Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-11-10
LATEST


Night Dispatches.
gvEsTEEs ASSOCIATED PKBss HErOE7E-l
New York, November "A letter
from Hon. ThRd. Ste sens on the subject
Of our National Finances Is published.
IL is IN reply 10 a letter addressed 70 him
by a neighbor, and IL very long and com
prehensive. He commences With the
assertion that 90 far a. the financial
condition Of the Republic Is concerned,
Il Is not, nor can IL ever be in peril with
the products which we can readily dts-
pose Of. There never can be q 10
when, with honest dealings, this
Republic will be unsble 20 pay
all her Just liabilities. He says;
al have not yet, aud do not approve
OF the financial policy pursued by our
Government for the last six years. o,
I Think we have thrown away our
billions and are still throwing away our
millions by mismanagement. Then"
addressing his correspondent, who IL .
national bsnker, be avs you are a
banker, and & sound one. You, IS well ss
] every other man who has tried it, are
making more through this national
baAAAhk AAAh Noa oAAAN w. ~ -
be has neve doubted the COnstitu-
tiOnsl power Of the Government 20
| make money OF whatever msterial II
1 chooses, whether Of metal, leather,
paper or tin, and 10 regulate
I It's value; and, therefore, legal ten
/ ders are. to sill intents and purposes,
! the lawful money Of the country money
ia which all debts, public or private. may
be legally and Justly paid. Money il just
what the law makes il. The Govern
mant has at different times reduced the
price Of silver, which, when so reduced,
was made 70 pass to every creditor and
debtor 81 the original price, and argues
| that there is the same power TO issue and
regulate the value Of any other kind OF
money, consequently it is Just as lawful
for the Government to pay the National
debt iu greenbsck money.
Referring TO the debt, he says: Now let
u come 10 the Government loan, and
for a moment consider il, which, even
without the monstrOus doctrine Of Gree
ley and Cooke, is the most profitable in
vestment ever made by money lenders,
and is q monstrous swindle on Ameri-
cans on the part of European capitalists.
Although he would pay in full the capi-
talists and spectators who have made
princely fortunes through the folly OF the
Government, he does not think there is
any obligation to force specie payment.
He shows beyond contradiction that in
creating loans there was no intention on
the part Of Congress 70 compel the Gov
eminent to payment Of the principal in
coin except where this was expressly
mentioned. This matter was well eOn
sidered and understood st the time, and
the ~bondhOlders have no reason TO COM
plain il paid in legal tenders. Mr.. s.
said for two years the ~greenbacks were
the most popular currency ever used In
the United States, and had there been
no other would not have failed to buy
every necessary commodity for every
use, public and private. II it swelled
the currency IL slso swelled business Of
every kind, also the incomes Of business
men, thereby increasing the revenues
Of the government. The great question
at issue Is the policy Of paying the debt
in z~reenbaeks. Upon this be remarks :
" Various methods are suggested to re-
deem the sos In currency. One very
able writer suggests q loan in ~greenbacks
TO their amount, so that afterwards the
.greenbaeks mRy be redeemed with the
others, If we are satisfied that there is
more than sufficient currency to do
the business Of the country with its prob
able increase then that would be the
proper method without initiating prices
as q cOunber-balance to the saving. But
IL il is believed that the present and
prospective business Of the country
would fairly absorb an amount large
enough to redeem those bonds as
they come due and not ANONYMOUSLY
increase business. The true way would be
for the Government to issue legal ten
ders equal to the amount to be redeemed,
and thu save the interest both Of the
old and q new loan. With these views,
deems the contraction OF the cur
four millions 3 month a. uuau-
thoriZed and highly impolitic. Finally,
be believes the true, II not the only way
to reach specie payments, is to reduce
the debt as proposed before making any
attempt 70 contract currency.
The Tsmmauy City Convention was
held tonight and nominated Mayor
The Mozart Convention meets next
week, and will undoubtedly nominate
Fernando Wood.
A special to the Express says that the
OF Senator Wilcox, Chairman Of
the Judiciary Committee, assert that he
will kill the impeachment prospect by
bis casting vote.
a special 20 the Post says it Is under
stood that tho larger portion Of the Presi-
dents message will be devoted 70 the
consideration Of the National
finances. Mr.. Johnson says that be
.gards the financial question as the
-eOst important before the country. He
mas no sympathy with the recently
expressed views OF PendletOn or Butler,
but goes with McCulloch, and believes in ]
he contraction OF the currency, and a !
return TO specie payments. }
Election returns from the Third Con-
zressionsl District in this State, to i'll
he vacancy caused by the death Of {
B. NOEL, indicate the choice Of
Gen. Mccormick, Democrat, by about :
800 majority, the vote being very small. Z
WASHINGTON, November 9.-I0 the
Supreme Court for the District Of Column
bis to-day, Mr.. Bradley read state .
nentin answer 10 the rule Of the Court
or him to show cause why he should
Tot be excluded from the bar as q prac- Q
Using Attorney, owing to his difficulty
With Judge Fisher. Hon, r. J. Walker
made an argument In Bradley's favor,
when 8 full Court, through CHIEF Justice D
base, sustained the order OF Judge f. ?
.uspending Mr.. Bradley as 8 practitioner
It bar. Chief Justice Chase said Ii was G
painful duty, but it was necessary that :
he Court should sustain its dignity and /
,unish the contempt. '
Mr.. Bradley thanked the Court for the Z
name in which it had an !
bounced its decision, and said he long ,
go contemplated retiring altogether !
the bar, but that the present man {
Ter OF ssvering his connection with the '
,ourt renders the separation the more }
unpleasant. !
Fractional currency printed for the !
Teek, S8l, III; shipped, S755, O52, inciu-
ling 800. 600 to United States Depository $
{ Cincinnati; National bank notes J
SS0.330; fractional currency re-
S4l8, 4O3; receipts internal reve-
Tue for the week S4O3, 100.
The President will be serensded on
night under auspices OF the
Conservative Army and Navy Union.
other organizations will unite In the de-
.-OnstrRtiOns.