al generous and
philanthropic enterprises lsRguish.
When. b. the contraction ~ bark discounts.
and the consequent scarcity Of fictitious money,
real money becomes again as valuable a. mer.
chandise, ami can be kept at home that is,
when the specie export cesses. the banks By
standing still, with the sun Of the bank debt
ia the currency. huge as l. is-Si00 eo0,001 OF
immediate liabilities. beyond the coin IN their
cof Fs-might keep the exchanges in our favor
and secure a Constant export demand for mer
chandise but he whole profit Of The business
Is in the creation OF debt, 70 and from tie peO'
pie; and US natnre-its very esssnrs-requires
he widest possible expansion OF debt, aud b.
utmost possible expulsion OF money. Assoon
therefore, az the export demand for specie
ceases, and the exchanges Of the world are II
our favor, as during me pas, sprIng-whei
there IS 10 wholesome want Of m9ney-'hl
fictitious dollars multiply again, BY The ~iuereas'
Of bank loans, and we are put through III
same round Of misery 40 bef1rr. Il is an M
righteous scheme, operating agsinst all natufa
law-alwais Ave sely TO our need add hi
i's advocates call a beautiful equiiihrmm Il
the sys.enl am only surprised that any sen
sibie man can entertain such an idea for a mo
ment.
Every dollar Of papsr-money 10 a ceTti6eat
Of mischief, and every inscription or credit "a
Nhieh gold or silver has not been deposited
aid, on the undrswn llans, is not retained, i
positive evidence th7t the same amount Of mer
hsndise, which otherwise would have bee
s1id, il on hand or unprodsced-thst the sam
-um OF money ~ nor here that would have bee.
Rere, and the sane sum Of debt, with its prog
eny Of iebt, Is pressing upon the communi.
without any legitimate right TO an existenee
The sun Of this debt. in the curreney-nov
800 0OO, 00J-pressiug upon al classes through
Jut he country, has been created IN a series 0
years, by expelling coin once earned; and W
are borrowing back from England a large poT
ton u the amount for State uses, railroads an
other enterprises, and paying interest on cap
ital Of our own creation.
I believe this amount 70 have been utterl
lost to the country in paying for imports ID
Inflated prices OF a xed currency, more de
graded than that Of otber nations. J. SuaI
Mil says, very truly, that "the demand whic.
affects money prices consists Of all the none
in the hands Of the community destined to b
laid out in eommOdities.' The price of ID
imported commodity is thus deter mined By n
amount Of money here, while the expOrtab.
article must be soil BY the measure Of The for
~ign currency ; that IL, Il mus, pay TO export a
the price TO be ohtsiued In the foreign msrke
or tue exporter will leave it and take gold q
we see be does take al the gold we can pOssi
biV spare ; for We never cease exporting it u
the banks are driven 70 a pressure with N
loss Of specie. The exportable cOmmoiitis
are rbus kept above the relative value Of goi
as long as gold can be supplied
But BY the law Of value we must return frol
every infIitiOn. Afrer forcing OF all The gol
We can spare, BY pay ing the il h4ted price {.
money vslu bic again, when our produce fall
in price aud is slipped instead II gold, as
have befJre stated.
am not Of those who think the Imports ca
b. essentially checked by anys atioIsl poiir
short OF non Intercourse or war. Labor is
n-csssi Y broad "a Weli as here the import
must come. Bnt the bank dollar Fmploys n
iabor in is creation; { 10 made by vi ting
promise On a BIT Of paper I; It creates no vshl
and Is 10 wealth u expands prices, hoW-vrl
a mu'h as tn real do tar, and is the readv II
strumen Of tn s7ecultt'r Il csnnot be use
ia tie currency without degrading be valus q
gold. 70 eK1pl h AID make roos for itself. 4
nric 5 rise here, he almost lightning speed {
90 mercitl in eiiig-uee trsn smits be news ?
re shipping ark $ abroad. Hiies rise j
Sou b America. sugar and mnisss-s in Cubs
sd cloth in England u mees he rise here ::
our fictitious dollars raise re prices Of n
sOrid, and we pay in extra labor The pxpand
tgres Of other IA ions. C.. Ii. c.