Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-15

OUR
From the New York THbune-l
A very proper complement Of the late
proceedings in congress on the currency
question Is the proposition Of Mr.. Davis,
Of the house, a member from New York,
to authorize the secretary of the treasury
to issue legal tenders, not bearing inter
est, to redeem the 7:30 loans due this
wear and next. This proposition was
offered by Mr.. Davis after the passage
of the bill for the issue Of Sl00, 100000 of
greenbacks, but a single objection was
sufficient to arrest the consideration OF
his resolution. Proposing to pay the six
per cent. compounds in this way, natu-
rally suggests paying of the remainder
Of our national liabilities in the same
manner. It certainly would be q great
saving Of interest 70 adopt Mr.. Davis
scheme. We are paying S~5O,0OO,OOO q
year interest on our 7.30s. Why shouldn't
we ave it by paying them of, bodily, in
legal tenders? They are payable in cur
rency s8sd are not greenbacks currency,
and legal tender currency? We are told
on sll sides that nothing can be better,
SIS a basis Of banking, IS an instrument
Of trade, as a currency for the people,
than Uncle Sans promises 10 pay Ihey
are claimed TO be Just as good as gold
dollars, OF silver dollars, for all the pur-
poses for which money is required Tor
internal trade. And we are some
times told il by men who are nOtpositive
fools on the subject. Wehave been COM
planned Of for styling oUr national bank
~iugsystem "a rotten system, - b~ecauseiti is
basedOn wing promises tOpay. Now, here
is s proposition which tests the sound
ness Of U criticism. II the legal ten
der notes are as good as is alleged,
why not pay OF the $50 loan in them, as
proposed by Mr.. Davis? Why pay $50
100000 a year interest on this loan when
we can so easily get rid of such q bur
Cens0me tax ? Ii the legal tender notes
of the United States are Just as good as
coin for our internal trade and business,
as we are tOld-if they are in fact
mouey-then We canEot have too many
o. them, for no people under heaven
can have too mHch money. The argu-
meut is irresistible that not only is it a
good thing 10 have the 7:30's paid in
EEeEnbsCks, but it is the very best
thing for everybody to have them
SD paid. And when we shall have paid
the T.au's, We have only 70 pSss one more
legal tender act, and under it pay of vi
5.lls by the same process. When we
have done this, We shall have realized
tie logical results Of the imitation policy,
supported by the thirty majority OF the
house in its vote Of Thursday last. II.
this policy is sound for u single step, it
Is sound for every similar step in the
same direction, until you fetch up by pay
ing your whole loan, the entire national
Indebtedness, in irredeemable promises TO
pay. And we say to the holders of the
loan, and Of every form and de-
seriptiOu Of The national obligations draw
interest, that the logical result of
the action Of the infationists in the
house Of representatives is the utter de-
stEucton of those securities by their con-
into worthless paper money.
There is no end to the mischief which
IAN De- wrought by the vicious principle
the lnlauuIls--that the irredeemable
.egll tender note of the government is
money or Is as good as money for any
under heaven. We say that in
ts IrTeJeemab.e state il Is a worthless
e. transparent swindle, q glaring lie:
md b whole fabric OF trade, commerce,
industry speculation, banking, based on
o ls q rotten fabric, resting on rotten
Imports and liable TO crumble and 20
low lu universal crash.
The mere especially, We say, Is this
rue when the Whole superstructure and
lun1ailnu Tests on a reckless majority
j spectators ia congress. The initiation
Us need not tell Us they do not mean
bis and they do not mean that. Thew
% % know what they mean. Their
If1E and their vice is that they trust
lel7vlves TO the guidance of an IN
tnu principle which leads them, nOlens
ois1Hr willing or unwilling, straight
own me precipice Of individual and
--loual bankruptcy. They hold that to
security which is not security. They
OLD that % be money which is not
.putE. 1Eey bedeyl themselves and
osaeyit the country with the idea
--L the Ereaeemab.e paper money Of
.e government is a blessing. Follow
g The lead ot these false aud pernicious
they reason and they act accord
--E Adopting the vicious principle
d. q suali imitation is q good thing, .
ry pave the way for = large initiation !
a better. ,
ihe holders Of government securities
-.- Ism 70 see these securities sub
.Ls repulIated, and themselves I
ilL7S they have got tosend somebody d,
|sDErg-s beside iunatiOnists. whose
and whose measures lead directly
this result. The country must be
AIDE % realize that irredeemable paper :
uney is a bold swindle, by wh0msoever
uaa, aud is a disgrace to its utterer;
.d That they who would increase its :
.lumel OF pg1iOug its existence a dag,
cepJ under D. pressure Of a dire ma
Decess,ry-a necessity which has
lE since ceased to exist in this country,
e as much public enemies as they who
]li1 c8uzpIre for the national ruin in
~ other mamue
The people have suffered enough from
e evils OF q deprecated currency to in
e on the demand for its extinction. /
be- last body Of consumers have been /
~ subjected 70 inOrdinate prices ]
rough the powerful com Oinations Of
gautic Spectators dealing in and con-
ling all articles Of COEsumptiOn, and
1ealally the necessaries Of life. These
.=cllatIye combinations are supported |
the banks, who earn their eXOrbitant
1hts boy issuing endless promises to A
81 which they are called upon
redeem and thus they become CO. ,
lspirators with these ~plunderers
on the public. The banks 1
e no longer administered for o.
e purpose Of facilitating commercial
5rations by Legitimate loans. Released
.m all obligation topey, except in paper J..
ANaNN AHaa AAAEAA LA0LEHr ALEk !
ord their credit. they grant their aid, .
slaated speculalions on stocks and on A
nmOdities of every kind and descrip- =
To-, And stit not content with the
grm0us and ruiuous agencies Of infa- p
70 now controlled by them, they, and D
b operators they sustain, besiege con-
' ior such additional means Of prose-
ing Their Legitimate, oppressive, and
courses, as Is afforded by h
lIlJnal grant Of the one hundred mill
1s OF greenbacks voted by the house
Thursday,
warn ali concerned that the wav Ii
he u~ansgress5r IS hard. This sort Of
ng cannot long 20 on. TIE banks and
spectators may hive their way for
me- GUY 1av will come when the -
75 pm" pies now avowed by their j
sutatiyes, and the lying pretenses
which they operate namely, that a n
msy be d~!sregsrded without 4
me. and that the shadow is as good
tEe substance, viii work their own
grace and destruction. Every solvent q
and every solvent institution in the b
lutry is deeply interested in main
ming the idea that there is and can
no mercantile homer and no national
anciai crdit ~inseparable from strict
slIJy 10 pecunlary engagements. How
we have Wandered and are wander A
from this infexible standard we for a
remember in the midst Of this roll
ilundating sea Of lying promises, to {
Rottoli. in Leehorn
Gslma, IN Malta. of grain ..-.
Eehehe. 90 Germany, varies nom li
sbto5ound. ia Hsmburg ana Denim
~nhfppound, in hoiland----