Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-12-04
Ynnkse EInazeierlar.
lm ths PetsrshurE EEprsss

From The Petersburg Express
The misery Of a redundant currency is BaFely
exercising Southern pasrlosisn; sad the brains Of
cur statesmen, sud wsuld-be statesmen are
daily being rRcka1 10 devise some plsn for cor
Tecsing tbs evil. Il is to Be hoped that cut Of
the multitude O. measures ihst have been pro
posed, elaborated and discussed. since lis al
iouFr ment, Coogresa viii be abe after it meets
to frame law that viii suit the case and secure
tho much Eseded rafrem. By eollatiRg the vsri-
eus ssheBes which have been pat forth sad Gem
biRing their respective eXsellsneies, wish such
additions aud adaptations ss sound practical
sense may dieiate, we should suppose that law
might be proposed which would effect the
desired purpose
We have frequently, in writing upon this
subisct, sailed attention to the condition OF tho
Yankee currency and hasReas, whieR present ts
eur view a much more iraublasoma Rnd uusound
aspect than eHr8. Tie enormous circulation Of
"eresn bscks,n enc would suppose Weuld threw
monetary affairs al the Nsrlb into ss easi ss
mach confusion as those of the Ssuth are
throwh into by vast evsI-iasue Of tosSgry
notes. Oar mnrey aills turn 6Qt GslY City NIT
liens month, while th5ss Ia Washington throw
of at least double that aaoHBs, waloh goes in
ssantF into eiTeulatiOR. So If is alse wish Gov
eminent beads How Lhoa dsos Is nspDon that
the credit Of tho Yankee suTTeney Il se much
better sustained az home than ours Way is it
thas in comparison with gold is hss dspre ,istss
only about 6lty peT seut, while ours has dopEs-
clstsd naers than fifteen hundred per cent
We have recently bad a. opportunity Of con-
varsing with very Intelligent gentleman Wko
resided fer many ysaTs-is New York, and has
an extonsive aequsintsnee Witb ihs financial az
Fangemsntg Of the Lincoln GoFeTnment, de-
rived frora his personal observation 6nd -sss0ela-
slsns in that city befors and sinco she opsuiE z
sf the war. We expressed to him eur Surprise
ss theconparaliYeiy little disturbances Of R0r.A-
orh currency aHd public securities By tha n
nenss over issues Of ggeEsaTy notes, which have
for tive years bean pouring spsa the people
there. HIS explanations o. this hesd are worth
| giving 70 our Issdsrs, as shey rest, no doubt,
| 1pon facts that be Is familiar with.
| To prevent, he said, lnaatioa Of tAe currency
and consequent high prices, system Of com
pusery fgnding kas bsoR successfully used By
/ he Federal Government, WhIch consists il re-
| qciriBg, by acts Of Congress- aulheh4ing leans,
al greenbaeks issued prigg 70 9 certain date t0
/ be paid in for the said lean By treasury clFcu-
! lars Advertising she loan; Secretary Chase il
| forms tho holders OF such gTseabsehs that Va
| less they sTo used for Subscription te such
leans, on or before s ceTtAin day, they VIII Hoi
| be redeemed
sligstest degsss tsrH OF mutilated, are ky set e
] Conrrsss made Illegal for ordinary payments
/ and Rlusf be redeemed BY ihs purchase Of Uni
ted States bonds.
| By taxing she issues o. banks, tie nois5 e
The latter hsvs been rshrsd from circulation. A
Other nstes, such as those Of towns, individuals
etc, are prohibited with lsity.
In 1883 when geld had TiseR 70 10, GaeYstsu
/ Chase, bos0miRg sisrmed, plsesd In the hand
OF private brokers ia New York hity millions !
cOlla1s iE gold, With oEdels to G0od thS market