Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-03-30


hat there can be step taken 70 save or reeonstrUet
the Union until there i end Of hsatin8 the psope
will welcome any ordeal however severe that brings
sbout that bsnedeent result Reckless ard shallow
will rave At the mention OF TIE word Eepudlatien
Bat theiT profanity does not mead the uattsr-dOes
ret close the door Of their stod intellect against
the conviction that It s Inevitable The is simpls
one The interest the present debt 81 400 coo CO.
fourteen hundred millions Of dollars every ten years
The annual export Of agricultural productions OF the
NoTth Tor ne ton years ending IN 1863 amounted 70
only S63s SD. Hereafter the suTpus wsslth Of the
North VII fsh, for great many years, far below the
above hgures Beesuse million Of who have boen
producers Ct wealth, have been drawn Of into the
army, where tey have not only ceased to be producers
but have become nonProdaciss consumers, and de.
sjroyers Of wealth already accumulated II all ths
plus productions Of TIE North and West hereafter
given up to the Government they vii pay only frac-
tlOn Of the bare interest the debt That e. If
All the farmers, pfodueer sna la5oress give up TO the
Government every dollar Of TIER earnings, except
what bsrsly supports lie fheyo2n only succeed In pay
ing fraction Of the Interest the Republican debt
What become Of ths principal where the payment
Of the interest beyond the possible reach Of e peo-
psi Is there any escape except through the door By
which OR confi1entEt debt rolled OF from the
shoulders OF the psopief
Reputation therefore, "a not question Of right or
wrong, but Of necessity. AL must agree that repudia-
tionis very bad thing but this gsnsrsi condemnation
does not remove its insvitsbliy. Deaths unyFel-
come visitor 20 all but al must nevertheless sabmit
it The wretch who should advise men, IN 3hRr lives,
TO ignore the fact thai they must die, has in the
fool who would prevent from discussing this qnss.
ton, SO vital 20 3 nations life.
Moran in his in respects excellent work on
money, says; "Goverument paper money cannot, sue
,suly for any length Of time perform the fuuctona
OF money, because Il Is invariably isued e financial
resource, in moments Of sInersney genery when wHr
ls Euthlessy destroying both life and property Gev.
eminent paper money Instead Of representing existing
results o. labor, ready to redeem the paper money
demand Of the holders only represents property and
lives already consumed Destroyed and labor unpro-
dueiyely employed. How can such paper issues lsns
perform the functions Of money, when metallic money
cannot perform them unless constauly redsemed with
usual rsuits OF labor and with usefn ssFyices Money
be redeemed with useful results Of s5er unless
these hzYe been pfoduesd economical, snd thus exist
foE thoss wh0 desire thsm in exchange fer money"
The history Of paper money fully justhes these re-
marks. The French Government, in l7ls frst issued
paper money the credit Of the Government by run
ming Hr Laws celebrated hank into uR.ioasl iusli.
tuition Within year Of the dsto Of she sstEblish-
Of this royal bank OF France. its paper promises
TO psy showed evident Eigns Of depreciation. The Gov
ernme few 10 the sf its currency by sdct
uttered in December i7l9, that thereafter, It's paper
money should pass at i've per cent atOvs speeis The
edct forbid specie 20 be used nj all in undr
800 hYrss still Government paper continued TO 20
down The people hosTdsd selry and preeious siOnss
order TO lay by something that possessed intrinsic
value. A<iseoTsry Of this device o. the Peo drove
The Government to issue edct fOrbiddilg them to
have pearls, diamonds other precious stones. Sti
the Cove rnnont paper money WentdoTn. Then come
an edict from the Government fcrbiddng the transpor-
taton Of specie also fo-bidding all persons from hold.
IN than 500 liyres In SPECIE under penalty OF
hseation, and fac Of 0uQ0 lvres Sill Government
paper money dseliUed. Aud finally, the llth Of
March, l720 on sdict forbidding any payment to
be made in specie. Sill the psper fabric crumbed;
and, IN lew months a citizen Of France might have
hundres uilIions Of Government money in his pocket
and yet stsTve to death for want Of means TO tuy
neal Of yetusls When this grand bubble Of Govern
ment paper currency bVrs its circul lston nearly
two Billions and hHh % tyres willie there only
three hundred millions Of specie in the Government
vaults So the Government had this seYers and IN
welcome truth worked into its obuse brains at last
lat rs mere paper Issues Of promises to pay were not
money, and could not be made equal 20 money, not
even with all the tremendous power OF the Govern
u
eYitabe reputation and ruin did not last France ors
than seventy years when she again launched pspsi
balloon. which went up brilliantly, and down,
If possible still more disssFousiy than this one OF Tls
On the 1st OF April lT9O well started the Isl of
Apr the National Assembly issued four hundred Inii-
H9os OF francs OF paper on the credit OF tie Govern
ueut. Wise men France shook their heaos, and
warned the Natlonsl Assembly that they would bring
financial ruin both upon the Government and the peO
pie But they were sfleneed by he cry "Whzt Is not
the Governments msney gooo ~ To doubt it was 70
incur the charge Of being q fee TO the Government
Soon other large issues became necessary and as con
sequence, the gna,s began TO decline "Ah, la y
said the wise men 1--WE told you Z" But the Govern
nent came mp resOatsiy. though NOS wisely to he res
cue u Its uAdlns currency II resorted 20 the mos
despUc meSs1rss TO keep Il at par II prohibited the
Of metsiie coin And finally, in 1875 just six year
after Its first paper isus IL uttered decree Of deHtt
AGAINST all Wro should refuse 70 take Il par. But
sFeu under this terrible law its paper soon tell TO one
half Of per cent And finally Il took 10 030 o.
GeTernment paper francs to buy pair Of boota Il
those good times for the silly peopls who had Ntt
while before split their thToata baWlinE, What
DOT ne GOTeTn1neat money gOcQF " 60Ok fUJ iranc
Of that exesilsni Government money 70 buy French
/ man a pound Of butter. Those who had confdinglJ
boarded this excellent Government money eoUld theE
bring cut end treat their children to stick Of barley
/ csndy for 30 francs.
at interesting to see how the rate Of depreciation o
government paper kept pace with The increase Of il
FIRST issue. four hundred millions of francs.
Second Issue, one hundred and twenty millions dis
/ count 10 per cent
Third issue, twenty seven hundred millions discoun
/ 81 per cent.
Fourth Issus FIVE thousand millions discount IS pei
cent
When the whole Issue amounted 70 eight thousand
millions Of francs the discount 79 per cent And
finally in 7g5, only five yeErs after the AlSt issue
when the whole amount was twenty millions of francs
the discount was 90 percent Soon after this the gov
ernment paper fell 10 Zero and was abandoned val
/ uslesE
The experience Of Russia with governrnsnb psper i
less DISASTROUS Is none the less instructive In teaching
the great lesson that II Is not within the power Of any
government to msks its paper issue Of promise 4
/ pay pass sa money for any length Of time.
Our own continental psper monsy, based upon thi
credit Of the Government Of the United States Is Ia
mineuI example OF he fare Of such money. We hsv,
only TO cast our eyes backwards eighty years to get
vision Of the path we travelling new. As the Con.
nents Congress increased its paper isEues the priet
Of everything went up, or, more properly speskins
| the value OF the Government paper went down. A
first, this result fooizhiy charged to speenstors
silver AID gold, just as similar foolish people charg
now Al such were denounced Is enemies Of thei
county In soms cases the stores Of merchants 1er
broken open, and hsir goods sold st limited prices b
commuters appointed By the people As early Il
Congress resolved that whoever should refuse 70
eelTe 10 payment continental bills should be declares
| an enemy Of his country. That is. su who did no
succeed in making the GoVernmsnt's promise Il
pay equal 20 gold and silver, to be outasd The
penalties inflicted at dihsrent tines, to keen up she
credit Of aeyerment paper most disRraceful Il
all concerned In them-ruining many thousands Of IN
nocent people, while they could bring relief 20 The
| pressing necessities OF the Government Never wa
cause more just than oar revolution. Never deb
mere honestly contracted But 1t had to be repudiss
because II was bsyOad the reaeh Of Hn real money q
the command Of the country and It is In the poWe
OF msn 70 make tne mere paper promise ot GoTernmsn
long pRss for money It ineYitabe that the eoui1
eRtsl money should sink in value Ia pEopoiton th
increase of ig sAne The rss issue made in I775
Tbs depreciation began In three year, afterwards
I went on, as follows;
March, I77s q in coin wss worth 81 IS ia papsF.
/ September ll7S, 81 in coin worth "a In paper.
| March, l779 81 in coin was w0Tth 5l5 in papsr
September 1779, 81 in coin was worth Is n paper
Msreh. 1850 81 in coin was worth $40 in paper,
Decelnber 1850 81 In coin was worth Sl00 in paper
| May, l7sl, 81 in col was worth S500in psper
Not long after these days the holders of Governmen
money paid $4,000 for ham. and $4,000 for half
pound Of tea
Nobody could eoupain that the debt was not fsirf
contracted Bat failure drepudasn ese none the Les
Inevitable Bat who let US ask, when the people com
to their senses, win respect the debt which th Admin
tstrstion will leave upon the country To be gurs
| they will be told that the debt must be honesil
paid. But who promise that the people Wi
not take it into their heads TO ask II Il honestly cor
trsetedf II one haf Is due to the partisan official plu1
der, and the other half to expenditures Tecksssy
unconstitutionsly incurred who dare affirm thai ID
| people will not, in some moment OF desperate In
patience under the crashin2 load, throw the Who
burden from their shoaldersf The fool or the fsnati
may shut his eyes and say all Is right but the wise an
prudent man wi calmly question history aud the pz,
sions Of men, and endeavor BY the pastO form 1dG
! ment of TIE future
These will be great and absorbing questions prett
| Eoo1:
How much Of this debt was stolen from the treasur
by the party who Bsdded with itf Is il Oousttu
tional expenditure Of the people money 70 buy neRre
from the border States, and SCI them loose compel
viii Us In ali the labor markets Of our country
Isl Constltn1onsi 70 take our money to send squad
| OF negro kissing men and women from YaDkeedom {
teach aatiquatsd dkTkeys In tbs Car0nss how 10 rea
! the New Easlsnd pginmerf
Constitutional to spend the peoples money in EI
n1sily transporting partisan portion Of the army
and from The bstile Aeld to control the Northern eeS
| tiOns
! Ths partisan knsve VIII profess to sDi6 treason
IN these questions but the wise man and patriet wi
regaid them as being likely to GONE day fnfuencs th
mnds and actions Of the people. Those WHO blladi
hFoEr thaFnc