Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-08-21
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EtauriT Increasing priea8 Gf That ugs e0usun1,
20 brokers ard specuiaEors. Sue thinkers res
sen On ne surface of things, aad 10 not aAdeI
stlad hat brokerage and speculation are n9t TIA
cagaes Of deprecated currency, bas srs chem
selves the ihcidents-.hs cresti0ns Of that gres
I nsfonol evil
Isis m UnvaryiDg is- Of currency, that err
Te1cles Of uregusi value WI. not and Cannr
{ circulate t0geth5r The cheapest. or the inferior
viii enE0rgs the channels Of intercourse. Will
me better will be Hoardsd ard retired from cir
cu.ari0u. Il IS this unequal value OF 4 G.raB
cErfsncfes that generates br1llarags We hau
az tais tine thres grades Of money only oes o
/ which 10 la circulation. Tasrs is ia the Con
Z fat8rlcY. Eeld--ihe STANDARD uiaaaurp Of tF
world thsrs Is 5 ate bsDk money some hu1
drsd per eenti ard last, there Is Canfsfersu
! currency, some thousand per cent disccRnt upor
the world STANDARD
The necessities Of commerce require the us,
/ OF gold and, 70 q much larger extent the dis
I trust Of Confederate paper causes g0ld 20 B,
sought for. Gold end bauk paper hsve thus bs
come As merchandise. IL is lraa these cause.
that brokers have come up. They are caused
/ by-thev are the creations Of a diseased stage
OF our Confederate circulation
| Our Confederate legis alton bss greatly multi
pied the necessity for brokerage By fnstitutinQ
d crImiuBti0ns even ia the value Of Confsssrafs
Pc rejectHg large classes Of this currsuey N
payu1at of State taxes snd. Iikss7iss. the policy
OF eur city banks in refusing 60 -scaivs the sama
on deposit, ass greatly aggravated the ovi
bruzfrages IS SAID above Is the incident Of ma
qusl value IN msT1y. All this egislativs tam
Eeriug haAbss increased The depreciation and
enriched the brokers. We complain of brokers
As well might we create pond and leave its
siagnant waters to the action Of the san. ald
then lament that tadpolss aHHsy Hs with lheir
hateful music.
JC1n Lsteaer5 cur present mOHt excellent rav-
ernor, is what We call IN ths-c5uniry "a common
sensed man" His shrewd. practical mind en-
braces the scope aud tendency Of ell this tin yer-
ihE up'n tEe only currency Ia reach Of the -Uen-
pie. he meets the duiies of the sccasisn with
manly disregard of any parties on whom the
CelsHre may fall. There hsz been error-u1is-
chiev1us erTOr somewhsre-froza 9hich his own
people are ike so suffer; and, in his proe ANA
ilon calling the Legislature IN sKsra session. he
thus -Tsats the subject
While Il Is proper for the Confederate Gov
erumsBs 70 cal in its excessive issues aud to
endeaVor TO und the debt il is nol necessary
OF proper, IN my Judgment, IN doing 50 TO
diseredit Ibe euly money that is now in the
hands OF tie people 70 meet their every day
TanssttlOus The capitalist and broker NAV
collect and fund the amount Of the currency in
their bands, bDt the Government sbOuId not
permit the bznbs and the corporations Of the
country 60 diseredit the money which the poor
are required to receive, BY refusing 20 receive II
on feeosls and rejecting it for ordinary dues
and much less should the States themselves dis
credit It oy prohibiting its reception IN payment
OF taxes and public dues. Such acts are mis-
chisy0us in tee extreme, and will Drsduee
panic frightening the mass of the BaspIe from
Their propTety, and tsaiIng 70 shake the Gov
4rHnenSt1 IL foundation / coavqizs the Leg
isis NE 80 provide 4 remedy for these evils. auf
specially to repeal the act PROHIBITING the re-
cap1on n C1nedsrate notes Of particular
date, in payment OF public duas Much rather
Tc1.i punish those who rst1z7 % recafvs rls
ea.Ieaty OF tn9 cFudl5y oll1 Inc Utm 1sa pen
siaes Of the law"
Tbs is very plain talk Of Our Governor Tti=
down right and dir-cs io the 1uraCss. Hs feels
-ha hIa inflicted on his own neap1s and ba
comes 90 ns rescue IN. she night spirit We
wish Eaere were more john Lstchers iu cur
-u1 .re servics.
But % return to brokers. They are not the
cause OF depreciation; taey are rather It's crea-
lons--thsy srs tHsEi growth spcladarv up9u
.he Diseases OF th2 currency. TdOir presence fs {
ssmptom Of tuaE dis-s5r; their prosperity .
TaTks '.s Aggra7a.i1u- We mean no o-snss to /.
.a5s very worthy class Of our ci6zsna; bat they I
ife snpiy the financial scsYeugers Of 81 uH- I
7n1Iss1ne plethora. Abuse of sroksrs-hos- /
ne legislation sgainss then1-v7fII nos .9snd fbs
'urrelcy IL vii only c0HtiUus the choke and I
,.ut OF appreciated a8i u5isams circulation.
7hc1 thes- most industrious classes delight to
umbs cut Of orr way
The history Of brokerage in the United States
would be curious and instructive on this prirt
g would he feUad that brokers have sivavs
sounded "a times Of monetary troubles. War.
ynIel necessarily dernngss tbs currency Of a
ountry- has ever been attended by this couss-
.Heuee- Peace, and q return to q sound conii-
len Of circulation, has uniformly abstad tHsys
mere symptoms OF disease. The war Of 1872
h0rdes Of brokers, ana the mulliBIi-
alton Of 5aRks and Of iTs3semsBls bank paper
Win which the country was eurssd-until tbs
lised States Bank got into full Operation,
bout the year 1920, and forced the rasumBtion
I specie pay Ymsn's-c0ptinued and seemed 10
stao,ish the empire OF brokerage.
From 1920 70 1893 the country was zee Of
rokers, The currency of the country WA In
bat interval sound. convertible bank pausr.
acslTable eTerYWhere for public dues Il was (
very'There Of equal value-BawheFe a saIesbIe
rticle-and, therefore, brokers disanpoarsi os
profession In tho large eilies-Nsw York.
'h1lsdelphis and Boston-Ehere wers not half a
ozen brokers, and they not bill brokers, but
callers In exchange and shavers Of insiyidual
otes.
When the Bark Of tbe Uaited States vas m.
own, IN 1855 ) ste banks multiplied. the e1r Z
incy 5eeams redundant snd Of r4euUsT vsl-rs
nd orokerage became an institution in the and
We cast hack upon cur own ebservstios Of
onetary dtaeuities, We SHALL find that brokers' j
2uEish NEST IN periods Of monetary troubles
ld tn2l q return to so1nd condition OF cur
ncY b2s always abatod thair secnpatian.
elrTIIfuI ny
1t bunt down aud remove the causes. He issI
laek whe seeks 10 rub of the sDack of IN.
sas es, or 10 pOBihce the pits Of sbs srnall-psr
lsse are the symptoms, not the substantive :
sease. s
Let the energies Of cur statesmen be diractad s
ainsE the Substance ef the disease which con S
nfs ths strength Of our people Every man s
that redundancy of Confederate issues is- :
g disease. Aoats that redundancy and Won S
'sen the disease; but the subject must bs S
ndied Wisn delicate care, lest the very orga3- ,
Q of the system be undermined ,
The whole Confederate finance il basad BnoB s
biic coudisnee. Trust-lrust ia Ia .g6o3 i
.h OF cur G0veTnmsnt-trust in It's iutsyyi-y
fulfill Its promises in their letter and in their 4
'rt--is the stock on which the whole strue. :
,e Of our public credit Is built. The CoDfad.-
q Congress, IN thsT zeal 70 abata the evils of "
sdundant currency, hzve damaged this bigb "
lst m Government good faith. With a strong "
nd, they have struck from the face Of tbsir "
n notes a feature Of value, which formed "
lterai part OF their own promise They thus v
Ye shaken tue foundation rock Of our whole "
stem. Their purposes were good; bat tbav y
Ike The friendly bear, who intended onIv 3 "
vs. the fies from the sleeping traveller. snd In
.nsy kindness broke in the bridge Of his "
le " "
aoge Lssteaer alters a manly truth when be- "
's' While It is proper for The Csutsasrsts T
y Fefaneaf % esll u is excessive issue and 10 !
'saHeI % tUnc ITS dsbt, is is not Necessary OF
per, IL my jadEEenf, in doing 80 TO 5isefedis Y
only mousy that is now ip the hands OF the 4
pc 70 msst their every dny transactions" "
his IS no way to reach pubic coUf5enea or 1
held q sseSdfast public LrEat, The Lsgisla- 2
q viii DO vel 90 adopt the GOveEnor's aJvice; per
y viii do better 10 urge sFon the Cenfad-
10 Government the aG0PEisH Of a sinking n,
u guetern isnrIusr fha rtrarsr,tSu-, a. - ~