Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-11-19

NrL VI AAa p4si1AF MlilA-- 80 - ~
, hurry Of preparing his report hs ne doubt eve
r lsoksd IT, foF few dsys Aftsrward be seat in b
{ rsport 70 Congress, recommending shs vsf
? scheme bad sxpoasd. Il would seen svide8
:. thsrsfoTs, thai either be is not very Wsn &c
2 qaaintsd vita tbs aaiars Of fnaEeial sEairs, .
} is controlled, no doubt By meaning Psrsszl
who advocate chs policy Of 3 susp speasion sfapsei
{ psTmsRss aad vast issue Of paper money. Il
sishsr eass the resEla Of bis policy VII b ih
, sane, ana the inhaense upoa rs is no longer
matter OF ceEIacturs.
We AL know what NJ Chaass plaps vsrs
and We are slso familiar, from daily obssrvziion
with the sHorzeus fortunes that have been real
izsd oy individuals within these two years from
tho szecsSsfzl carrying oat Of thosa plans, vkfi,
tha poor have been made poorer, and tss Indus
tEial and predicting classes sFs loaded down b.
aigk prices incident to ths inEatioE Whieh food,
Of paper msusy ersass. B1E al rsnensErzne.
has been 10 VAIN aid R9E il iE highly prObabil
thai tie ialars which bids e sslead these New
bsak issses upon thsir smeTgiDg into circzla-
tion, VIII lsEd 70 tasir being made legal teEdsT
~ Congress At the apprezsAiag session, sF le
souae attempt Of ihEt kind fsr it seems 40
longer doubtful thai ths Papsr money advocates
/ sre dstsrminsd 10 p1sh thsir ep3cTE1cigy 30 sac
very last asspersta rsssrt, exactly ia imitation Of
tAs famous bgbbls OF tie grsat Brircs Of Pepsr
EioEsy, The celssTAssd john Law.
/ In yiss Of this essrss Of sFsnss, IN Jauuazy
Last, Wrsts to Ss1sisg Fsssaudsa;
!" Thags Is q certain PoGisiTs Ezis ts cur c.
Pse.ty fer szBeudilufs Is 9 Hs.isa- Oar sayings
On The Loyal Stsses) have besn shown ia our last
esBBas, aad although soms estiusss thsm as
s0nrirsiHg dErizg sven tie present struggle as q
rats equal T. that of tha mos. Dros3arsus year
/ Of the dscads, Htich eoEad with al agzrrgsts
Eeslsh con mpatsd Et tWsIVs thousand EiiliCRs,
il Is By tAsss thss car eszrss in ihs wsr shsald
/ be regulated IS 30 expenditures; and Whistler
tAsy sEasunt 20 foar kindred or seven hundred
BilhGns, it uust Be s0EBs IN nltad that sas reg
ulatlHg power OF the currency 5vsT taass say
/ irZs is ons sf ths moGt Important eiemsalls ef
/ cur economical cAleulaslOEs. II We eoEtiaga 70
I acs % eur pAPer EseasuTe OF prices, no suall
! cantiEaa 70 issscR tue power Of the people 20
save, because Ws shall driYs cat of the eouz-ry
| the Tsal money upon Wkich al pTiee1 aEd values
| depend No legislation nor devise Of uaz esa
prevent that SPscis s uoW nssr hiry per cent
premium; prices Of everything but Government
stocks are Tising, and gold is flowing cut Of the
csazt-y IA a steady stream. More legal tender
viii increase the prices Of al properly sad c6z-
mOdities, except G0ysrnEsEt stocks, and reader
it mere and mara dIficUlt 10 fu1d the national
debt in long l0AHs.
"phsss phsaunasna sEs not new. They have
always aecom mssuied excessive issues OF Repsf
nssey Fright has IS Ruch iIfusRcs Es she
love Of gain, producing them. Whaa .hsTs
is an a5aadaa g Of money and everything Is
rising, people Gud Il mare profitable to uss the
msBey 90 spscuiats wish than 70 Inysst Il psTmz-
nent leans Vast iAsues Of Governmens paper
money creates fears Of national bankruptcy. All
t3is iesF and slsgm, sRd spscuialisn may Be,
Ald no doubs Is, very foolilh sn3 very unpsHi-
0de- Bat VS. eaRnes change human Bafurs.
Our gts teszsu auss deal with It ss Il Is e skey
would make Is serviessbls to ths grsst and holy
object Of preserving cur nationality azd psrpss-
zssiHg car issrtiss."
Aad IN visw IF the hostility syincsd ss Wash
iuEtoR toward al sxssisg banks, I adisd in the
same lsttsr 70 Senator Fssssndsc:
Since the foregoing WIS written, nay atssa-
toH has been calsd 70 The stats Of feeling and
opinion cIisdngA 81 Wsshiagtsa Hpoa the 6nan-
eizl zffsiTs Of the. GovsTsRaEt. a persistent
hostility seems 20 prevail against the banks, On
ths part OF Ihs vary gentlemen Whe dssiTs is
erss58 nav banks. Now, / WO1ld ask, Is skis
sins for such maehissLi0Hs II vas impossible |
for toe Secretary Of the TrsaIury 70 have gene
on, IL tho early progress of the rsbaliiaa, had
not the banks come 2 she aid Of tAs Govern
nens Indeed many believe that ths TebelIisa
would pTsBsslY, st irst, have bssa Successful, /
If the banks Of the loyal States had a8s Y5laR-
tserea bheiT ais, e. they did, long hsfors the
Secretary vas abls 30 IaaEars any plans for the
relief Of the treasury. Allh8ugh ihs banks sEs-
phed aim with resources, he Rsglsstad shs pre-
visions ct The law sasserz;Rg hiz to draw dirset
upsR them, pTofeCrins TO make his drafts through
shs suB.1sssaEy, thus draining thsm Of sbsir
coin, and from this cause has arisen Vory many
of cur has8cial Troubles. Is prsd8eed the sus-
BsnsieA sf specie payments, and caused the in
aa5isn Of the eUTeRey, which together VITA ls-
gal tender issass) have tsndsd - TSaues sur IA
tsfisl power, shEs fAveriHg tas designs Of -
rebsls."
The hostility 70 which I thus rsfsrrsd has now
bss1 openly avsWsd By the controller Of the eur
Feney il his Letter dated last noah. He hss
declared his desire ts havs All shs banks zoW in
existence wound up, aad tTaasfsrraed into banks
vhieh shall be kn9wn By simple numerals, ss
"sae," "tws, - ''tAres," four" etc, 80 that 10
diEsiResisas shall remain to mark those Of high
credit and geod standing, as the BaRk Of New
Ysrk, BaEk Of CgBmefss, and Ike Institutions, !
from thOse which may have neither. l can md
ne wanaat in ths act sf Congress far this Grbi-
trary decision against the old banks retaining
thair fsEmer Rznes WAsa recognized Es9sr tks
rev law. Hs says: "BsfoTe snsaraG upon tls
discharge Of Eny duties IS c5RtEollsr Of IAs car
reaey, ths Gscrstsry Of the Treasury, after auch
esnsidsraEiou, had esa1s 80 the Conclusion, As 8
rational currency was . bs pEsTidsi lhrosgh
the instraaeRtality Of E1tisRsl ksnking asssciR-
tisns, taAi al Eaca associations should hEys q
esmraoR aanla. PsrssR5 fermiEg Hssee.ssi0ns ua-
der the &C. have, ths-sfsrs, Baea advised to ssEs
tss nAraas Of First SseoD3, Third, ETC., nasisnal
sanks Of he p.seas ia which thay are asksb-
lisasd, sccsrding 70 the order Of OrgsHzssssa.
This ruls is szPac5sd to - sbserVed By State
banks, thas may Be converted iRto national
banks uRdaT the 5iKty-6rst aoci3a Of the acB, as
vel e. by original associations"
II is zgt the act Of Congress. therefore, but
"ss16lGsi0a" Of the Secretary Of tee Treasury.
which Is 80 prohibit bsnk frsn rstsining its
name, sud5r which Il may hzva s.isinsd high
dsgrss Of efsdis, ss Vausbls 80 it. probably, IS q
large portion Of It's cspisaE and, iEdssd, The
Secretary might vita as zach jussics require
n9sn employed IN thsss new bAHks, 20 be k1oWR
BY sker unEabers, iRatsad 81 thsiE Eazas, 90 fsy
ss any REthsTity that / can 6nd in the law
st CsnErsss has conferred lhat power upon hin.
The csGEClisr OF taa gsrrsRcy says: 81 know
vita what tsascisy azd Driss TIE managers Of
cid s1d well coadac.ed banks cliag to the uaEnss
vhish thsir abilisy and integrity have asae SO
much 20 make h0norss,s; but I would suggest
70 ths1 that Il viii b 81 easy matter for tasn
70 lranslsz 70 Rztional Institutions the credit
shiea they ard their predecessors have giy-n 30
sssts i1su.usion5i thsE It is zOs the name Of
bank, but ths character Of its sscgEisias shas
give 70 il the e0aE4szcs Of the public The
Asfchznss' bank Of BSssOa viii Bss loss par
scls Of credis BY bseoRling The 6csi national
bsnk Of BosssD; on tAa eOnTRTy, its credit viii
be improved By t. Nsr would tie stock sf thsI
CasnIeal oaHk OF New Ysrk bs a whit The lsss
vaiuab.s, ueg wsRld its reputation be in the
slightest degree issss1sd, By its bsesming shs
tanth or Ghs fisisth naEsDAl bank Of New York .
It is true that "s rsse by AAy other Rame
wsuld smsI As swssE," bGs I d0abt vary mash
the pOssisilisy sf transferring the credis Of ed
Banks, As ke proposes, 70 tbs nsw sBss, uzdsr
nsT kAmes, especially as the names he proposes
are net real distinctive names, but simple Hu-
msrals In the case Of msnhsIs Of Coagress,
or the msabors Of ths CAbinss, for sxsmpls,
hsw ridiculous fer the speaker Of the Hsass
Or ths President, to insist upen having them
known by their numerals Or tor tho secrssary
saS tbs controller 70 b compelled 70 sslocs au-
meTsls for themselves! 4 ''ceatrslzssioz Of
power" as Washington, % enforca sueh a Tegu-