Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-09-19
a5y- There seems now to be little re

naming doubt that the gold'bearinI
bonds are to be redeemed by an issue
greenbacks. Not only do many OF tn
most influential Conservatives and Dem
ocrats favor it, but also many OF tn
leading observation-disclosures, Pendle
ton, Allen, Butler, Thad. Stevens an'
Vallapdigham. There is furore for !
through all the Western States, aud thu
measure will carry, beyond'a reasonable
doubt. The consequence will be that
greatly increased amount OF notes vii
be thrown on the market and the cur
rency inflated.
From all this we appreheRd no injury
to any but the 5ondholding interest
And even the bondholders, who loaned
their money when it was worth little
more than thirty-three cents on the
dollar, will rather fail to make, than lose
anything. In 1887 money,was abundant
and business fosrishing, while the city
banks were within one or two per cent.
of par with gold. And yet nota bank
paid specie in all the country. The in
solvent banks having gone by the board,
and being wound up, those that remained
we're regarded as good, and their notes
answered all the purposes Of commerce,
and without being legal tender, would
pay debts and buy whatever was on sale,
SO that specie was no object to anybody.
The reason was that the notes, though
but insuiliciently based on specie, were
we'll secured on property, with good
home paper, which came regularly in to
redeem them. Confidence thus existing
that they would be redeemed, as solvent
men ultimately, if not promptly redeem
their outstanding paper, they answered
every purpose of trade as well as specie
itself; and this Notwithstanding there
was an over supply of currency on the
market.
A similar reason exists why this should
be the case now-so that we have no
reason to anticipate any immediate
crash and disaster, seriously prejudcial
to a majority of interests, as. couse'
quence of initiation. The debt of the
country is all due to our own citizens.
The people intend it shall be paid, and
with good management we may be able
to keep down the interest at least so that
there is no reason why confidence should
fail in the national currency to such an
extent, as compared with other values,
that the government issues will fail of
being adequate to keep the machinery
oftrade running to good advantage. AL
though the currency may depreciate
largely for tim0, it will still find such
large and ample field for investment
that the decline will not be so rapid as
to take any by surprise, and after reach
ing low figure, may still, with any
tolerable management of the public f.
names, return nearly to par value.
But, whatever may be true as to these
speculations, the imitation of the cur.
rency consequent on the redemption of
the bonds with the notes, will give wings
to commerce, revive business, build up
the cities, increase manufactures and set
the pillow, loom and the anvil to work
again more vigorously than ever. There
will be renewed life in the old land, and
nothing will be wanting to return of
public and universal prosperity, but the
conservative victories, which, thunder
ing from California and reverberating
back across the mighty continent from
Maine, will sweep radical fanaticism
with the bosom of destruction from all
the States.
Whatever may be the result to bond
holders, it will be cause of rejoicing to
the great masses of the people, north
and south. Land will appreciate with
gold as means of investment, the
people in all sections will be more able
to pay their debts, water powers and
mines, and all the arts of manufac.
lures, agriculture and commerce, will be
stimulated and reinvigorated, and re-
turning prosperity, like the rising sun,
will come to smile on the whole land.
The south will be a market for the
north, its supply of staples will increase
with the means Of payment, aud nobody
will suffer but the spectators who
bought the bonds at less than par, who
live on the interest, without equally
sharing in taxes the burdens of the
country, and who at last will lose only
what they have no natural or moral
right 10 wiring from the earnings of
labor The wealth of the whole country
will grow strong and substantial again,
and, facilitating the return to n specie
basis, be able to stand the brunt when it
comes.
White immigrants will flock into the
Refrigerated South, where capital in
slaves will no longer stand in the way,
and the superior energy, enterprise and
intellect Of the new population viii have
the controlling power of its own supe-
riority over the iudolsnt aud ignorant
race, set up by a few demagogues, in
their expiring gasp for power, to govern
a great country. Ultimate redemption
Of all the obligations Of the government,
being due from the people to the people