, 1861-11-20

NQuu QAFE lOiInfIlf pHllnhstAt 1AA SA'' A-e~ |
OF advance, too huadfsd millions a. doIars con
ti1ect no fnort than oss hundred million q liars
ieosld hare Effected before-or, IN other words one
hundred millions ot dAsts aRe sa11A IL soe
tion.''
Nothing could be more plain and CO.
rent than NIr. Memmingers reasoning.
The state Of the Memphis market, as re-
ported in the Appeal Of the 9th inst, goes
fur to confirm his views. The appeal
saws: "The sales recorded on the books
"wcre $50 bushels prime red wheat at
"$21o; 80 barrels country extra -four at
"11.25 per barrel"-and these enormous
prices exist in the face Of an abundant har-
vest, unless the rebel journals have greatly
belied their own crops. The truth un-
aoubtcdly is that Mr. Memminger's hun
dred millions Of treasury notes added to
The circulating medium, and the expansion
Of the banks facilitated by the suspension
Of specie payments, have "ballooned" the
whole rebel confederacy to degree which
would insure their utter ruin, even though !
their independence were acknowledged
and peace established tomorrow. 1t Alr, |
Memminger should comply with tue re-
quest OF the cotton planters and issue |
another hundred millions Of notes, to go
INTO the circulating medium, prime red |
wheat would be worth $420 in the Mem
phis market, and country extra flour,
$22.50.
sYes,' says some o1e born with bank
note in his mouth, lit would be better to
lido business with gold aud silver if there
"was only enough Of Il, but there is not"
The ignorance Of our friend is excusable.
His earliest bib and tucker were paid for
With bank notes. His teethiDg was accom-
plished by the aid Of bank notes. The
The doctor accepted bank notes when he
had the measles. The schoolmaster ac-
ccpted bank notes when he learned to spell
and cipher. His father failed splendidly
by the agency Of bank notes in 1887, and
he "went up" glorious1y by the same help
in 1857, Bank notes have f(tee him up and
thrown him down. He is down pretty flat
Tow, because he bought real estate in 1856,
On t'canal terms," at $150 per foot
front, fer which he caunot now get So,
aid lie built houses at the same time,
when lumber was worth $40 per
thousand which he cannot sell now for
i1alf their cost, because lumber is only sic
posture of affairs, in a general way, to
hard Times" He cannot perceive that
bank notes have had any particular agency
in bringing it about, because he was edu-
Gated to believe that money could be made
Of paper just as well as Of anything else.
Accustomed to buy and sell on scale Of
prices from three to five times higher Than
their real value-prices established by u
paper currency Of two or three hundred
millions Of dollaTs-itis 10 wonder he be-
lieFes that there is net specie enough to do
business with. Nations which do business
with specie alone find no difficulty in get
| ting enough for all their purposes. 4 dol
lar will always go where it will buy the
most. Let any nation adopt the practice
Of paying as much for piece Of paper
worth fraction less than dollar, hoWeV.
CT minute, as they do for whole dol.
lar, and they will Etraightway discover
that their gold and silver dollars are going
to other countries. Whenever a natior
muliplies its own prices by piltng papel
currency On top Of its specie, the speci
will go 10 some country where prices ar,
aot thus tampered with, and where it vii
buy more OF q given commodity thai
it will buy at home. Thel
we hear great deal about the "drain Q
specie and political economists prat
much about the "balance Of trade" an'
tic "0ihtrence cf exchange" and we &C
lectures from commercial Journals abo,1
cre1tradlng (which are only so man
names for the Ignorance or wilful blind
ncss Of the parties using them. The {; drai
| Of specie" is an interesting subject fl
. contemplation. In times of peace au
''prcsperity" the United States constitute
The head Of tie drain or ditch, western E,
. rope tie middle, and the Asia1ic cuuatrit
: the base. No nation is so tormented wi;
farer currency as the United States. En-!
: lard does not permit the issue Of ban
notes Of a less denomination than IS {
S25, and is therefore several degrees lowt
down IN the tdrain" than We, who pri.
:, and use notes Of denominations as low
one dollar. The Asiatic nations have Il
!, paper currency at all, and hence they a
- at the bottom Of the s'draln.'' They mu:
:, and in fact Go, draw specie from all cou1
-. tries where paper currency is used, an
just in proportion to the amount Of con
" merce transacted with them. We hear D
ricdica1 growls from France and Engla1
about the drain Of specie to China aud
dia, but ne never hear Of any drain
"a specie from China and India back
# France and England, because none SUI
y ever exists. The bottom Of the ditch mu
- he filed before any other part can hold
ia drop OF the fluid So, in like manner,
sr are almost always growing about /
Le movement Of the precious metals to Et
Lc land, and crying for means to stop it. J.
IS row the movement is in the opposite {
~ rectlon, because an unnatural state
AAAASo A0S oull0IfCAGN. ~ dl uAS UIuA
es out and we Lave all gone to economizir
Mt We have measurably ceased importing
u- eign goods, while We are continuing to {
Ms port our breadstufs and provisions
&C usual. When peace returns the old dr.:
lc- will 1ecommence and go on to the end
es the chapter, if we continue to maltreat {
[e- money as formerly.
~ A CONTESTED SEAT.
I'll The right Of Judge H. K. S. O'A1elvt
~. 10 represent the counties Of Marion, ]
~ ltr=on and Hamilton in the Constitution
l.. ~ Convention, is contested by James
~ Dwyer, Of Salem, Marion county, on
~ ground that the present Constitution Z
- hibi1s Judges Of the Supreme or Ci1c
~ ~ Courts from holding any other Office d
'n ing the term for which they were elec'
:, ,1s OF ior one year thereafter. Judge on
"ns scDy ceased to hold the Office Of Juag
'u' the. Circuit Court less than six mon