Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-11-06

note currency, together with some five
bsndrad million dollars Of book account,
tbst made the initiation. Altogether, the
currency of that year amounted to II ,Z25-
[ 0O0 OOO Tith a reputation in the country
| ofssveDteeD millions Now, turn your eyes
10 the wear 1913. What was the state OF
the country then? Why there were but
/ SIS 56S 600 of hank-nOte currency, ana
! 1854. .544. .93S of prOmissory note currency.
/ As for private note currency, Sl0J, wv. .OOO
would cover the whole amount. NOW
/ let us group these sums together. IN
| 1913 there were some sixty mlllon DOL
1 lars in specie sfioat in this country. ada
I 10 this SIS. 563. 500 in bank notes, S25Oi-
/ OOO OOO of book accounts, and we have
I $500 600 600 as the total currency OF lo43.
] The uopulstion was then about nineteen
millions. ,o,o.
/ What were the prices of things in ls4S? =?
| The dwelling house that brought $500
/ wear in 1887 now rented for $50 year:
/ The man who mad struck for dollar and
a half day for labor in 1887, was now
/ better off with seventy-five cents, be-
/ cause that seventy-fiye cents purchased
l more things for his use than the dollar
/ and a half did in 1897. Flour, which
vas worth So per barrel, fell to 81 50 ;
/ nrime Bsef, from IS rs per barrel, fell to
J S8: spess pork from S24 80 to IS; sugar
/ from eight cents to four, and so on. You
| therefore see, my friends, that 1t was the
currency, in this instance, which made
! ali the difference, for the taxes IN 1887
and 1913 did not materially diHer.
! Now. let US come back 10 things as
/ thew are At the present time. Here ls
! sT,aeuIstor in Chicago who holds mil
Z lion barrels of -four, worth ten dollars
| barrel. II that man could only get the
| whole amount Of currency in the country
suddenly doubled, he knows perfectly
! well that in a months time he will get
I twenty dollars barrel for this flour. IL
/ f. therefore, this mans interest to have
| the currency inflated He, therefore,
goes to Washington, and lObbles to get a
| biH through extending the issues Of the
national banks and authorizing them TO
! issue more currency and to discount more
naper. II in Congress, l never would
| vote 10 help such speculation and fraud
There is another man in New York
| Who has his store filled with dry goods,
/ worth. on an average, say twenty i've
cents per ward. He knows very well
| that If be can get the currency doubled
\ he can sell his stutfs at htty cents Per
ward. It is thus that Mr- stewart, III
/ that way, and not by ordinary trade, re-
]
/ sneculstor comes before you and tells
/ yior1 what a good thing to have national
/ banks and more paper money, ana now
natriotism and the Radical party ootn
| demand it. He burrahs for the father OF
all the greenbacks, Gov. Chase, as tne
savior of the country. be inveighs
1 against the contraction of the currency
he don't want to hear the cbink OF the
Democratic dollar. l would never, for
sny conservative purpose, vote TO IN
crease the issue Of greenbscks, III you
/ want to nav off any debts with them,
( nroDer thus TO be paid, use what you
nave. and cone down to the constltu-
tional, Democratic currency Of nature
and of God-gold and silver. If 1t hurts
ts do this il is the hurt Of the sklllful
surgeon-you have to stand it OF ole.
| He argued against the exemption ol
Government bonds from taxation, and
summed up his position on these subjects
First. All changes in legislation, ex.
cent changes hv repeal, are, as a general
! thing. changes in conflict with the inter
ests of the industrial classes. These
changes are the result Of Radical rule.
Second. Prices are the relation between
the quantity; that is to say, the cur
rencv afiost, and the quantity ct com.
modities and labor seeking to be disposed
OF within q country open TO free ano
rapid immigration. These prices nave
been inflated by Radical rule.
/ Third, This relation can only be ois'
turbed bv means Of changes in taxes anc
changes in currency. This disturbance
| is the result OF Radical rule.
Fourth. That advantage is taken o
| the fact by cunning and inscription
capitalists, and selfish and ambitious pol
itieians, to increase their ill-gotten galn'
and their pernicious influence; ana thos'
men are the upholders OF the Radlea
paper-mongering policy.
Fifth. They secure these gains from al
future loss or vicissitude by investing u
Government bonds. which, by law o
their own dishonorsble making, theI
have uniustly caused to be exempted
from taxation, by Radical legislation.
The National IateUigencer has thest
sensible and pertinent remarks:
It was obvious enough during the war
when the policy was adopted Of launch
ing upon an ocean of expenditure, with
out thought Of bescOns, reefs, hiddeI
rocks, or an iron bound coast so that tn
elevation of negroes to the rank OF whit
men was achieved, that whatever gol'
there was in the land must, If possible
be monOpOlized 10 control the none.
market in the imagined interests OF pub
lie creditors, or capitalists, or merchants
The Government JuggerusUt, driven
il was in a cause that appealed to tn
: strongest feelings of the people OF tn
North, was scarcely able TO restrain
paper values within such rational limit
as the hopes, rather than the reason, 0
able financiers would have suggested
But the conflict Of arms closed two year
and a half since. The price Of gold
not proportionAlly larger than it has beel
at other times when there has been sus
pension Of specie payment. As seompare'
with such times the amount Of gold Is 4
much greater proportion to paper cirsu
latiOn than then.
In other days the supply or productio
/ Of gold was very limited as compared Z
Z the vast, volume of paper money 60
/ called. Now it is great. One thing
very certain, that as long as the Secre
tary OF the Treasury is TO keep hundre
or two millions Of gold in hand there WI
= be not only the loss Of interest upon tbs
Z sum, which the people must make up b
= a grinding taxation, but there viii be
resumption of4pecie payment; and,
course, Of that steadiness in monetar
D affairs that is q necessity in the grea
maTts Of commerce.
And, speaking Of the letter Of b.
5 BUTLER to the New York Tribune, il
, sisting on the right of the GovernmeI
: to pay the principal of the five-twenti'
Il In currency, the New York World say;
d It does demonstrate that the financi'
y policy OF Mr.. Chase was muddle and
iu,ufas 1arnouafrafes that this UOllc
was so vseillating, inconsistent, and gel
contradictory, that amid the eonfusin
n cross lights the rights Of the public cree
3 itors and the obligations Of the Cover
ment are open to endless questioning
and liable to be tossed hither and thithI
on 3 fiuctuating sea OF uncertaiDtie
> The editor Of the Tribune stands foremo
N among Mr.. Chsse's admirers and eul'
/ qists, and the evasive feebleness OF b
l. reioinder to Butler corrobOrstes the cor
a clusion that Mr.. Chase was 8 financi
n I 1cbarlatan. It is susceptible Of histories
proof that the contradictory loan Law
l. t1vere drafted by the then Secretary OF Il
Treasury. We know this fact from u
most Authentic source it was pubiic
. stated by Mr.. Hooper, the organ OF &
q Committee of Ways and Means IN q
House Of Representatives. Gen. Butl'
n is enabled to make out a plausible cas-
q because the various laws are clasnlI
a set of inconsistent enactmentsi lnstes
o OF a harmonious system. IL squite tru
n as G en-. Butler states that the greenbacl
are a tender for everything except go
y ernme1t interest and duties on import
% The Language inscribed on evel
"a greenbaek means nothing, or it meai
that the greenbacks must be accept'
a, payu,o0t of the uublie debt II