Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-10

&
20 beoome eDslsved. and merely ex
change slave owners for new task mas
ters 10 the shape of bondh0lders and tax
SstheTs besides, permanent debts per
tsia to mnnarchisl seats, and tending &
( monOpoiise sDd perpetuste and close leg
islatiOn, are totally irreeoncilsble Will
( free institutions Introduced into our Re
/ publican system Taey would gradusIi,
but surely sap the foundations, eve1tu
( ally subvert our GavernmentaI fabrics
aud eT-ct upon iis rain n9onied sristoc
I rscY It is our sacred duty to transmit
I unimpaiFed, to our posterity, the bies
sings OF the liberty which were be,
I qusathed to Us by the founders of the
r R-publie, and, by our example
G teach those who are to follow
u, carefully to avoid the dangers
which threaten q free and independent
people. Various plans have been pro.
posed foT the payment OF the public debt
However, they have varied es to the
time and E1nde In which it should be r.
deemed. There seems to bs q general
consciousness as to the pr0priety and
justness of q reduction in the present rate
II interest. TIE Secretary OF the Treas
uFy, Ia his report, recommends three Der
cent. Congress, in 8 biA passed prior tn
> HtSl.
agreed upon four and fhalf per Nf@t-
whils by many three~ per cent. na-
been held to be an AMPLY suffi
cient return FOR the investment.
The general impression as to the exar
bitsney OF the existing rate OF interest
has lea to an inquiry In the public mind
respecting the consideration which the
Government has actually received for
Ger bonds, and the cOnciuaiOn Is baenm-
ing prevalent that the amount which it
obtained wss in real money three or four
hundred per cent. less than her obiiga
tiOns. | cannot BE- denied that we are
paying extravsgEnt per oentage for the
m. ney borrowed, which was paDer ur-
Teney greatly deprecated below the value
Of coin. This fact is made apparent when
We consider that b0nd-hoiGers receive
from the Treasury upon each dollar they
own OF Government securities six per
cent. in gold, which Is quite or nesrly
-qusl to nine per cent. in curren-
cy, and that the bends are then
converted into capItsl for the opening Of
National Banks upon which those iRsti-
tUtinDs issue their circulation bearing six
per cent. interest, that they are exempt
from taxation by Government and State
and thereby enhanced 7 per cent in the
hsnds Of the holders. We thus have an
aggregate of seventeen per cent. which
msy Be reesivsd upon each dollar by the
owners Of Government securities. As
any Law that produces such results Is
Is ly regarded 50 fsyOriBg 3 few at the
xpsnSs Of the many, and bss led to the
further inquiry whether cur bondbold-
srs. Ia vi-w nf the large profits which
they have eaiOyed, would themselves be
r-Ea To- - raf In Hah
90 plan which would yield them q fair
at the same time be Just
to the taxpayers of the nation, and our
national credit bs ssCrsdiy observed; but
10 making provisions for oar creditors
we should not forget what is due to the
masses OF the people. Itmay be assumed
that the holders OF our securities have al
ready received upon their bonds larger
amount than their original investment,
measured by q gold ad vsneement. From
lhis statement of facts IL would become
Just and equitable that six per cent inter
Est nos paid by the Government should
De applied 70 tn7 reduction Of the princi-
pal in ssmi-snnusl instslments, which
n sixteen years and eight months
would liquidate the entire national debt.
Six per cent 10 gold would, at present
rates. equal nine per cent in currency,
equivalent to payment Of the amount
Ia hsli time-in & fraction less than sew
snJeen years. This, in connection with
al the other advantages derived from
.heir iuyest ment, would atf )rd the public
creditors 3 fair and liberal compensation
or the use OF their capital, and with this
hey should be satisfied. The lessons Of
he past sdmOLi b the lender that it is
Iss we'll TO be over anxious in ex&eting
rom the borrower.
r gid comp lance with the letter Of the
,ond Of provision made for the pay
nent of tins indeb sedness If the Govern
nent in the 10 amer suggested, our coun
ry will rapidly resume It's wonted pros
eriry. Its lutert 5 demand that some
u ls&surss should be taken to release the
srSe amount Of capital invested. ia secu
ifias OF the Government; it is not now
merely unproductive, bat in taxation an
iuslly consumes $50 600 600, which
would other wise be used by our enter
Using people In adding to the wealth Of
ne nation and commerce, which at 0ns 1
iae successfully TivAled thst Of the 1
.reat msrstims powers, has rapidly di
ninished, and our industrial interests /
re IN a depressed and lSDguishing con
.ition, the development OF our
resources checked and /
ne fields 0; the South are becoming (
waste for waBt OF means to till them. I
With suffieiency Of cspitahas naw lie
would be infused into the para.yZsd sner- 4
res of our people, and activity and vigOr Z
70 every branch OF industry. (
Oar pc, pie received encouragement IA !
heir ef30rls-tO recover from the effects Z
4 the rebellion and Of iDjudjcious Iegis I
alton, and it should be the aipl of the (
government to STIMULATE them by the 4
prospect OF an easy relief From the bur 4
Iens which impede their prosperity. I
+ we can1ot take the burdens from 4
shoulders We shou at least mani /
est 8 willingness to help 20 bear them, /
a referring 70 the condition OF the cir /
ulsting medium, shall merely reiter- /
.te substaptialiy that portion OF my last l.
annual message which reistes to that I
iuhieet. Tie proportion which the cur |
ency of any eunntFy should bear to the /
whole value OF commercial produce car
,Glsted by It's means Is question on I
which political economists hsve not /
,Rreei, nor can it be controlled by legis- ]
alton, bnt must be left to the iFrevoca
,le laws which every where regulate /
and trade. The circulating I
Medium Sill iFTeslsiibly flow to those I
,arts where it II Ia greatest de- /
aand. The law Of demand and /
uppiy is as unswerviDg az that /
ghica regulates the tides OF the 1
,csap snd currency, like the tides, has 1
Is ebb aud q W throughout the COM
Dercial warld. At the beginning Of the I
/. belIion the bank note circulation of the I
untrv am united to not much more /
b sn s2o0 900 600 Now the circulation
4 the NetiDnal bank notes aud those
nova s. legal tenders, Is nearly S700,
90 ODO While it is urged by some thai
his amount should te increased, others
ontend that decided reduction is ab
olute,y essential TO the best interest of
ne country. In view OF these diverse
,pjnions It may be well to ascertain the I
eel value OF our paper Issues when i
omoared WITH q metallic or cOnverti
lie currency. F1r the purpose, let Us in
.nire hOW-nueh gold and silver could be
by the seven hundred millions I
# pspe, money now 10 circulation.
Probably not more than half
he amount Of the latter, show
ng that when our paper currency I
{ compared with gold aud silver, itseom- 1
nercizi value Is compressed Into $780, I
00, ,OCo, this striking fact mak ing IL the /
,DvIous duty OF the Government as early 4
s Ray be consistent with the principles 4
# sound political economy TO take such 1
measures as will enable the holder of its 4
ioies aud those Of the National Banks
O convert them without loss into specie I
= its equivalent. A reduction Of cur pa 1
,eF circulating medium may not neces-
arIly folioF, This, however, would de- I