Brownlow's Knoxville Whig, and rebel ventilator. [volume] (Knoxville, Tenn.) 1863-1866, 1864-06-11
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Ais.e4salla one 81 the oldess End pefnHps
Ilss abiest fnaheIsi aid comulsfessi journal
= slse eoasslrt. discusses and fevlsws tae
lsssanIafy state pf tho netion very ssaOe.
ralnls.s
cur financial resources equal 70 the eiioF-
s..ls..s at.d UNPRECEDENTED strain 10 which
s,sis ,sisfaaiic war subjects them IL the
slt,sls.ft.,is az the cnrrsnuy excessIyel Are
inv |.lpilss hi the national lean safe, and
are Ne secure against any and all forms OF
YabhdlAtior OF of depreciation egufvhient
a, "a 4, als The obligations of the country
{ Il repliss Suppose an opposite state %
afshifs nom the present, and that Oh the
Manufactured products of the country were
|lSEel,fx I. eve 10 fiffy per cent less than In
g SO. Cheaper labor in the same rfupor-
lion cheaper farm pFodacts, cattle, horses,
grain. and an the staples OF expor,ation.
Whe does MT see that suffering asd losses
weuld follow, and that the great war on
s,sF hands would fall with ten fold severity
upon the strength and resources OF our
psopleS Even II The prices OF 1860 had
been simply maintained, no class OF elti'
kens.--merchants, farmers, nor laborerr--
would have borne the trial rs easily as they
now bear t. The great fact is patent 10
every man that the tHrn Of the finances
h wonderfully favorable to the visible bust
ness Of nine.ienths of the people; thai they
are prosperous 10 an unprecedented degree,
and that the country can and will easily
cav such taxes rs nobody, three years ago,
would have dared 20 suggest, or to believe
possible in the United States IN the most
prosperous times,
Still tho point in question is: Can we
par the debt that has accrued and will aes
erae. the principal in good times and the
interest in coin "a we Ro4 This 10 the
main question, end renlly the only question.
This iuseet we do pay now, and pay 1t
easily. Tho. revenues, present and pros
peetive, are ample for al saeh purposes -
It Is proposed 10 raise three hundred mis-
lions By internal taxes--really . SUM larger
than il neeessary--bat stu that can be
paid, if leyied' The increased dnties or
imports win ratse the revenue from that
source to one hundred and City millions,
probably. For April the receipts from Gus.
toms at New York alone were Sl4,65e.53t
In April, 1863, 3,e92,HI
Increase in 1884, si0,7Ga, 5o6
And this enormous increase was all under
the old rates, though, Of course, melted by
the expectation Of higher duties at a later
pcrica Suppose that both aud all sources
Weld but three hundred and tfiy millions,
what reason Il there, then, 70 doubt that
the whole demand will be met, and that
something beyond the mere interest will
be paid on the public debt every year from
this time forth
The chief point Of controversy Is over
the soandDess or nneoandness of the cur
rency. There are $3.50, 100 600 of green
backs Issued aboat 81 !, 900, 900 of fraction
al currency afoat on an average. and
go. 0op, 600 Of interest bearing legal tender
notes. Opponents of the present financial
policy call these issues excessive declare
that they have caused rninous mutations,
and that they will collapse in the end. For
these assertions there appears some reason,
n II is all, as they assert, actual currency,
TO which the old banks add their notes,
swelling tho volume much beyond anything
known. But there are many gre at abate-
ments from these aggregates in fhe actual
eufi eRey used in business. In the first
place, 4 larRe share Of the issues at the
government Is kept out Of the ordinary
channels Of trade 10 various ways; IL Is
paid for unusual purposes, and is held
largely in reserve, both by the government
and the people This is proved By the fact
that il does not crowd the monetary chan,
nels, nor gather st it's centres. Enough Of
| 1t ean rarely be got. for payments on ac-
count of loans. aud Il has more than once
been ut premium in New York for such
.ka., .,k,do.,l.s
eddy largely held by the people Of tho in-
terror when paid out for produce, or Ia any
way by the government being always bet.
ter than ordinary bank notes, 1T least In all
the western States. Il IL not too much TO
assume that bali the entire Volume of green.
barl1s Issued il held ont OF use as currency,
much ~ gold was held IN ordinary times
before the war.
Tho same reasons apply atill more flreibly
/ 10 the new issues Of tie i've per cent. legal
tenders, four afshs Of which are hald as In.
ycstmeat. In fact They are worth more
| than currency everywhere, and - interest
accrued on them they are laid aside - re-
servo. TIE casaits say they viii Suddenly
be throws on the market - currency when
| the coupons are cut OF, but Though Q few
may bo, Che probabilities are thar they vii
ran their time. ore year. two years, or three
/ yeafs, and Be exchanged 80 bonas would b
baaring such iuterest for snch periods.--
| They greatly assist the government end its
CREDITOR, and they Dc DOT crowd he eur
feney-
Again, the Immensely Increased voiems
lee currency required Or sysssm Of casi
payments h hHeiness mast Be fohaidsrel
I Meney 81 tie Unltsd States nov largely
supplies the place Of basiness papsr In for
mer hnaes. How much business was CO
sied hy the credit system Of 1850 end pre-
i vious year which does not no3 sxist at ell
/ and IN what does 8 Rfeankeek or are PEI
ce,t interest," nofe rooaiFsi II payment iol
esye.zs sold inaafa the earreney more than .
SNsa - hshd thsa raeaIsed, which Nas die