Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-02-19

though not equal 20 m ya'gs would enable indgidual.
sd gsvemmenfs 10 adjust their eontracia upon some
tadY standard If value Il. bs-t7r would IT be 20
and o preserve thGt sqali1riun. To do this would
m rease tire rea value Of the bond in the bands Of fhe
lube creditor. II paid ix per cent IN M dnn Eorih
~ nnch al specie hil interest would be worth three
snes as much g paid n q currency worth only one
third a much 10 specie In the ifat ease on h9uirsd
i1 fr bond having tHsuiy yeags 70 run b. would haya
vo7 al the esd 0f tlt time, on principal ana inter-
esq. SEQ On the other sipp1sit1n ne No-a nate ~
ceiv q during tie same period OUT 80 A ls
therefore. according % aeusi or spec ss---I -
svoud b. worth much nler- The rst place than q te
second Tt has bee1 said lat q the qu-ntity o tis
MY noles n c-lnlaoH be raiucef re BONO VII iall e1
~. psfs fscrassag IA vaIaa Measuiad by treasury
notes th NAV be the case, bat il Ineasufe4 py ~
both ihe bond and the note increases "a fail5 =
beeu Just shown The interest q ths go9efn.a7nl ~
Il Of fo7r meal snd other supplies must De pureasf
annually for the arnly aud navy. wlen yaA 90 li7 ~
enTRncyr other things being equal, 20. e9-91 ~
s9u1i Of your dsht and The interest payable lpoA a.
AID Il the increaie il currency TO be 70
national credit can bear mp unier such weight Iaat
Individual citizgrs have deep interest II preserves
something k The Level Of the currency Of ne Wo.te
in tha Of che country, h proposition 100 plan @ os
I'll tue. however. that he return from Inflated
currency 60 the proper standard is an exhausng pro-
cess il it BE- not Eraiua. Ihat this Wi Pc gradual
3 ami ihas no severe pressure can 90 -las
the prnp9s schema, Is in every way probable A
largo amount of currency isasd prior 20 the nrs De
cem5er- 552 VIII be Withdrawn by degrees from the
ciealatiou unti the first of July 1885, By that time,
The Secretary esfinsiss that here will be than
S2J0o100 0ll OF issues and in addition 70 all this.
Of notes.
II there should be glsaf delosud for money thsy
VIA net BE- funded until the pressure passes a9sy ns
olss Iual@9is ~ siI4s vlii become c5nysrt1 mo
1ouss, and this process VIII continue anti the e1rrenST
tes "l' Wlc many OF tHfIn Hitl De converter Ml7a
fhey bacome plen ifnl. win be reserved fund frem
ich such notes can be supplied IL any sudden demand
should spring 60.
7Tf.-s q tt..s A..
Jaw y , On denies 10 the holder o. notes the right 20
flna hem sitter the first Of July 53 Is breach the
promise npon which the pubic creditor relied when be
'9'A taet' me pledge being taat he might convert
them into eight per cent 5ond at any ZINE before they
were pa able as provided by law. B when the cir
stances Of the case properly considered h VIII
be found tiat some measure which atta ns the ends 10
which This b lc Ks Is indspe usi1ie substantial
performance Of the contract TIE chief hings which
made the note valuable his ewes were FIRST that the
principal was % be paid months after peace see
ondy that be might fund this note IN bond bearing
eight per cent interest il be chose d. thirdly
that me interesf should be paid as promised him.
If we succeed in eaecng what IS proposed BY this
oi we shall preserve the ability Of the -orerumeut 10
pay e promised We shal give to tie public creditor
anl ie tine 70 fund his in eight per cent bond
aed when funded we viii pay the interest in medium
Of vsiae 90 much enhanced as wiz make L worth prob
ably twice as much a. i, is At present on the other
lii u me currency continue 10 expand e. rs present
rate it Is easy 20 hat IL viii become SO deprecated
a- eonsequ entity that ths public debt viii grow bs
So large tiet MS e1aness for the ultimate payment Of
ihe note or bond VII be sma and that the interest on
the bond Into which be nay convert his note viii -
paid 10 worthless Medium. The emergency i press
lg and we cannot take the sense Of the pubc cred
tors u time for r =nf ac.ioh j. is ease in which
W mast Juds' for them a. well a for ourselves Can
between me real alternatives which are presented for
bur ac.in.
Tor all thsse eonsderaons and in view Of he press
erieTg ncy IN which We are pi -eed the committee
lave reported be accom- pany1g bill which they recon-
mend Tor TIE adoption ~ the senate. That bin is d.
signed to urDi. iha Secretary of the Treasury with tbs
'seed by ihe issue Of the treasury notes but undar
uch Limitations aud provisions Hs may reduce the I
@ l ol lness notes Ia c reiiaton 70 the sum Of sll5
10 set these objects, thsy first authorize the month
sue ol s20l1p5j 10 such notes and this is done.not
eeansa ne Sscr-aY OF The Irea-ury is expected q
ut forth $500 00 0e1 in The year bat 10 cover the mag
num amount wl'el may be required Ia any month.
Next, iu order 81 curta the Circulation they provida
1r be fu1iing If the treasury notes bearing no inter
S. and ssel before The lst Of December 1862 Of all
eerti5eates rsprese hose notes. and OF all rea
ly notes oearing & per cent interest by the Hrst Of
uly s3 To DO thi they take from the first class fhe
iFege e being fuIab'e OF receivable u payment Of
ubsc dues ater hat day and they convert the second
fore that period They then require ali notes issued
20 be issued within fen days after the passage Of the
- Wnca gre tuqaoe u seven per cent bonds, 10 be
funded D. fore that dats or afterwards 70 bs
rda0e only in four cent bonds The new issues
nder che bin as proposed, to be fun7sbe in six per
by iato four per ceni. bonds.
The o5jec beiog 70 stimulate funding within the six
ouins oH diminishing n2l tnelr currency Dul t1er
ladable value after thar period For it is supposed
la, fhe notes findabie il fou- per cents being the
heaper medium VIII be used for currency, whilst those
IuGbia 10 six per cents within The SIX months viii be
onvertei into boHds during that period % large ex-
M
In addition % these provisions. designed 60 stimulate
md nE the Secretary of ls Treasury Is authorized 90
bonds plr base many treasury notes 70
nca the entire value Of those bearing no Interest 70
100000 These boals msy Be Of either Of three
as at his option. FIRST d. msy II be chooses, sell
confederate bonds TO the states Tor ireasIy notes 80
a- secondly no may sell lnfed' rate eords auaran-
sed by ha States for treasury notes and lastly be
isy purchase them with bonds whose interest is pay
be IN currency cotton tie pleasure Of tie holder
addition 90 all this the Secretary Of tbs Treasury IS
nthorzsd TO use the proceeds Of the ses Of produce
-heh may be purchased under existing laws, or laws
ct % be passed. 90 buy up treasury notes az the mact
ates until the amount In circulation shall be reduced 90
l75u10 COO within which limit the currency will be
sfs, b3th tor ths government and DE people
An Of which Is respectfully submitted by
r. H. 4. HUNTER I