Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-11-26
sCnRmE or TuR AUEUsTA BANK
CONVENTION.

lies whoa, with your permission, / viii briefly
notcs through the columns Of youF psPeE.
l. Tia "plsnH Assumes he Confedsrate debt
70 be, or as soon to be, enc thousand nillien CT
dollars.
The proposition is, to take M that debtby tie
iasus Of SIX per cent. bonds 70 that amount,
to-vis. 70 ihe amount Of one thousand Millions
the insorest-ssy sixty million, to be raised BY
an annual tax.
These new bonds are, Of course. TO mature Al
such tine IS Congress shall designate. Il mat
tsrs not to my present purpose whether thsy ma
lure a ten-or tweniy-or thirty-or even at
Efy years. It is enough, that they are to be
paid a. some future day and to be paid in CEN
or Is eaaivalsut. There arc some points in
which the debt in les present shspe and The debt
il the shape proposed, agree, and some IN which
they materially differ. The people, for instance,
are the paymasiers in both cases. The materai
differences between the two is, that the debt in its
present shape, or t~hrss-fourtbs Of il At hast, is
payable in cu1areg; but in is proposed shape,
is wholly payable in soin. This is q material, 5
fundamental difference between the two. The
immedists and necessary effect Of The "plsa" is
60 convert & e,rrszcg debt izto a specie debt.
Assuming our present debt to be 0ne thousand
million dollars, thTse-fouTths Of that debt now
represented By TIE curTaacy and by unadias.ed
claims against the Government, would be seven
hundred and CITY million dollars, and wsrth at
present rates, lbaut Gisy miliien dollars in gold,
a. -, f GHaa- Esr oap
The plan" then, in substance is, that the
people saall, ss q futpFa dsyi pay seven hund1ed
and atty million dollars in gold coin in discharge
Of q debt which ffy million dollars in The same
caiu would now buy up sHd discharge, and uniil
payment Of The principal that sR annual tax
payable IA gold or coupons be eoIesssd to meet
the aecruiBg interest. The annual interest or
she seven hundred and fay million dollars
would be forty-hge millions, a sam nearly equal
in value to tho whole Of the present currency
debt, if is value be estimated by The present
vslus of gold.
Are the people prepared 10 submit 10 any such
scheme1
9. Is it not far better thzt the people, having
new 8 s~uperabundaRcs of this currency, should,
by means of an equal and just tax return il to
The Government to be at onco esnceledf
The chief cause Of the depreciation Of The
currency, is its redundancy. Its value Is in
proved BY every sensible d%iminuion, Of it. lit
be reduced to an amount just equal to the busi-
ness wants of the public, lis value viii n~scesss-
/ rIy approximate The standard of coin. This To-
ducHen esn be effected either by Che plan" pre-
posed or By en- immediate tax. If it be reduced
70 O healthy point BY an equal tax, " Tesultz
viii follow: Ist, the public debt to that extent
will be paid, and %, Q good currency be
established.
II. on tie other hand, the currency Ehal be
absorbed BY the issue Of new bonds a. proposed,
tive. bat very different, results viii also follow
LIST. The currency debt now ef the value Of fifty
nilioa dollars becomes a specie debt eff seven
hundred and Rfy millions. Cd While the pre-
posed change would increase the debt SEINE az
teen to twenty loli as above, Ii woald in The
sane ratio diminish our means of payment be-
cause il would bring prices down from a cunen-
g. standard 10 a gold standard.
A COW, for instance, is worth in currency from
$3.50 to $500 4 fat hog from S2O0 to $500.
II we we're to pay cur present debt in our pres
eat currency, q COW would Of course pay nom
$3.50 10 $500 Of H. and a fas hog nearly as
much. When, however The currency shall be
| absorbed by the new bonds lnd sixty million e
year to Be paid ia gold or coupons to keep down
the interest. the ease VII be altogether differ
CIT The same COW would fall 70 the specie
STANDARD and psy but s25, and the hog but go.
Nov, without Celebrating b e-5ubject, look ct
and contrast tho results in the Two eases. In
The one case, the public debt is either paid Or SO
reduced that the currency in circulation approx
mates the staadsrj Of specie. IN the ether
essa, no part Of he public debt is paid by the
proposed arrangements; On he contrary, che
amount in scua vsiRe is largely increased and
cur means Of payment largely diminished :!
3 By-an sspal and Just ssK Inc Publie debt is
paid and forever. By the "plan" proposed IS is
nos discharged, bal converted into an enormous
specie debt, beyond eur means Of payment, IN
loss We return te 8 tariff, and thus violate the
| cherished doctrine OF free trade. Shall We, in
sadiRg .hs. revolution, come back to tho point
hum which We started gAal we 50 manage
our affairs as to create a necessity for high du-
tesf
a. A great deai has been said against "spseu
lstors" and 'axsortouers" If the impression
be true that they have amassed immense fortunes
by profits on the necesssrieg Of life, il may b.
well 10 see how the proposed plan" is likely ID
affect their fortunes.
Now, they eaa make but little use Of tbel
boarded millions Of Confederate notes, beeaus'
hey cannot loan them st interest to any pTuden
man, end because they cannot purchase prop
srty except At lnormeus prices. The proposed
'Blan" puts these boarded nillions on q sPscl
basis and on 8 pTsaRetiDs bssig. Now, thesi
notes are dead capital, yielding 10 interest, ant
worth in market from fifteen to twenty for on,
dollar in gold, and We, The people, are 10 be lake,
to make these millions equal to gold.
Il is no answer, thst tho i%nioIes, by the pre-
posed plan, may Do paid in coupons, if The ih1
payer has them, or can get them. But woe ant
him f. by any misehanee, ne hiss nos supple,
himssR with ceupoas. Il must be borne in min,
thst-eaeh one mast lay in a supply, not for
year, but for 8 series Of years, running through
20 the mAlarityo of the bonds. How many eai
De ~ How many, from generates sr improvi
dence, viii Jaii 10 do.a7 And shall this largi
alEss be lhIeWn into the HANGS Of the speculate
and oztortiousrf God forbid pray.
But, IN addition, have you reflected on Ii,
amount Of coupons necessary to be lsid up
Lot as look at hat = moment. Suppose lh
bonds have twsnty years to run 10 maturity, tn
interest," az six per cent, amounts in . year &
sixty million dollars, and in twenty ysars &
twelys hundred miniea. If each person subjoe
to taxation were to Icy up coupons eaough q
~ liz inr IN lha Cnnfader.ta nnrernmer