The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-12-18


ing of tie FnbIie dssA ElEsa I'll F..stafsian Pone
roz proposes 10 pay It ii THIS means to
throw from TIE Treasury upon the country il addition
o tie fse hundred and ten millions Of currency uoW
ii circnlation, the enormous sun Of three thousand
millions Of additional paper dollars; making the sum
of three thousand -four hundred millions, where,
before the war, Rhen business was transacted upon
the basis of specie paying bank notes, 1t was estimated
that bank circulation of three hundred millions in
addition to the small amount Of gold and silver in
actual circulation was sufficient amount Of circula-
ting medium with which to transact the then enorm-
GUS business of the country, Money, it must be
remembered, is but the measure and representative of
value, and is useful in commerce and trade only to
pay balances The planter brings his cotton to
Shreveport and sells it to merchant; lie takes part
Of lis pay in goods such he needs for the use Of
bis family and takes the balance in money 1t is
different if lie sells the cotton to the broker who pays
bin all cash. The cash finds its way from the farmer
into the land Of the merchants for the farmers sup
plies, and from the merchant it finds its way around
again into the hands of the broker for the purchase Of
more cotton, and this large exchange Of commod
ties is effected between sections and countries while
/
their representatives actually pass from one to another
and those sums only represent balances. Ills is trade
This is exchange this is business, and tie small
amount Of three hundred millions Of the notes of spe
Gle paying banks needed pay thcse balances It
is proposed to food the country with three thouS
and four hundred millions Of circulating medium
Those who inside the Confederate lines during
tie last three years Of the late can form
some idea OF the effect Of such a course. The man
WHO tolls fo7 lis daily bread will go home to his fire.
side at night with lis pocket full of paper greenbach
dollars, Which will not buy him rs much food and
clothing for his family as half a dollar in gold The
man WHO hag money due to him from Others will sud
denly find Ills poor debtor who is now begging him to
have patience with ne and I will pay thee all"
transformed into lordly Spectator, grown suddenly
wealthy in worthless shinplaster currency approach
ing him and demanding and enforcing tie right to pay
debt contracted upon true basis Of Values in rags,
and those rags by the supreme central government at
Washington are made legal tender. Men Who are
in business carry the commerce and trade Of the
country, suddenly find all commercial values dcrangcd
trade dsorgauscd Wild uncertain and hazardous spec
ulation running riot and rampant through the land
bringing il their train, they have ever done, and
ever will do certain disaster and ruin And if there
still remains in this ruin stricken country a man who
can call himself cHrtai5 who, by shrewdne5S tact
and good luck, has actually accumulated and retains
property in his hands, he finds its value suddenly
wiped out. He can sell his savings, his bonds, his
mortgages, but the money he gets for them has had its
value destroyed.
But the man who aSpiras to the dignity Of states
ma Of =
il the forced loan drawn from the people by making its
representative legal tender, in the day of agony,
when the government in its last throcs a, strug
Cling with the cxerti0n of its every energy for the
maintenance of its existence is thus paid in currency
Which is only worthless but which only acce!cratcs
and makes more wasting the ruin the commerce of
the country he will surely find that this violation
OF commercial honor will only place the government
III the position of merchant WHO allows his paper to
go to protest. when next his day of trial comes his
appeals for help viii be dsre&arded and in other
words he viii be able to borrow no more and should
ever the government be involved in trouble it would
find that the commerce Of the world would say to it
we found you in tight once and helped YOU cut
after yo@ got cut and We asked you for pay, you
paid US in rags get your money carry on war from
somebody you can gull You fooled he once; it |
was Jour fault then il allow you fool me again it
will tie mine" These i'll brief the arguments pre-
seated by these politicians who oppose the wping out
system.
On the other hand, a large and very respectable
lass Of politicians and tinanccrs propose ill view OF
c uncertainty how the fve-twenties ought to be
raid, to consolidate them into Lationai debt.
The effect Of this We will show in CUT next