Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-21
nauSs and currency.

ing" and q" genuine Aiarmiet, because
we said "the sooner smash-up comes
the better" Will he undertake to show
that the South will be injured BY inha.
ton Of the currency, or by such depre-
citation Of Il as would throw greenbacks
and currency on the market begging for
purchasers2 Shall we not be ground to
powder in paying national and State in
debtedness Of Eve thousand millions in
gold, debt constantly accumulating, and
the interest Of which alone amounts to
$3.50, 200, 900 q year, and will amount IN
thirty years, without any calculation for
annual payments (which increase by
compounding il, to the sum of $780,
600 600 more2 We should pay not less
than ten thousand millions in interest
alone, besides the principal. What ma
ton Of the world ever paid such a debt
MS that2 If it must be paid out of our
surplus productions, is it to be expected
that will amount to enough to pay the
debt. and TO live comfortably, and keep
mn at the same time the present rate OF
extravaganza, waste, corruptions, and
nav the five hundred millions besides re.
ouired for the expenses of our most ex-
pensiye government in the world2 Is 1t
croakine to say that such heavy indebt-
edness, coupled with so great expendi'
lures, cannot be borne by people, and
must be settled by a process OF repudia'
ton, bankruptcy, or such as that by
which the continental currency went,not
dishonorably to the nation, out OF sight Z
Our correspondent thinks we are doing
pretty we'll, and that our people feel oil
in all that they are getting better of, in
spite of all the debts, waste, peculations,
bank and spectators profits and taxes
Well, if we are, does that show any thing
more than that the recuperative energies
of our country and people are enormous,
and that they can bear great deal and
still live. But while this may be true, 1t
ia true also that we are running more in
debt instead of paying out The national,
State, county and city Indebtedness in
creases, while the people are certainly
paying quite as much as we can suppose
it is possible they should do, and have
any surplus at all left for their own COM
fort. Their prosperity is the result OF
economy sach as was never before seen
in the South. They have been driven to
buy less, and omit all Injuries, and raise
their own supplies. And so it may turn
out tolerably for them at last. But how
much do they owe to banks and bankers
for all this i?
We are apt to speak the plain truth as
we understand it, in plain English. We
are liable to err. But bank officers
have also somewhat the same gifts of
human infrmity. A man with q salary
of few thousands can look very COM
placently on the situation, especially
when the time of distress for the people
is the golden harvest for the broker.
But they who can neither shirk the debt,
nor profit by it, will be far from regard
ing him as croaker or alsrmist who
tells them that without bankruptcy,
admitted and confessed. their noses are to
the grindstone fer a hundred years (espe-
cially when there is so much color for it,,
and that it would be better for them if
smssh-np should come, clean sweep,
and that sll the currency might depre-
ciate out Of sight, SO that it could be
bought by the bushsl for dollar, and
that they could begin again clear of debt,
and, like their fathers, still without dis
honor. We wish no i'll to the country,
nor to any man in it. But we deny
that debt and extravaganza can continue
with profit to any but the sharks, And
we discover that all these are delighted
and gloat over the situation. Give us an
honest administration of public affairs
let the expenses of the country be re-
duced to hundred millions, and the
rights of all be religiously respected, and
we agree that we GAN pay the present
debt if we will though it would even
then be at the hardest, and surpass any
instance of history or the capacity of
any other known people. Bat either
for want ofsuficient sagaeity,or because
we are right, we fail to see any reason
able ground to expect such return to q
good condition of political administra
ton and private prosperity combined as
will warrant any large expsetsiio5s.
As to the certifcation Of checks, we
care nothing about The legitimacy of the
practice. 1t is not especially our object
to attack the accustomed system Of
banking. But if this certifcation operates
an imitation, WHICH profits only the
spectators Of the rings, we do not care
to pay twenty millions per annum for
the purpose Of enabling the national
banks to keep up lhsir Legitimate
practices. How does it happen that
loan of six months cannot be had from
one of them on security Of real estate,
that merchants have so often to pay
their FIVE per cent. month to avoid
dishonor of their paper, and that the
Spectators are so very singulsrly men
of means pnd honor that they always
get the largest si,ee Of TIE loaf, while