Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-11-24

taH8HuEf eul eiafMluf. II Qeioal1 tha soa6s
seearity in the pssses len Of property, dssirsg
I tks confidence Of the citizen IL the GevsFnmsn
outlaws one class Of citiEsRs, end is sHsveIsiv
Of TIE foandstians sf soeioty.
The Hsssits Seem to lie between eqaal % fsEs
iisR apeR al TIE property gf the e5zasry o.
The eho haad, snd.(2) semBulssry funding. Tai
esMpalsIsn ssn sa applied ID airesily as - M
Graggs pieH or some similar sae, sF ~ Indirect
II, IS ~ Mr. Toorabs' Sian TecsHtly endorsed !
substaaca by the bank canVsHtsa--giz: e.,
payable in gold, or IN tie esupoas Of geld boHa'
Let us consider the comparative nefiis 81 thsi
plans. J. TAxataR-very beaSY-safHeiaat Z
absorb the surplus eHTraney--asd irsgsan
aaaueh 70 hssp it dewR. 3 A fereee lean gitl
bonds givoA in exchange. ). Funding, SEN
PEELED by the Hosegsity Of PsyiRg tax IN sea
PsRs.
A ssrrsssandsnt Of the Rishzond Eaq,irs,
nWsylaad" favors ne downright tsIsdsn
Hs wsuld pT5fsr ts pay his share, szd Be den'
viii is. Sc Would l. II Ril we're q car E8iHs
the natter might Be wound uP rapidly. Ba
thars are many VITO might fed thla maitsT ioC
Etriagaat, too great and saddon q change
QzSrg-HaW far Wsuld this throw the buFdss o
TIE whole dskt upoR the States now IA eur liassl
WoRld il sessMpligh tie same FeEHli With e5m.
Balsery fuadiBg, dg!rbgtiug the sobt a1ssg al
the States ultimately forming the CeHfsasTacyl
"WaylEzdn sbjsets however, 20 She whsie
fundipg system en- the ground shat beads ssem-
sslvsg eireulate--sshsiituie part Of circulation
--worsa thar that-sfa reproduction, and aysfy
ak r1antks issue a asw bend Of eErrsncv. Th;s
ohiactina. If fast, ia rsdieal The EagKirsT adi-
tarily holds thct a feTesd loan Gsuverts beads
iata currency, theTsisTs, list funding viii asi
sEsWsr she desired PuEposes asd Ess shsll bat
hevs sHr trsUbls fer eur pains. That g1essss
gill mean netting, boaas being uadsY sReh
circulastsnsas, Enoroiy an interest," bsaTiRg eur
rsney, sslEiacTeasiHg.
Il is eAvisas has fhis sbisoiien, f valid, Is
eanclusivs. Bdt We think it uhfsaabls. -The
eoacusYs answer to Is is 70 be feuE& in the ssll-
ditsn aaasxsd Re the issue Of tho bonds, viz
tkAt taxes are 30 bs said in the soHpGBs. Ths
EHgairsT says she dsmsad FOX the bends viii
be saab as 10 nsh8 them currency" Net 50.
The 6sElsHd viii be fer b0Bds 10 hsl6, Hst Is
sail, TO kssp thsm, and ass lAs cougsns % BsF
taxes vital This Is ske esnplsts safeguard
sgaiRst sh6ir ass as currency, shat men HHst aOt
oaly ahtain ibsB ts have coapOns WaeIsWith 80
pap tko 5rst AK bHt rstais them 10 pay taxes
ssazhlly. The remark sf the EsqEiFsT snly
applies ts q lean forced by direct hsaas without
tie provision - to sauPsns
Hr Ggegs's methed is brieay Ehis To levy a
fsrcsd laaB OF twezly- five per cant. Cor 80 much
as may be Besdsd) upsa iha whole property Of
the country, giving in eZehange bonds payable
at certain dates, bearing seven per csnt interest
At lsgEI and receiving payment fer the bonds in
irsssurY notes st the Taxpayers themselves, &C.
cured By loin on tie whsle property Of the
Baysr, (Wbich would bt thus leaked ap an
der a 6rst msTigsaa) Tho notes, with their
msTtgsgs lein on tbs property, aud with iks
soRds attached, Government waald Hsgotiass at
seBs OF abroad.
~ -I.aT o
upon groDtyty--too universal sad atridgoal Il
is liable also 10 a sirong ssjsst0n argad by Mr..
STegg 20 the tax in kind, givisg Gsysrnmsnt
ts0 mach 10 de, and that Of very scattered
business. We doubt the foreign demand for lhs
aeios The fact that TIE rate OF interest Is
so variable iR countries and evon secleua, Very
accessible 90 cash ether shows haW mush per-
ssual eontidsnca and InfoTmtiss is nessed R
Investments. VS. do not lhink segstiaiisus
could 30 GsmFleisd duriHg .Ao slrass o. ihe Ie7s
lution,
This plan docs not provide sufficiently for The
exceedingly Important point of rsdasing The
debt. a. wsl as shifting itE form By heavy taxa
Li0n a a .ims when the Redundancy Of she cEE-
Tancy renders il comparatively sssy to bssr. E9r
3sss It Brsvi5s against bosaE fhsnlsulvss bsesE-
irg q farm Of currency.
Mr.. Gregg recommends an export duty Of svs
ssniH per pound en- cotton for cur futHgs rslisf
The suegestisa Of Senator Toemes strikes as
IS possessed Of PssRliBT aeIit. Il is 10 ssuo
bends, Wiih principal and interest, payehls il
geld or ice equivalent, and adept mefsures e
make thojr payment osTtaia, BY HoTtgsging q
specific pOrtisn Of tho revenue to the send hsld
sTs the tazos en- their isos irrspeslabls aatl She
bse5s are Psia, and sksse tazos payabls only II
geld or ihs coupons of ths boadh. Future p0si-
i've iegislAsioR would be needed .a alter Or DE-
test the lisR, requiring The esncarTsnes Of all
branches Of the G8veFsmsnt in srder 10 say
5chsms Of reaudiatisn. The Is 600 600 losa,
based on thaas PHsGiplss, though Ike seuBons
s-e net psid in ssiH, still command large pre-
aiam.
This scheme is sinpla ss its face bat works
srsst variety Of TslgliB, and 8utAanks many
difficulties, wbethsr 81 esAatiiHtioRalty OF Of ex-
pssiisncy. A.iAeuzA not preisssedly 90, g iB IN
reality means 81 compulsory fuadisg, ead saR
Be made lhs neaas ef forcing in tho currency
sRd eondeRsing il e il GENES, in aay giVsR r.
tio of condemnation, Hithin ssTthin wide liRifs
Ia Sc doing g is lfss alss frsm the 9siss.isA Of
unequal pressure.
Tkis slaa is sst1lBgsht very. Il requires
sI4.s-7 Of 2 PSF ssHt bends, 9l6f Of 6 per
cent 5anda, al par, 10 yield one aahasl dollar
aeRpoE, $I4, $50 009 ef he eEs, or SIG CSC, ,6s5
Of .ho ether, 10 yield 81 900, 900 is e5apoEs. r.
larger Eu3auni Of esrrasCy will Be retired FOR
ssoh 81 Of ssupons, say 833 ts 81, $50 to 81,
Ah3 Sc On Aad they can be made 20 canmand
any desired premium within certain limits. Ths
machinery Is fswsrful--iully oQEal 50 that Of 5
dirscs ferosd lsaa and Is Bsrfestly hexIbls. Eses
lax payer n8gotiates foI hlasslf, sRd net Gsy-
ornnaat fer him. he aay hsy soEPsRE inssssd
Of fandizg. The nsRsy which wsst ont dilute
1siarus condensed. A powerful oomPIassog lH
applied.
Tie suggestion Of the Rchmohs EagBiFsF Of
a tax Of 5000, 900 600, (or any oihsr lum de
sired) Of Which 1890 100000 Zone thira, OF sRy
elhsr pTss0rtisa) 90 be rssufEsi il bends, oaa
be sxAstiY agpsItioRod by this method. IL ear
be made te retire any aEneunt Of oprTsasy antil
currency reaches certain ralio 10 gole--EssuTE-
ias asy amount Of bonds thought judiOsus.
Tue proBositisn Of the S. O. BaRk convention
Is chat eoTarnmeat aheaid issue SL009, GOO 600
Of bonds, as ak per cent. interest, and go IN
yolVinq tds Bsgmsnt Of $50, 900 900, AID lay G
laz 90 raise this sum, Paysblo in geld or osupsps
Of the bonds. This Woul5 reiiTa 81 COO, 100000
Of currency. Suppose the pr0posiiisR varied
hswsver, aad that instead cl 81 900 00s 900
anly $500 600 900 Wsro issusd Of bonds, rsquiI.
iER 81 Of currency, howsyoz, for 8 Of beads,
then would ths effect bo shat Of q miXed tax and
lean, ene-hAll ths amount paid being refunded
ia bonds.
II 1888 3s3, 1888 we're issued, The sHggsstiaR Of
ihs EaqEtrsT ss to ratio could be carried eat,
Though nel as 10 amOunt BHt WoEld not ihis
be Hnjass No, net if the tExasieR and fandihg
we're appoIhosed e. Just priHeiplss. Tbs wssie
question is ems Of s1psdisHey, B0s Of justice
We mean the question as to rata. II it be jssl
to require the payment, absolute, in she term o.
a tax, thea lhe suERtity to be rstarned In 5eadE
is aego mattsg Of egPoaisaoy, sven Of favor
There Is no inequality 9i 8arsens,. ne injufiies
involved ia the iranEEcten, 20 any basis wAst
ever Of exehsngs Of currency for bends, loT o.
high Iadee3 if bonds we're taken ail ever tbs
country ia any lusi rate, sad held ia the Sans
ratio, Ihsy would simPly Measure Whsi sael
zaaa OEss hlEasslE Hais is literal iTuth. nlaT
ssBla count his bends Gsd zee hoW maeh h'
would have 10 pay hiasel annually, and he's
much sl ths expiration Of the term Of ths bead
TIE sniy PoiHt ia delay is genee--sxtsnsioE
et tiins
LIST It be remsrksS and ramemssFed that