Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-02
NATIOEAL FINANCEs-THE NEW
80 az THE HnrR

VII
ISSUES OF THE HOUR.
The New York Herald says that it is
q common and correct remark that
people in political matters, as well as in
those Of business, are governed by their
interests. However common the remark
may be, it is not correct. In all political
matters the people ar egoverned infinitely
more BY prejudice and passion, clap-trap
and iabber Of politicians and this or the
other popular war-cry or cant phrase,
than by reason or their interests and
they almost invariably do that which is
directly against their interests and most
ruinous for themselves and the country.
It is true that when not infamed by
passion, they will follow the direction in
which they think their interest lies. And
its equally true that when they do that,
they more generally consult expedlency
than right and justice. It is not true to
say, with the Herald, thst in the end
they rarely fail to see what tends to their
Interest, and act accordingly. On the
contrary, they rarely see it, and rarely
act accordingly and consequently, legis-
lation in republics is, ordinarily, only a
succession OF mistakes.
But, undoubtedly, where the people
can clearly see their pecuHja7y interests,
they will be governed by them and the
Herald truly says:
We may be sure that It will not be
long before our national finances must
become the great question which will
OCCUPY politicians and statesmen, and on
which parties will be divided and reOr-
gained. The political troubles OF the
time. growing out Of the war, involving
chiefly the question Of reconstruction
and restoration Of the southern states,
with the collateral issues between the
executive, congress and the Judiciary,
must soon come to an ~end-unless, in
deed, the radical Chase politicians, with
the high tariff men, the ~bOndhOlders and
the national banks, should be able to
keep the country in q state OF disorgani-
HztiOD for their w purposes. The peO-
pie are becoming very impatient under
the state Of things existing at present,
Rnd, We believe, will demand a cesss-
ton Of agitation and g return TO harmony. /
They sre positively disgusted and worn
out with the war Of factions over the late
rebel states and the negroes, which they
see has no other object than the power
and spoils Of Office. The people Of Cali
fornis have led of in their election
against this Wearisome and dangerous
agitation, and there Is reason to believe
the other states in the fall elections will
follow. The politicians viii be checked
In their ruinOus course by the all power
ful voice Of the people. Then will come
up IN ali its bearings the subject Of our
national finances, including the revenue
system, taxation, the management and
payment Of the debt, the currency and
The national banks.
We see already this important subject
looming up, and prominent public men
in different sections Of the country are
taking their ground for the contest, ire
spective Of old party issues or affiliations.
We noticed a short time since the ad-
dress Of one Of the ablest men Of the
democratic party 10 the west, Mr.. Pen
dlet0n, on the question. This gentle
man showed in an able manner the
Tuinous policy Of the on--to-specie-pay-
ment theorists, OF the national bank {
moDOpolists, and the grasping bond {
holders. He expressed, undoubtedly, {
the views not only Of the mass Of his 4.
party, but the mass Of all parties IN
the west for the Chicago tribune and {
other leading radical organs ex- Z
EAN- eaA@A1A HAIW6a n lew AaEEN
ago the opinions Of a bold New Eng ,
land radical leader, Gen. Butler, :
we're circulated through the press. :
Few men are shrewder than he. 3
and though he did not prove 10 be 4
much Of q war horse at Fort Fisher. he =
can scent the political battle afsr of L
Here are two prominent men, OF differ
ent sections sf the country and belong {
ing TO opposite parties, agreeing in the ,
- EnawIfoT pnoaf.-- n-.A - y
opposed 10 q contraction Of currency and 1
to the monstrous national bank monop- {
oily both deBouDee the shameful doRa- '
ton Of twenty 70 thirty millions a year -,
10 the profits on national circula liOn- T,
profits which rightly belong to the PEG. Z
Die and government aud which ought 10 !
20 into the treasury both are ia favor /
Of making the national debt uniform In
character, Of reducing the interest, and
OF paying 10 OF as speedily as possible IN
o~urrency-the same money which the
government received when contracting
Il; and they agree that we should have
q uniform legal tender circulation, and
that government securities should be
taken as other property Is. There are J
many other prominent men, particu-
larry IN the west, who hold SINH
lar opinions. This was seen in the
debates OF congress during the last two or !
three seasons. Even the veteran Penn {
~sylvsnia statesman, Thad. Stevens, stood !
firmly against the contraction theorists.
Never In the history Of any country, per-
baps, did the public men and the people
make so much progress in getting right
views on an important matter as they !
have IN this country on the subject Of
Q national finances. Two or three :
wears ago It was little understood. Con- !
VressmeD and the people were led by the !
chase and McCulloch school Of financial !
0uaeks: but lstterly they lave become I
batter Instructed. A great change Is go =
ing on III public sentiment, and Il 1
viii not be long before this country ]
will emaneiDste itselfboth from the crude I
fbeories ofour own financial tyrOs and the I
SrpIoded dOgmas Of British hullionists. '
Tbis subject. which now begins toloom .
nrominently, must be the absorbing a
Ear seeing statesmen, as we have 81
are preparing themselves for the 2
~ootsaf The national bank monopolv q
iii have 70 20 under we shall have 20 y
oove ~ A uniform currency, and that Of
oo-srnment legal tenders; the bond q
Sol5ers will have to bear e part Of the G.
b1rdens OF taxation IS other people do; p
contraction of the currency must be re- !
and an ample circulation main y
20 promote the active INDUSTRY OF !,
ne country, and til = large porton OF :
debt be paid. The debt should be =,
bv curreney-in the ssme money as 81
- given FOR Il, and the whole should
~ Consolidated IN one form, with re.
$500 Interest, and be placed IN process
n regular liquidation. This Is ne piat-
On the future, the one to when Ins n
go Of the people everywhere VII s.
.sUv. Whatever party adopts u VII De %
he party Of the future, . me Pohtlcai y
who place themselves upon =.
I'M be the coming men that are 70 gov g
n t6s republic ~