Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-05-15
MONEY mAFTERS-POWR AND
PATRONAGE.
Dssigns Of LineOIS--HorTibls Catastrophe.
From the New York metropolitan Rssordl

win gentleman well known upon the STOCK
exchange.
Arriving at secluded village some miles
away from the city, we baitsd our horses, lighted
our segsrs, and strolled away in search OF the
picturesque. Our conversation, at first politi-
cal, took commercial turn, and run somewhat
this wise
Speculator-W is il that man As conveT-
SAINT sc yourself in the phenomena Of financial
imitation should remain idle in timsE like these
instead Of helping to reap the golden harvest
tnat is ripening every dayi
Editsr-Becsuse business runs IN grooves L
do not happen to be in one of those grooves just
now. But am not idle. 1 employ my time
and my Efforts TO explain these very phsnom
enE, and expose sheir danger.
SpecalAt0r-To whom, and for what purpose3
Editcr--To the people; IN order that they
may guard them against loss
SpsculstoT-And how many people do you
suppose will benefit from your warnings, OF
thank you if they benefit
EditoF-Many. Two hundred years ago
scarcely an individual out Of q very limited cir
Gle undeTBtood these things sufficiently to profit
by them, or eVen to save themselves from loss;
during the frat French and ira American rev-
olutions this ciTcis became materially widened;
and BOW there are thousands of men who are
sufficiently intelligent upon the subject not only
10 DtcsofVo buelI Vhu ptOpotby MOLu QepISclatiOu,
but to materially aid to it during the imitation
You ara yourself one of lhem.' Nor is this cir
Gle confined TO the five or six hundred. stock
brokers in William street, or oven to their eight
or ten thousand customers. Il embraces hun
dreds of thousands of our people, and is WIDEN
ing every day. As for thanks, wa of the scYib-
leri look to these rewards which the teachings
Of truth are expected to confer; and also to
grateful poEteEity.
SqeculatoI-Bah! More likely an ofics under
hard cash president! that is, il hard cash is a
possible thing for the next twenty years
Edit0I-It Is possible thing within month
The present secretary hss full power TO reduce
the carrency, snd return to specie payments also
immediately.
SpecnlgtoT-Do you think be will do SOL
Editor with an explosion OF iauehter)- r)-Thst's
s yood iake Do 1 think Wendell Phillips
would restore the fugitive slave law, or AbIa-
ham Lincoln the hRbsss corpus II is quite
within Mr. Chase's power to abolish paper inflS-
ton; but nop his wish. He is a thsorist, crack
brained theorist; stark, staring mad On the sub
iset Of paper money; and with as little correct
knowledge Of the subject as a fy may be said 10
possess Of the analytical elements of an .ele-
plants hide.
Spsculator-Ths latter is just my opinion. 1
regard tie secretary of the treasury as the big
held a public posinOn. Il makes man howl
with laughter to read the speech that Henry G.
Stebbins made in the house of representatives
the other day. The rankest nonsenSe you ever
sheard; but all for and swallowed by man it
wasn't addressed to-ths secretary Of the lrsss-
ury.
Editor-I read that speech, but its extraordi-
nary GbsuRiity made mB wonder how SEebbins
had ever managed 70 become president of the
board of brokeTs.
Speeulator-Tubs for whales SEebbins
knows what he Is sboUt. The paper cuuen, :
Is what the board is smassing wealth by. Why,
even now, the membership is sufficient to insure
fortune. I would give ten thousand dollars
to BE- member OF the New York board OF bro.
kers TODAY.
Editor-Is il possible Mr. Chase is so eyre
giousiy mad as TO swallow such stuff
Specuiator-Of course he is. Did you ever
know theorist that wsBn't7 John Law was
as much the victim of his own wild schemes as
the most despsiring man they Tuined--snd
when be fed from France TO escape the populSr
wrath, he was too poor to pay his private ser
wants l will acknowledge though, Mr. Chase
is grade or two less infatuated than this, for
if the World says truly, ne has appointed his
relations TO the most lucrative places in the de-
psrtment, and laid by a comfortable reserve for
himself
EditoT-The man who eoolly ruins an empire
for the mean object Of personal emOlumeRt de-
serves to be stamped to death in a gold crusher
1t would be a fitting punishment for him. But
l think we deceive ourselves inshslisving Mr..
Chase to bo the dupe of his 4" entities - of
finance. They look TO me as tllh there was
good deal Of method 10 them.
They seem planned to effect total change Of
government IN this country, of which Mr.. Chase
10, par excellence, to be the head They are the
most vigorous and effeetual promoters of power
and sTistocTscy that exist.
Spe6nlstor-Pray explain.
Editor-FIst, the passage of 8 legal tender
law, whicn was done at Mr.. Chsse's solicita-
iions, and en- PaTeHthese, was wholly unneces-
sary, at once disturbed exchanges, impaired the
value of contracts, destroyed credit, imposed a
fictitious fne upon commodities, and opened
the door 10 extensive stock gambling. The ten
dancy of this state Of things, as you we'll know,
is TO detraud the poor man, to steal away his
ssYiDgs, and depreciste ths value of his labor,
to maze his living harder 10 earn, and eventu-
siy to throw him upon the world discouraged,
and a pEuper.
Sposulasor--True, This has always hsppened
during similar periods in past hines. The posr
sustained the whole bTont Of it, and the rich
Tesped all the benefit; except Whist was sbso-
EoitoF-It creates q dependant multitude,
ready 10 follow the beck of the first nsbob that
lifts his hand. It enslAYes labor and elevates
capitalize very crime Abolitionists charge
against the South.
Speculstor--So it does. Only the slaves
are white men IN this case
Editor-NoW TO the next proof The frequent
change of conditions upon which paper money
has bsen issued at various times by the seerets-
ny, seems to have been intended for no other
pupose than to enrich those who were in the So
cret OF his projects.
Saeculator-YOu mean from demand notes to
greenbaeks, or greenbScks to national bank
notesi
Edtor--No. mean from gold interest bear
ing securities to paper interest ones. 1 mean
in tbe matter of buying gold in market, as
shown IN the operations of the notorious
Washington" party Of last year and mean
10 the power now demanded to sell gold, the
mers rumor of which has advanced il In one
week from l57 to no. and thrown it back again
to l64. This in effect converts the Treasury
Department into grand brokers shop, in which
friends who get the early news are the only gain
ers. These friends or conidsnts of the seere-
tary are our future order of nobility.
Speeulstor-I can mention half dozen par
ties who are VIGOROUSLY in receipt of advance
news from the Treasury Department, snd
know party who paid five thousand dollsTS
/ las. year for certain statement from one of tbs
/ treasury clerks.
! Extraordinarily. ali this proves point num-
| Der two that Mr.. Chase is, both by the nEtuTe
! OF his financial measures and by whatever help
he can afford them through frequent shifts Of
policy, building up a wealthy aEissocTscy, Of
| which you, my friend, viii form one.
Spseulat0r-Not By long shot When the
game is played out shall go to Italy and enjoy
1 ny fortune.
Editor--Why ROt stay here and play the grand
espiiAliBt7
| SpeoulGtor-Bechuse I am not fitted foT sach
a role; and because there will be something 70
follow all this fine programme.
| EsitoT-Whsti
SpeculstoT-PFecisely what followed John
Laws Mississippi bubble-ihs French Tevolu-