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

3 axious 10 protect their psstsrity fToE
. the evil which they themseivs
: had experienced, and hence, Ia prc
; viding 8 circulating medium, the
conferred upon Congress the power {
} coin money and regulate the vain
thereof, at the same time prohibiting tn
States from making anything bus gnl
: and silver teader in payment Of debts
Fhe anomalous condition Of cur currane
is In striking Contrast with that Ehiel
was originally designed. Our circulation
now embraces, first the notes Of the ns
tionsl banks, whiea are made receivabi
for ell dues to the Government, exeiud
ing imports, and by ali iis creditors ex
cepu g 10 the BayH snt o; Interest upol
its bonds and the securities themselves
sseOnd, the legal tender notes Issued b,
the Uaited States, which the Law redufrel
shall be received as well in payment @
all debts, delivering the oitfz -as OF al
port dues, except imports, and gold and
liver coin. by thu operations o. our
present system Of finances. However
5he metallic currency, when collected, i
reserved only for one class OF & lveTn-
ment creditors, who, holding It's bonds
( seui-s 7n0ally receive thsir interest i1
eOin from the National Treasury, tbers
I is no reason which will be aeeepts d "
1
who defended us on the land and pro.
I tected us on the sea-ths pensioners upon
I the gratitude of the Nation, beariI = the
/ scars and wounds received wbae IA its
/ service. the public servants in the rious
depaTtmsnts of the GOveramSnt, the
/ farmer Who supplies the soidisrs Of th=
army and the sailors or the navy, the
artisan who tolls in the nations work
shops, or the mechanic and lGborer who
builds ils edifices or constructs it, rts
and vessels o. war, ia payment of their
lust and hard earned dues, should receive
d-Preciatsd Q per. while another Glass of
their eitizsns, no more deserving, are
paid 10 coin of gold and silver. Equal
aud exact justice quires that all the
creditOrs0f the Govern ment should be paid
ia cGrrency possessing uniform valus,
and this can ony be accomplished by the
restoration of the currency to the standard
established by the Constitution, snd by
this means We would remove discrimi-
nation which may, /! il has not slready
done so, create pEejudiee that nay be-
come deep rooted aud will spread
snd impefil the National credit me
feasibility of makiag our currency cor
respond with the constitutional standard,
may be seen by q reference to fsg facts
derived from our com Gercial statistics
Zoe aggregate product OF preeinus
metals in the United 5 ztes rom lS49 90
1857, amounted 20 81 LII Quo 600.
winch fer the same period fae
net exports OF specie were S74l,
900, 600 This shows an ex~ss OF
pcDduct over the net exports OF S433 600,
900 There are in the Treasury SIGS,
407 9S5 in coin, aud 10 circulation ia a
States on the p &C fic coast sbOat 81 O00,-
600, and ie ~ mi lions ia the NsaU al
aid other banFs-in sIi. less than sl60,
600 600. Taking into Consideration Jne
specie in the eouuiry prior To lS49 and
that since 1857, we have Gore tdan $780,
600 600 not sccOuatsd Tor by e2pOFtzuoG
,r by the returns OF the Treasury, and
therefore most probably rem aiming IL the
country. These are important facts and
show how completely the Inferior cur
reCcy will superssde the better, fOrctug
it FROM circulation among the masses
and Causing it to be exported as merely
sn article of trade, 70 aid to the money
car i;al of foreign lands. Fhsg show the
necessity Of retiring our paper money
that tbs return OF gold and saver to the
avenues Of trade may be invited aud a
demand created which will Gauss the re
tentiOn at home OF ~ least 90 much of
the productions Of our rich and insxh&us-
tibie gold bearing fields AS may be
sufficient flr the purposes Di circuia-
tivn It IS unreasonable to expect re-
turn To a sound currency 50 iOag as the
Government and banks, by continuing
the Issue OF irredeemEOls notes, i'll the
channels # circulation with deprecated
paper Notwithstanding ths eoinsSe
by our large mints since 1919, OF 1874
OJO eco, the people nov are strangers 20
the currency which was designed for
their use and benefit, sOd specimens Of
the precious metals bearing national de-
vices are seldom seeDt except when pro-
duced to crafty the interest excited by
their novelty deprecated paper Is
co be continued Us the pFominsRt curren
cy Of the country, and ali cur Coin
ts to become mere article Of tfaffe aud
sDecu' alton, the pFices Of all that IS dis
pensable to the comfort of a people, it
will be wise economy to abolish our
minis, thus saving the nation the care
and expenss incident TO saeo. establish
ments, snd let cur preeious metals be
exported Ia bullion.
The time bas come when the Govern |
ment and national banks should be re
quired 70 take more efficient steps and
make arrangements for the resumption [
OF specie payment. Let specie pay
ments be at once - earnestly in
augurated by thef 6i0vernment and !
banks, and the value OF our paper circu- |
lation would directly approximate q
standard, and specie payment having |
neen resumed BY the Government and /
hanks, slI notes or bills of p .per issued I
by either, OF less denomination than (
twenty dollars. should be by law ex-
c i0dea from circulation, so that the I
people may have the benefit and con- (
venience OF gold and silver currency /
VII ieb Ia all ether businets transactions !
will be uniform in value sc home andtf
abroad. Every man OF property or In /
dustry, every man swhozsdesires 10 |
sesses, or to obtain what be can /
honestly, has q direct interest id main
tanning SAFE circulating mediun-suchl |
q medium as shall be real and sabstaB-
tial, not liable to vibrate with ohinions,S
not subject to be blown up or bioSa
down by the breeze Of speeulaiidn-bu I
it is to be made secure A disbrdered 4
currency is one of the greatest Political
evils. IL ucdermines the virtues neoes-
sary for the support Of the social sys-
tenn, and encourages propensities de-
trsctive Of bis happiness II warsagaiast
industry, frngalIty and economy, 1
and it fastepsa the evil spirit OF
extravaganza and speculation. I I
has been asserted by ons Of our rFof9uDd /
and gifted slatesRsn, that of al the con- /
Tor cheating mankind. no one
has been so effeasnal rs that which de- /
ludes them with paper money. This is
the mcst efiec1ual Of Inventions TO fer
ti!Zs the rich man by the sweat of the I
poor mans bFOw. Ordinary tyranny, +