Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-02

In the first place, We do not believe
that Congress had the power to make
The notes OF the Treasury a legal-tender,
even between individual and individual.
There is no grant to it Of any such
power; and, so far as such a law effects
contracts existing at its passage, it is a
portion Of fraud and rsscality.
In the second place, IL such = law is
valid, it is legislation as to contracts be-
tween man and man but as to contracts
inside by the government, it is q mere
declaration, by n partyto the contract,
+ Of what it will do in performance Of such
contract. As 10 existing contracts, it is
simply null, without the consent Of the
other party. The United States nave no
right or charter to violate their contracts.
That Is not one Of the powers Of govern
ment. Neither the people nor the States
have given the United States the power
TO make ~scoundrels Of people or States.
The United States are but the States
united and these States could not give
themselves that power collectively,
which they positively prohibited to each
other individually.
In issuing paper and selling bonds, q
State lays aside its Sovereignty and be-
comes a Contractor, assuming obliga-
lions from which no act OF its own can
relieve it. II it declares itself freed
from them, or that it may discharge
them in currency, this is no iaU. 1t is
but its own declaration OF what it will
or will not do. Il has none Of the bind
ing force Of lar. II it makes the deela-
ration, distinctly and specially, before
making the contract, or at the time,
then it becomes Of the terms Of the
contract and those who loan it moneys
do so upon the condition so expressed.
But it is no law. It is simply part of the
Contract.
Some day, also, we may discuss the
effects likely to result from an enormous
expansion Of the circulation, by the sub
%stitution Of Treasury notes for a thou
sand and a half millions Of bonds; and
the possibility of maintaining such a
currency at anything spproximating to
par. We do not believe this possible,
and the consequences of expansion, its
effects on the prices Of lsbour, provisions
and property must be very serious.
We Of the South have, just now, too
little interest In the financial affairs Of
the United States, or, If not, too little
voice in regard to them TO make such
discussions, which must for the most part
be but speeulstions, either interesting or
profitable.
The new issues which are looming up,
and which have already startled the De
mon Of Rsdicslism in its fsIcled security
are these:
First: The payment OF the principal Of
the national debt in the deprecated cur
rency.
Second: Direct equalization ofthe whole
debt.
Third Taxation Of the bonds issued by
the Government in the hands Of the
holders.
The fret is reputation to the amount
Of the difference between the value of the
currency and that OF coin.
The third is the violation Of a positive
contract and the breaking OF a solemn
pledge given by the nation.
But neither OF them, nor even the sec
ond, is any worse than the reputation
Of tie continental paper, with which the
United States commenced house-keep-
ing.
No moral obligations will restrain the
people at large from repudiating the
whole debt. They are never controlled
by such considerations, however honest
they may be individually. 1t is singular
that as individual good sense becomes,
in popular assemblies, accumulated folly,
che OF these bodies, however constituted,
rarely acting wisely. So individual
honesty disappears in such assemblies
and in popular action, and the most dis
honest acts are done without hesitation
or conjunction.
1t is quite certain that the bonds will
be taxed. The people lend a ready ear {
to denuncistions Of an aristocraey Of IN r
taxed bondholders as dislike Of an aris- :
tocrbcy Of shareholders had infinitely {
more to do with the aDti-siavery agita-
ton, than care or concern for the i
% images Of God cut on ebony" L
Il is quite certain, also, that the bonds &
will be paid in currency. True, it is \
pro taHto reputation; but the people are -
demoralized by civil war, and will not r
deal honestly, il honesty involves high b
y
And we see that general reputation
Is daily growing in favour, and the idea d
Of it becoming daily more familiar to the o
people. II will be quite as honest as :,
compelling the people Of the South to :
repudiste their war debt. It will be 81
quite as honest as the legal-tender act, o.
under which the courts, which ought to II
be the clstOdes moran, the guardians Of r.
public morals, held that when 8 C,
man has solemnly promised, by his
note, to pay borrowed gold with gold, he
nay rob the friend who loaned him the
yold, by paying him in g~reenbacks with
third Of what he borrowed. It will be =,
quite IS honest So It was 70 r~epudiate the Il
Continental money. It will be quite IS cs
honest a. Il was to establish a Court Of y,
to get rid Of as many just claims "a
.gainst the Government as possible, by
very kind Of quirk and bubble, and in a.
.ecent and contemplate resort to techni- %
and then for Congress to reserve
o itself the power Of rejecting the few S.
laims which had passed the hostile or
cal Of the COurt-no-C Court, OF Claims. 2
The foreigners Of the northwest and
be negroes Of the South will vote In
1vour Of reputation, almost to 3 man 4,
nd negro. The Radical party may well IS
these new issues. All thinking bl
len may well dread them for they in =.
olive the honour Of the country and are =,
D prove its ruin. Meanwhile, the dance PC
{ the devils goes on, and Radicalism Dc
signed the bond, written in kind, y
bat sells its soul TO Satan, in order TO
yin another history by establishing IA
egro States. It's motto is, Agnes nous g
: deluge +" after Us the deluge. let 10
osterity take care ofltself. What has IN
done for usf" CT
III
lo-oxNUNrCAIED T.,
4 Proposition frcm NE. Woodruff. 86
Editors Henphis ADDeol It WAS mt -