Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-09-18


affords ground of encouragement that
the little improvement, already to be
seen in our city, will continue and aug
ment. While things have been so UMPIRE
cedentedly dull with us oil summer,
they have also been so everywhere else.
And, now that they are greatly improved
in other place., the influence must be
felt here. The New York papers are
more than ever crowded with advertise
ments, while they state that the tide Of
business is rolling steadily in, and daily
augmenting the volume and force.
News from every quarter is regarded as
favorable The docks and importing
houses have unusual activity, the rail
road trains are full Of passengers the
hotels filed, and the influx OF purchasers
and strangers immense.
Why should any croakers be about,
distrusting a revival of business, and in
sisting that returning prosperity is an
impossible thingi Are we not great
sbinplaster making machine, and is not
money likely to seek investment, when
you have it by the cart load, twice suiii'
cient for the ordinary and Legitimate
wants of commerce Although it is
hidden and cut of sight, there is more
money in this country than there ever
was before. Confidence in the solvency
of the government, with fears of confs-
cation, and want Of confidence in indi-
vidual securities, resulting from a revo-
lutionary condition in the frenzy of
parties, creating n general distrust, has
kept the greenbacks hidden and boarded
But that is a condition which is abnor-
NAL, and cannot last The wasteful ex-
penditure of the government and the
financial Encouragement, is creating a
distrust of the national securities, which
will bring them in sight again. When
gold is daily rising in value,
greenbacks are going down and
they will begin to seek Investment on
good securities, and in the purchase OF
lands and articles having a permanent
and intrinsic value Money is getting
easier now, in the fear of depreciation
and, if gold should 60 higher, few would
have the temerity to hold promises to
pay, when it is possible to exchange
them for articles of intrinsic value. So,
money will return on the market, because
menegill give the lesser for the greater
value. The idea that government with |
no larger resources than ours, five thou
sand millions in debt, can give par value
to its promises to pay, for any long
period, is simple absurdity. II that was
possible the government could place
twenty thousand millions at par as
easily, by simple legislation. The gov
eminent has no more power than the
individual to stretch its credit beyond its
means of payment, If it had, it might
turn all its oak leaves into gold by the
same means. Tho corporation Of Mem
phis might make its scrip just as good as
j ohm Jacob Astor' certificate of deposit,
for gold.
1t is moreover apparent now, that,
after exempting the present bondholders
from taxation, the property of the coun-
try will not support the people, and at
the same time yield sufficient income
to pay off the national debt in thousand
years. The consequence is inevitable
that there will be distrust of government
securities, especially when the fact is
taken into view, that the government,
which otherwise might be able to pro-
vide for the debt, is mismanaging and
its means, besides depopu.
ating and destroying the production of
he States which have hitherto yielded its
argest income. A government whom
he gods would Destroy, having " first
made mad, is unworthy of pecuniary
rust, and will not be relied on with con-
idence by those who hold its obligations.
They will seek investment of its paper,
,ven in the face of oppressive and heavy
axation, in the belief that private
will be respected, and have
jome substantial value, when govern
nent funds may have become worthless
IS the continental currency. 1t has
,een problem and a mystery how the
,redit of the government could be sus
aimed so well and so long Whether, as
We suspect, it was chiefly because of the
confidence existing that the bonds
would constitute national debt like
hat of England, which would have o
permanent value, though the principal
lever should be paid, by the fact that
he interest would be forever paid in
,old, while taxation, being heavy, would
Don extinguish all other Indebtedness,
We may be unable to say. But we do
zee that the moment the question is
aised about paying the interest of those
,onds in gold an appreciation of gold
esuIts, or rather greenbacks decline in
'alue. And we believe, the more prob
.ble it.becomes that gold will not be paid,
he more and more will be the de-
,reciation. If the views of the western
states prevail on this subject against
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