Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-04-10

! ing system entirely, only wish to destroy onf
I Of its functions There are thrss kinds 81
banks, or rather three funct.ons Of the bank.
I ing system an Of thess are generally eKsr-
eised by one establishmeBt.
j. Banks or deposit; these receive on depo'
ti. the money Of Endisidnzls, etc., and bold Il
subject to the draft OF its owner or under sps-
eiai sgreement. You remember the plan
suggested Is 10 have az many snb-sreasuries as
sheFe ara hanks. Would net the sub-iressurY
| be az safe a place of deposit a. the bank /?
But DO not propose to destroy this function OK
the banking system.
2 Banks Of discount; these furnish losns
upon drafts, promiEsory notes, bonds, etc.;
they also check and exchange. The real re-
suit accomplished by banks as leaning ss-
tablshments, has been 70 take the money from
the poor man and lend Il to the rich one. The
plan offer does not propose to inelude this
function at all. Banks check? So can the
sub-treasurers. / hope the function OF ex-
changing viii eysutualiybe unnecessary. The
whole world ought to have uniform eurrency.
The eoining Of money, the establishment o.
weights and measures, etc, ought TO be inter-
national concerns. An international congress
could regulate the amount which each nation
was allowed 10 coin. II any nation waged
war, or incurred any unusual expense, let them
tax their people to defrzy t. This would
have atendeney TO prevent war;
Remember, / 10 not intend 10 interfere with
this function Of the banking system. II there
be any ecnvenieues or advantage in the bank
ing system, my plan leaves 1t just where It
8. Banks Of circulation; these pay out
their own notes. This is the only function Of
The banking system / wish 70 destroy. thlnlC
have shown how this can be benehcisily
done. 7 hope I may here be permitted the
pleasure Of acknowledging my gratitude to the
banking system for the ronvsnienees 1t has
Afforded, and The suggestions it has given.
You can @col0' every year enough money 70
dsiraV the expenses OF vour Government.
an confident your Government can Be admlnis-
tered one year for eleven mlllions OF dollars.
Ons of Mr.. Hsniitsn's arguments agaiBst the
fo1m8tioa Of two confederacies was, that Il
would require almost as much money TO carry
On one, as it would TO carry on both united.
This is not altogether correct. The legisla-
tive, judiciary and territorial expenditures
With you viii be less than those OF tlae Union
the executive may be the same. The eEPendi-
lures for feregn intercourse will be about the
same. Those for the mlnt establishment and
for the support and maintenance OF the Post
Ofiee department, lighthouses, etc, viii be
less Tae other n scellaneous expenditures
viii be Infinitely less. The expenditures under
the direction Of the department Of the Interior,
the department Of War, and the department OF
the Nsvy,( provided you dol't have war1 viii be
less Some may say that eleven millions 81
dollars is too large an amount TO Be "createdH
or "eoined" every year in the Confederate
States that the Introduction Of so much money
wil have ten iency 20 lower the price OF
things. It is not the quantity OF money, but
the surplus Of It, that produces the result. You
have a demand for countless thousands" you
do not possess The world everywhere needs
more money, Let US glance at this subject for
a noment- propose to show ysu the annual
increase Of money In the Confederate States
fof eight years.
In 1850 tie bank circulation IN the United
States amounted to about one hundred and
thirtV-fve million dollars. In the early part
OF 1857 it amounted to two hundred ana four
teen millions. Since 1850, and up to 1883, the
United States mint and branches have coined
four hundred and forty miliioa dollars. Within
that period suppose the excess OF the expor-
tation over the importation Of coin amounts to
about one hundred and thirty millions. Now
substrset tbe bank circulation in 1850, one
hundred and thlrEy-f Eve million, from he cir
culation In 1857, two hundred and fourteen
million, and we see that the bank circulation
has increased seVenty-nine million In eight
years. Substract the excess Of the exFortR-
ion ever the importation Of coin, during the
eight years, one hundred an- thirty million,
from The am 4unt coined during that period,
that the coin has increased three hundred and
ten million durl5g the eight years. Now add
the Increase Of circulation to the increase OF
coin and we see that money! has Increased
three hundred aud eighty-nine million dHFing
the eight years. This is 3 yearly increase OF
about fifty millions. The yearly increase FOR
each State is about one million and bali.
The yearly increase Of money In the Confed-
srste States, for eight years, has been about
ali ~~ff1 -,
Idly, everything prosperr; tle statistics will
prove this. When money decreases, the oDpo-
site result is produced. Since the latter part
OF 1851, the country has been crsmped in its
financial operations, and in a pecaniary point |
OF view has suffered terribly.
Every one has noticed that there are peri |
odlcHl crises and reYulsioBs In the commercial |
The world 0vertTtdssD itself. |
The markets are frequently goTgsd and food I
ed. TIE supply is greater than the demand, I
We have no more right 10 expect to BE- exempt /
from such misfortunes and disasters than q 1
man who @overeats' himself has 10 expect the 1
enjoyment Of uninterrupted health. The com
msrcial organism is like the physical organ
ism But since 1857 the suffering OF the coun- /
try has been unusually severe. How can you /
account for this? You remember that the /
bank circulation IN the early part OF 1887, I
amounted to s2f4 ,009, ,000-ffty- nine millions /
cess Of the expectation oeer the importation /
% coin, was about S45, ,000, 600 Now our suf-
fsring is accounted for. In one year and
half our country lost S100, 900 coo; that Is, It
lost two years growth. Hope this is enough 70 1
show you that your Government cannot only |
safely, but benefeially " coin S1l ,00o, 900 /
per annum, aud even more. Instead OF perl
hitting tbe banks and the gold mines to sup
ply the increase OF money, simply propose |
-. T. - fH,E
world will not recognize your currency. II 1
you initiate T., the European powers viii not
only recognize il, bat they viii adopt it soon. |
Il Is a manifestation Of your power not for |
bidden BY International law, and no nation has /
a ght to question IL. To refuse to recognize |
It, isto deny yorr sovereignty. Besides, you !
can compel a recognition Of it. Remember |
yOu can control the world; snd control IT !
without armies and without navies.
III. The third, aud, in my opinion, the most |
important advantage which ! shall notice, Is, |
you will be enabled 10 abolish the tariff en-
tireiy. You can carry on your Government !
without taxing your people OF taxing your
commerce. You already appreciate the inn I
pcrtance Of free trade. Let free trade be your
motto. You must not think now Of becoming |
a mannfs scturing; people. White labor with |
youi higher than it is anywhere else in the /
world. To protect the proceeds Of that labor |
you viii be compelled % put upon the proceeds !
Of foreign labor higher tariff than any ether 1
nation. You see the folly and snicidal policy /
OF attempting to become manufacturing peo
pie Your citizens must be sgricuItuFists and |
merchants. Therefore, take of your tariff; !
open your ports to trade; bid the nations OF |
the world to come, 70 come freely and without 7
price. You are bidding for ;hs trade OF the /
world, sH6 the only way to get It is to have |
the freest trade on earth. When say your
citizens must be sgrieulturssts and merchants, |
I Of course do not mean 20 say that every one !
Of them must follow one OF these occupations. |
l simply mean that your manufacturing inter-
est must be comparatively nothing.
have said you must abolish the tariff. This 1
must be done gradually. Whea the border |
slave States unite with you, their manufaetnr-
ing Interest will OF course be greatly Increased
A large part OF the manufacturing done in the |
North viii be done in the border States. This 4
interest must be eliminated gradually. The 4
sugar Interest should be psctected until it can l
Be changed into the estton interest, unless, in 4
a reasonable tine, Il can project itself. 1
have proposed the continuation Of the tariff BY |
the government for considerable time, be-
cause some interests have been built up by /
this Appreciation and encouragement Ct the 4
government, and to abol'sh the tariff imme- /
diateiy would be in the nature OF passing an
er post faeto law The general government, !
in my opinion, has no tight really 20 I
enact a law for and levy a tariff. All /
tariffs build up one interest at the expense OF 4
another. It is as just to tax a man in Maine /
to keep up levee on The Mississippi river, as
It is to enact any tariff Unless the Interest pro-
teeted, Is a aaiuersal interest II tariffs sxist.
they ought to exist BY the authority OF the /
States which desire to protect interests within /
their limits. For a moment look at the immense I
advantages You have over the North. Il ia
really At yOar mercy and would say to YOU,
that It is brave and noble to be merciful to tbs /
vsnqulshed. The North to a very great extent, /
Is manufacturing country; but labor in The |
North is higher than in Europe. A tariff TO
protect the proceeds Of northern labor is there
fore, now Gbsolstely HeosssaTy. One OF two |
things is most positively certain, the North |
viii be compelled to sacrifice her manufsctur- |
ing interest, or retain tariff. II she have q |
tarlf, and you have free trade, Of course che
she will suffer terribly, while you viii prosper |
Ia proportion. wish had time to show you
bow this step on your part will compel the |
North to abandon her Manufactures to a GER /
tain extent, and eventually 70 become Ike you, |
an az icultgrai and commercial people a |