Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-07

this bill by the Finance Committee Of
the Senate, we have already had n
and discarded it. Why make ourselves
ridiculous by enacting another? Such
systems are becoming obsolete, from the
fact that any nation having surplus
money On hand can readily buy up and
cancel It's obligations, as the accumula-
ton of such surplus msSarBnder pTacti-
cable. But If any sinking fund is insti-
tuted, why rot that already on the stat
ute book? Why q new one? A pTovis-
ion is inseTted in this bill for a foreign
loan, interest and principal payable IN
Frankfort or London, at a rate OF X
change equivalent 10 tive frame IoI
q dOllsF.n Now, 10 this provision
Is intended TO control the rate OF eG-
change for wears % come, it Is Simply
absuTd. because the naturRllaWs OF trade
ors p-arqnoupt to any law of Congress ;
/ and tbi. determination Of o rate OF eX-
change for the future may proves serious
Embarrassment until abolished by some
f1fUre Congress. II we are to borrow by
means Of . foreign loan, it would seem
more diRni1sd to make our obligations
I'M our own national currency, and leave
the Secretary Of the Treasury 10 exercise
his judgment in negotiating the ex-
changes on Ant MD1A AhfpIhUAb AcInAal
indeed, the interest should always be
made payable in the United States y and
as to limiting the moun Of loans to be
negotiated abroad, it should be. remem-
bered that taxing n national loans 10
any form, will tend TO lessen the ability
Of our own people to bold them, and act
az a premium 20 foreign holders TO invest
in them, 50 hat If Congress thus taxed
the loans and sanctions foreign loans,
sound policy would seem to indicate that
q larger amount than five hundred
millions should be permitted to take that
form. II We tax on loans, We shall drive
them abroad to foreign countries. As to
the contraction OF the currency, proposed
by the Secretary, the House Of Repre-
sentatives has already decided 20 oppose
il, and Senate bill No. 207 evidently
looks to a practical maintenance Of the
paper money initiation and the premium
on gold at existing amounts. No Imme-
diate approach to specie payments is
possible, ifLhsse measures are 10 prevail
without any checks. We shall continue
TO founder on amid the storms and
wrecks Ct irTedeemable paper money.
The tenth measure, redemption of bank
notes at q common centre, would check
redundancy cfbsDkIs5Uyst 10 some extent,
and tend to aid in keeping the banEs
from d~eTaBgi1g trade ana commerce
with expansions and cOntTactiOns and
II Senator BiOTriHs proposition, which !
have urged in former yeaTs-thst the
banks keep the coin received for interest
on TIE bondz-Were adopted, II would aid
in preparing the banks for resumption.
The eleventh suggestion would I'M
ouestionably give US speedy resumption,
- a. IL aaHHHa ha LHnHaHnnH HrnWn I'm
rope. which Stems to be more than quss-
ti5uabIe. 50 large 3 som, drawn within
a short period from Europe, might prove
very Injurious to the financial systems
prevailing there, in a condition TO
require unusually large accommodations,
50 great are the OistTusts and apprehen-
remaining from the late disasters
in economical affairs. As to The twelfth,
I should not advise the slightest devig-
ton from the promises made to the pub
lie creditors but the proposed accumu-
lation Of gold in the Treasury, If possible
without such deviation, is very desirable,
senator 8iOrTill's bill proposes 10 sell any
gold that may accumulate over seventy
i've millions, and ! presume that II is
his intention to 20 on contracting the
Government issues, taking in and CeG-
trsvinr the 90 greeuUecEs " received from
gold sales, ami compelling the banks 70
accumulate gOiG, preparatory 10 resump-
ton when the whole amount OF h
&" greeubac6s outstanding IS reduced 10
seventy.Gve millions, tie amount of gold
in the Treasury. / assume this TO be the
Senator's complete plan, although may
be mistaken. Ii would bling Us 10 specie
payments slowly, but surely. The
fourteenth plan would give as an infie-
ton Of three hundred millions more OF
legal tender, but As the uanE Issues would
first be withdrew and destroyed, We
would first OF al hsve q violent revui-
siOn, analogous 10, but more vast than
that which followed the Temoya o. the
deposits from the old United States bank,
enabling sll who held ready money 10
JUy up the property Of unfortunate bank
-uDts at low prices during the rsvuisi5n,
lnd then 10 sell ont again IL q year or so
the high prices of a great imitation.
This plan would rob q great part Of the
2sople OF their property 70 enrich another
arr. It would rob the debtor class hTsti
the small dealers and the people in
Kidding circumstances, and drive the
,oor into almshouses. IL would be one
4 the most ~stupeEd0us rObbsries ever
penetrated by the uiab0iicsl enginery Of
u i~rredeemsble Government paper
.oney. The fifteenth plan would be
mpracticab,e, I a]pprehend, from the
act that the Government notes receiV-
.bIe and payable as gold would be very
kelly to degenerate into auirredeemable
currency no better than the orGi-
Z" greenbacks-h
4 " board OF currency might be 50
rEanized as 90 secure the experience aud
Kill o. experts, yet the ~asCencancy Of
art san organizations in all such bodies
3 50 great that iJ WGull, no doubt, de-
enerate into an organized propaganda
lr visionary dOgmausis IN some false
economical science dug out OF the anti
uated and exploded theories Of be-
times.
What IS said in this portion Of Mr..
lALLATIN's letter is too clear to need
But il viii be difficult to
rove to the satisfaction Of the people at
.rge, that If men choose to Invest their
ltaus in bonds Of the United States,
ather than IN houses and lands, either q
late, a County OF q City may not tax
nose bonds, il they tax other moneys or
.curities, or the income arising from
in the way Of Interest, if they tex
her incomes. That is q question that
IN receive pretty full consideration, in
le time.