Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-01-29
pence and Prosperity.


With the close Of the war, peace and
ia concomitant prosperity-was ex-
pected. This is an axiom-a philosophy
cal law. Of cause and effect. Our dilem-
ma proves an exception-for confidence
is not restored; stability alone can give
confidence, Things have tyet become
stable and firm, and theirs undula,ions
disturb the tranquility that should reign
TO insure confidence. Men Of meansiock
their money up and will not go Into libe'
raj enterprises, that require time and
labor. With Shylockian' clenches they
h.ld 1t for hard times" and thus the
many do in this manner create hard
times. There is money enough among
us to supply our real wants, and build up
in our midst manufacturing establish
ments that would give employment to ALL
life aud energy to business in oil its
ramifcations, and dispel the gloom OF
"hard times
Some who have means are afraid to
'Iet Il out" for fear something will turn
Nd" and they will lose it. They some
times put II out for sixty or ninety days
at ruinous rates; others risk rash specu-
.lations, rather than have their money
invested in a permanent business OF a
manufacturing or commercial nature.
Distrust causes this. Let bank sus-
pend and a general rush is made on the
others by depositors. Let firm break
and distrust commences till the pressure
becomes almost intolerable. Let moneyed
men open their hearts and vaults, and go
into permanent enterprises, and 1t Will
build up country that will secure their
prosperity.
One hundred dollars might pay a thou
sand per diem, but locked up it is worth
less. We do not war on men of means;
what they have is justly theirs, but we
ask them to put their money in circula-
ton, in permapent enterprises that will
give employment to the laborer; food
and raiment to the widow and orphan,
and be rewarded themselves. b. G. 3.
The above communication exhibits
somewhat faithfully natural causes, facts
and results Of the situation. 1t is true
that men will lock their money up from
a sense of insecurity in its use. No one
can blame them for it And for that
reason we favor multitude OF the
smaller investments in manufactures and
mechanical pursuits as more likely, at
this time, to bring out capital and put it
to work. Large investments and manu-
featuring on a great scale, we have not
doubt, would pay emineutly well here.
But it is likely capitalists will wait until
the supervention of some more reliable
assurance of good government and sta
bility in public affairs. We do not think
this is necessary TO their security by any
means. But capital is timid," and we
shall not be surprisedif tbs slow to move
The immediate, right, certain and effect
i've remedy is in a STATE CONVEN-
TON.
We have right to convention. There
is no legal power to prevent it. The peo-
ple of Tennessee are la@abiding and
wisely submissive to law. But we deny the
possibility of giving a reason why peo-
pie, who have both the right and the
power, should not throw OF the'yoke of
the oppressor. A State convention will
give us the government of our fathers at
once, and that stability in public affairs
which assures certainty in calculations
for the future, and is necessary to revive
all business, and renew vigor and life in
all industrial pursuits