Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-12-05

I laiinR medium, they conferred upon congress
power 70 coin 1nonty, and reguiats the valu'
thereof ~ the same time prohibiting the States
from making anything but gold aud silver q
tender in payment o; debts The anOme Ou'
condition Of our currency Is In striking contrast
| tvtfIf thar which was originally designer. OuI
circulation nov embraces first, notes OF Nation,
Al Banks, which are made receivable tor AZ
dues 10 the GoVeTnment, including imports
and by all It's creditors, exceptingi in payment
ofinterFst upon is bonds and securities them
selves; second. legal tenoeI notes issued BY the
be received as well IN payment OF All debts be-
tween citizens, as OF all Government dues ex,
LceptiDg the imports and One-thiTd of The gold
and silver coin. By the operation Of our present
system Of fuance however, metallic currency
when collected, is reserved only Ior one GLASS; oi
Government creditors, Who holdlng rs BONES
Eenni-annuaiiy receive their interest in coin
from the National treasury. They are thus
made % occupy an ipdivlolous position, Whlcu
may be OF use n strengthen the arguments Of
th 81 who would bring inlO dlsrepute the
! olligatibns OF the Nation in payment OF
all is debts. The plighted 1aith Of the Govern
ment should be inviOlably maintained but
VIII le Il acts with fidelity toward the
b0ndholder who loaned his money that
the integrity OF the Union might De
p eserved, II should a. the same time
observe good faith with the great masses Of
the people who, having rescued the Union
from the perils OF rebellion, now bear the bur-
/ dens Of taxatiOn that thai Government may be
| able o fulfil It's engagements There Is no Iea-
son " lIiCh viii be accepted its sRtisfaetory by
the people why those who defend US on the
land and protect n on the sea, penslontr rs upon
wounds received while In its service, public
wants in the various departments Of the Coy
| ernment. the farmers, the soldiers OF the army
| and the sailors Of the navy, the artisans who
/ toll in the nations workshops, the mec 7antcs
| and laboTers VINO bulld It's edinees and con
! struet its forts aod vessels oI war, snouiar IN
payment OF their just and hard earned dues,
! receive deprecated paper, wlhle another class
OF their countrymen, no more deseEy ing,
| are paid Ia coin. gold aud silver.
| Eousi and exact justice requires that al
I creditors of The Government snfuld be paid
in a currency Possessing UNIFORM value.
! This can only be accomplished by the restora-
ton OF the currency to the standard established
by the Constitution, and by tnls me9ns We
I would remove discrimination which may, II
| IL has not already done so. creite a preJu lice
I that may become deeP-rCJted and widespread, ,
/ ard irnperil the national credit.
! This Feasibility of mrking our currency cor
! r,spond with the constitutional standard may
be seen by reference 70 q rev laets derived iroin
our commercial statistics The production Of
/ precious metals in the United states from 1874
10 1857, inclusive amounted 70 S579OO00 900; from
1888 to 1885, inclusive, 20 si3T 600 OOJ1 and from
| 1851 to 1857. inclusive, 70 5457508OOO; making
/ grand aggregate Of products sine, lS4S Sl,l7l--
100000. amount OF specie coined RON ls.s %
! inclusive Sl25 OOOO03; ard from 1855 to 1867
Inclusive S8iO go 40, making the total coinage
.uee lsis sS.iVOo eIg sT1arts ISAJ TO snoc,s tsS
/ amounted TO SLlOO0UG; from 1888 to
1856, inclusive, TO Siio00ONOO, ana from 1851
! aggregate net exports since Is49 sIilOyOOOO.
/ These figures suow an excess OF product over
. net
( Treasury 100000 IN con, so ethiDg more
tlan Sio0OO,00O in circulation on the Pacific
! coast and rev millions IN National and other
! banks-in AL about S.bJ.uOO,oOO. This, however,
! taxing into account spe le IN the country prior
to 1853, leaves more than three hundred million
( dollars which have not Deen accounted Ior Dy
| export9tton, and, therefore, may yet remain IN
1 -TlEs slIrpv OF ore from our rich and mex
| uIe aol l-Tesring fields is thought 10 be
I Sufficient for purposes OF circulation. lt is un-
reasonable TO expect return 70 sound cur
rrnry 80 long as the Government, py conIlnu-
! ing 10 issue Irredeenable notes, mis- the chAn-
I neig of circulation tn deprecated paper.
! Notwithstanding the coinage by our mlnts
! since Is4g OF ss74,OOOOJO, people are now stran-
/ gers 70 = currency whicn was de lgned Ior their
I use and benefit, and speclue ems OF The precious
metals bearing the national deyics are $ st down
/ except when prOlUceI to gTGtuy the interest
4 exciieI by their novelty
III depreclated paper Is 70 be continued As the
permanent currency OF the country ,an9 q an our our
| gueculstfOn 10 enhGn ementi IN price OF all tns {
l. indispensable 20 the comfort Of the people, 10
/ would be wise economy 70 abolish our mints,
/ thus saving ne nation the care ana expense
incident TO svch es abllsnIueuis, and let ali our
| precious metals be exported IN bullion. Tne
/ lime has come, however, when the Govern
! rnent and the national eznEs should he re-
| Qui1ed TO take most effcieH steps and make All
/ necessary arrangements for a resunpuon OF
! specie payments at the esriiess praetlcaoie pc
Snacfe payments having been once resumed
/ by fhe Government and banks, ali notes or
/ hills OF paper issued by either OF less denoIn-
| inatioR than twenty dollars, should by law ge
! excluded from circulation, 50 that the people
/ may have the benefit and convenience Oi a
! VoId currency which, in ell their business
/ transactions, will be uniform in value at home
4 ana abroad. Every man OF property or indus
] dustry- every man who desires 10 preserve
/ what he honestly possesses: 70 obtain what he
/ can ronestly earn, has a direct tendency IN
maintaining a safe circulating mediuInj such
| a medium as shall be real and substantial, not
/ liable 10 vibrate with opinions not SUBJECT 70
| be blown up or blown down BY the breath OF
| speeulatiori but to be made stable and secure.
| -Thcse are impor ant FAC and show how com
| p.etely inferior currency VIII superctqe helteTi
] forcing it from circulation smQng the asses M
ana causing It to be exp Jrted as a mere article
| OF trade to add tp the money capital o4 Iorelgfl
| lands. They show the necessity Of retiring our
! paper money that rttRTn OF gold and SILVER
| To the avenues OF trade may be Invited and a
! demand Great ed which viii cause the retention
| at home OF at least 50 Inuch OF pIodu.tloll.
| A disurdered currency Is one Of The greatest
political evils. u uade. mines virtues necessary
! Tor the esuppOTt Of our social system ana eA-
courages propensltles des,IuetlNe OF ~ nAPpl-- =
! ness. IL wars against INDUSTRY, j. uEalty anu
economy, and Il fosters the evil spirit Of extrV.
! agauce and speculation. II hss been asserted
| by one OF our profound ahu most gltteo stalss-
1 men hat Of all coutriyauces ICr cheating the
/ Lac 5ring classes OF mankind, none has teen
! more etfectual than that which deludes them
/ with paper money. THIS Is me most tnectual
ofinventians TO fertllfze the ftch mans fields
| by the sweat Of the puor mans brow.
! Ordinary tyranny. oppression, excessive tax :
/ ation-these sear Eighty on the happiness OF
| the masses OF the COMMUNITY impaired with a
fraudulent currency, and rOppeTlus committed
/ BY depreeia:ed paper. Orr own history Is re-
! c,,rded iOr d n instructiCU EpOugI aud Ii re
] than enough OF dCm urslli aing tendency, injuK-
ficl and iDtOlers BILE oppress ion on the yIrluuus
! and well disposed Of a degraded paper currency
! authorized 1 Y law OF in any way counter aneed
by the Government
! It is one of the most successful devices in
! times OF peace or war or revelation, by expan-
sion. TO accomplish the tFa3gfer % the precious
mftais fran ihe great mass eI tNe people INTO
| the hands of the 1eW, where lhey are hoarued
i'm 50 ret p.aces or depO-ited into strong boxes
/ under bolts and bars, while people are left to
! endure all the convenience, sacrifice and
/ demoralizaliOn resulting from the use OF depre-
! ciaIgd and worthless paper money.
! Tbe condition Of our finances and the opera
/ tious Of our revenue system are set forth and
! fully explained ia the able ana instructive re
! port OF The Secretary Of the Treasury. On the
/ 50th o June 1856, the public DEBT amounted %
S2,7S3, ,425s7g; on the Goth gf June LAST it 'gaS
| s2,Ca2, ,lse,zl5 showing 2 fedn-rton dniihg the
| Dnrfng the hscaI yesr ending June 90 1867, the
| receipts We've S4h6Sl 0,0, and expenditures
! s3i6TzqISS, leaving an available sur,Ius OF
sli890i.SsO. Il is estimated that the reoeips for
! the fiscal year enning June 80, 1865, VIII be
s4l7lGl g2S, and that the expenditures will reach
the sum OF $685., ,zG9. .26 leaving in ;he Treasury
a surplus OF s2jSoZ iOZ ior NE Isetl year endlIg
June 1863 1t is estimated that the receipts " III
| arnI unt 10 S3sI, 10000, ana that tue expendi-
/ lures will be s372OOO,0OO, showing an excess o.
| SS,0OO,OOO in favor OF the doVernEent
REVEEUE SYSTEM.
J. The attention o. Congress Is earnestly invited
| to the necessity Of the thorough revision OF our
| revenue system Our internal revenue laws
| and import system saouid be 50 adjusted as tp
| bear most heavily on articles or luxury, leaving
necessaTies OF life as free IRON ta1Rlfon rs may
be oonsisIert with the fesl Wa9tstI the no, Gov
| ton would not tben iall on men OF moderate
| means and while none would be entirely ex-
| empt from assessment, all in proportion TO their
| ueelniusry abilities would ContTibute toward
! suppoi ting The state. a mOdlncAllOn OF the
| internal revenue system by laTsa rednet1pn
in the number of articles nov sutgect 70 tax
/ wound he followed by results equaily adYan-
! tagsdus TO citizens Mud the GoyernmenL u
| would render tie execution Of the laW less eX-
| pensiVe and more certael, remove distractions
| 10 industry lessen temptations TO evade law,
| diminish violations and frauds perpetra, ed
upon its provisions. make It's operation less in
] quisitorial and greatly reduce in numbers the
| army oftax gatherers created by 8 system which
l takes from the mouth OF honest labor me bread
! 1t has essi ned. Retrenehment, reform and
| economy should be carried lutO every briifien
OF public service that e1peaditlIes IS Of 4he Gov
eminent may be red Aesa sha R,9 Ps1PIg T
| ShOnld be rest6fed, and public faith IN regard
! TO the national debt sacledly observed; Inc
accomplishment OF these iInp0rs rssnt r suit 20
| gafber with the restoration Of the Union OF the
States upon the principles OF the Consn ntuuohl
! in the stability Of our Institutions, and orlng
/ to the nation prosperity, peace ana gOoa VIII.
! The report OF the secretary OF war. aa me,
| rim exhibits the operations OF the triiiI anu
/ the ssveral bureaus OF the Yves department..
The aggregate strength OF the militsry ioice on
he s5ib 81 september last was 56s3l5 men.
~ S5oi,e[Iirnate f5r military appropriations is
M i2i 7O7 including deficiency in last year 5
auprupr1ation of Sl86OtOOo. Payments AT
| TrFasIiry on account of serv1ce for war DenaTt-
| ment from January ist to Qetobrr ". 200 a
period Of ten mootass am united tQ SlYY oslVOV
fThe expsnses OF the military estaplishmeut as
well as the nu mbefs OF the army, are now three
Times as GREAT as they nave ever teen in time OF
! peace while discretionary power is vested IN
tbe s xeeutive to add is illiUns % thi8 eIpendi-
1nre ny az Increase a. the army TO tins maxi
num strength allowed by law.
/ The com preh ensive report OF the Secretary OF
! tbe Tnteli0r furnishes interesting inform alton
in referencs to the important branches Of the
! Dublic service connected with his Department
! IN. menaciI < attitude OF waIlike banfs -
! Indians inhabiting the districts of country be-
/ tween Arkansas and Platte rgyers, and Dakota
| Territory, required tpe presence OF g large
mintary force IN thati region. 1nstlEated ly
real or imaginary grievances. IEdisns 6ecs-
sionally committed acts ai na' iiaIQus YiolA-
upon emig apts ana our ffon1ier .-.tleIasnts,
bpta general Indian war Eas been Proyideuti-
ally aYeTted
Eae commissioners, under the act Of the 10Th
OF July, 1897. were invested with full power 70
adjust existing difficulties negOtiatE treaties
| with disaffected bands, and select for them res
ervations lSanqte from tfav elleo Qutes be twee
the Miss ssippi and Pacinc. They entered with
out delay upon the execution OF their trust but
nave not vet made any official report Of faIr
pro eediugs II is of vital importance that our
distant Territories should be exempt from In
/ dian outbreaks, and that the construction OF
II the Pacific Railroad, an OBJECT OF national I'M
portanos. should not be interrupted by hostile
i tribes. These OBJECTS, as well as the material
L Interests and moral and intellectual improve