Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1858-06-29
DAILY APPEAL.
TUESDAY MORNING, JUNE %, 1885.
THE rAEIFT AEp BANK PAPER.

Il
From ths Lancaster Intsnissboerg
The late Legislature Of Massachusetts,, say
the Ledger, in its proceedings, gave evidences o.
having grown more rational in its notions than
was her wont in years past, and even more rad.
ieal than some making louder prsteDsiOns t.
tariff and bank reform One Of the committees
in that body recently came oas In favorof abel.
ishisg all laws for the collection of debts, and
advanced much sound reasoning IN fsvar Of the
project. Another committee, in the same body,
sbous-the same time, brought forward an nrgu-
ment Of much force growing out OF the connee-
tion Of the currency with the tariff The Gen
erai Governmsnt has established a system Of
protection more or less stringent aud effective ;
but the States have undone all the benefits Of
such legislation by the exsravsgsnee Of their
inhstions Of currency. The web Of protection
that has been woven by tho lawmakers at
Washington in the day, has been unrs veIlsd in
the night BY the lawmakers in the States
On this point the report says:
The national goTsrnn,eat hat established
Inc system or policy Of q lew tariff Of foreign
Imports, with currency Consisting wholly Of
the precious mstsis. The different State Gov
ernmessts have no Control over the tariff of da-
tiss, but they have generally exercised the now
er OF creating c1rrsncy Of paper money. ~
'chartering nearly fifteen hundred bs-,x.- vvgth
anthority 70 issue notes 10 cirrP, a, ss mon.v
practically, to an unlimitsb .x.snt r.. sis
and currency are ki..,cred subjects which ses
svs..s ] Ap"' each other and no husneisl
sh;rh any country, can be sueeessfal,
to :. les not combine them ard cause them
-soTk In harmony. -
9 A low tarif, with an expanded eurrency
cf paper rhsneys ihcrssees the cost of manu-
featuring and exposes the manufacturers to an
unee e9ai eoinpelition with the products Of for
eign labor under a more restricted and sounder
currency, IN eresssiBs paper currency is at all
finaes uasoHad GRd Hassfe in connection with
low tariff OF duties it Is exceedingly dslzi
mental to the success Of Manufacturing sbd
producing elasset. 1. is at war With our va
rlous Industrial parsHits eaG vocations 1t op-
poses their prosperity by generating fictitious
values ef Property; and In spite of the skill
and application 80 creoitable to our manufac-
turers It secures the advantages, even in our
own markets, to much Of the competing labor
and product Of Europe.
a Ia time Of peace and uninterrupted CON-
nerce, the bensEts OF the high price arising
from an expanded paper currency cannot be
secured to the Industry Of our community with
out ths Production Of high tariff of duties
and, as sGch tariff cannot row be had, il is
obviously for the interest Of New England with
90 large proportion Of her population depen-
dent on industrial and manufacturing pursuits,
that the currency should be regulated by re-
stricting il, 80 10 bring Il nearer IN yalEe TO
the carTenciss Of those ooantrics lrAick ari nbv
cur great competitors fer he ssRPIs Of ,Ohat Is
consumed be oar oira pe PIE
g What do we gain by the additions TO the
currency In the form OF bank notes, whes Cal
horhia ID Furnishing an ample supply Of the
precious metals for currency, il the country
will not make use Of il? Why should the peO-
pie Of New England encourage the use Of bank
notes for currency and force the precious met
ais to be sent abroad, to be exchanged for for
eign merchandise, at the very time when they
need protection FOR their free labor engaged 10
manufacturing smploytrents, against the i'm
mense imports OF the products of foreign la
Dor received in exchange for the exports Of
cotton, tobacco and breadstufs produced BY
the servile labor Of more genial climates and
more fertile soils ?D
There is much truth in these views Of the
Massachusetts, Committee, and we are pleased
to Bee that in that manufacturing State, the
people are beginning to awake to the disastrous
influence Of the Paper Banking System upon
the labor and industry Of our country. Poll
ticians Isay talk about tariffs for the protec-
tion OF American interests, but all tariff leg
islation is vain 50 long as banks are permitted
to fill to OyeraOwing ell the channels Of trade
with paper promises to pay, and thus drive out
Of circulation and out of the country the only
true and reliable currency, that Of the COnsti-
tuition, for which JArEsOS eOntended, and
which the interests of our people and the pros
Perity Of our country require should be greatly
enlarged-gOld and silpeT.