Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-03-31
~. 80 Rnl =, ~ narl..

Clsss's cid hih, which be got through Con
grsss, has not been eifscsivs in keeping go!C
down in New York The following predictions
from lhe New York Worl9 before it's psSsag'
have bsen pretty well verified
Heaven knows we should Ike to keep the
price OF gold down. Lfr ChAse's infaled, ire
6eelable paper currency reduced CIR prohis
last year By a gOod mSBy thousand dallErs, and
we shall be thaakful If this year is not worse
If the gold iii wo1ld keep down Tho price OF
gold it would certainly be for c-: interest TO
urge lis passage Bus it will .4os kesp deEn
the price Ct geld, and if the bill pssses or
reasoning viii soon enough find sbuBdant coz
frmstion of the fses
On he geld reserve depends at last the credit
81 the nk.l0D. II is the one prop left oEher
props AIr. Chase and his cois5oTers have
knocked g way l. is the gTcssest violation Of
public faith with She nations creditors 10 knock
awsy this prep also. It encourages financial
immor.lity which viii teach tho people tie
shameful lesson Of population.
Bat if i is useless 10 these times 10 preach
strict iuREcial morals, let Is repeat that the
gold bill Fiil not accomplish what those VINO
cast pstfil:ic votes for it hope il viii Aecomp-
ii5h, The purposes OF m3mhsfs who sold gold
snd theI voted tor the gold bill, aad who will
!
vii put down the price temporarily. Bat lh5
measure Of its depression will Be less than tho
MEASURE Of its elevation when Ar. Case comes
to want the gold sgsin. What he nay gsin
row no uast lose then, and We Teitersse that
with eur present debt, 10 say nothing OF its
/ eaormous rats Of increase, Nh. Chase has not
had, has sos now, sad viii not have, any toe
much gold to q args the obligations OF lhs
Government
TaeTe is but one way 10 reduce tbs prizes oi
gold permanently. It's vGlus IS stable, OF course,
| depending eD eoss Of production, the price-aac-
tuations rising ABOVE or failing below that ex-
sct 1aTk, with he Instability OF supply sRd de-
msnd pelpeius.ly adjusting themselves 10 sn
equilibrium. To Eednee the prics OF gold Is 81
say, Tsiss the price OF the pspeT, which, except
| in California, Hs. Caase has made his hnaue a.
ys-dsEck And since the cost Of production
Of an iEcoHvertible paper currency Il practical
II rothiug, aud It's value must depend more ex-
clUsively than ever U3On It's s1Pply, GtssT the
issus Of eLaugb t5 displ4cs specie ald tas coH-
ys.tible culTspcy, 70 raise the price ct green
s.cks, diminish bs sugPlyof gToeubacks Tiaa
gold VIII al. and nos til then bls 1oi hr
Gkssa Is pouring cut new issues, and more are
vet 10 come Congress potters over such tiuaU-
cisl 6ddls-fsddis IS ths god biA, and Esver
locks to the sluicss which the Secretary guards
LE1li vii Ti5e-tEzf Is, legal tender Nancy vii
fsll-in Eslae; paper dollar will soon Be aoah
l1zs thar tfv pennies, and thsre VIII te poll
gcisns Ike G.eeiey who viii rnshs iooss Ike 1is
followers believe that e7ec=las,on makes tee dlt
lereAcs between Ch4se's paper End uatGTs'-
gJld; tha. with fresh issues Of legal tender the
premium On gol3 can be slightly reduced,
snd The usHon viii pay As the bitter Price Of "a
folly in elecing f2nsties 10 power not only tie
billions iE which We reckon ths cost OF the va
which they coRspired with S ,asheTn fanatics tC
enkiudie, hua also sill olher bilious, Of which
tie Government Is depEiving toe Iaboring elSsse,
exclusively, b daily, constant, impoTershins
drain.