Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-12

are now comparatively free from debt
the banks, with their secured circulation
and large Investments I'm Government
securities, although not in an easy eondi-
tiOn, and doubtless too much extended
are, il is believed, generally solvent; bat
the same causes are at work that pro-
duced the evils referred TO- There is an
immense volume Of paper money IN CIR
culatiou under the influence OF which
prices, already enormously high are
/ steadily advancing, and speculation IS
1 increasing-wh must be contracted ii
similar disasters would be avoided.
A WAR on A SPECIE BAsIs.
/ If the war could have been prosecuted
on a specie basis, there would doubtless
: have been a considerable advance in the
| prices of those articles which were in de
mand by the Government; but inasmuch
a. in the condition Of our political affairs
/ extensive credits could not have heen es-
tablished in Europe, the tendency i'm this
direction would have been kept within
reasonable check by the outflow Of coin
% other nations, which would have been
the natural result Of the advancing prices
IN the United States. On basis Of paper
money, for which there is no outlet, all
articles needed for immediate use,
Of which it became the measure OF
value, felt and responded 10 the
daily increase Of the currency; SO that
rents and the prices of most articles for
which there has been a demand, have
been, with slight fluctuations, constantly
advancing from the commencement OF
the war, and are higher now, with gold
at fOrty-seven per cent premium, than
they were when it was at one hundred
and eighty-iive. Even those which were I
EaH f.afH a. 4 N
render Of the Confederate armies, or by .
the increased supply or diminished de /
mand, are advancing again to former II .
not higher rates. The expansion has .
now reached such a point as 10 be abso-
lutely oppressive % a large portion OF the
people, while at the same time it Is
labor, and is becoming sub
versive Of good morals.
There are no Indications OF real aud per-
manent prosperity in our large impOrta-
lions of foreign fabrics; i'm the heavy
operations at our commercial marts; in
he splendid fortunes reported 10 be made
by skilful manipuidtions at the gold room
Ir the stock board no evidence OF in ;
:reasing wealth in the facts thatraiiroads
md steamboats, are crowded with passen-
gers, and hotels with guests; that citie- !
IRE full 30 OverflOwing, and rents and the
injuries, are daily advancing. All these
hings prove rather that foreign debt is
'eing created that the number Of nom
'r0duccrs is increasing and that pro- 4
uctive industry is being diminished. ,
There is no fact more manifest than that J.
he plethora Of paper money is not only q,
the morals Of the people by
waste and extravaganza, d.
.ut is striking at the root Of our material =
.rasperitv by diminishing labor. The r
vii j. not at present beyond the control +
f legislation, but it is daily increasing, l.
nd, If not speedily checked viii, at no =,
i-tant day, eliminate in wide spread !,
isaster. The remedy, and the only y
smedy within the control of Congress, Is :,
0 the opinion Of the Secretary, to be =
luud in the reduction Of the currency. :
The paper circulation of the United +
tates, on the thirty-first OF October last, "
as substantially as follows; 4
United states notes and frac- u
tionaI currency si-l 2ls.ust 2l %
Wiz Of the National BANKS. ISsuuuNlU 90 Ii
Notes OF state Banks, including .
outstanding issues Of Stale W
Ranks converted into National o.
Banks C509oop 90