Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-12
The financial Question The
Most EmpeF' ant One OF
the Day.

From the New York Herald OF the 7th-l
Now the smoke of political excitement
is clearing away there looms up in the
horison q great and complicated question
which will take years ard statesmRnship
to settle. That is the question of our n2-
tiopal finances. What we want is re-
duction Of taxation 70 a peace standard
and to the lowest point possible; a reVe-
nue. system sim plifed and Invested of the
present cum brous and extrSvagGnt ma
ehinery; 3 reorganization or the national
debt upon q simple basis; reduction of
the interest and the establishment of
einking fund for the certain liquidation
Of the debt within reasonable time, and
the settlement Of the currency upon
sound principles, 30 IS to give the counS
try sn ample, 3 steady and s uniform
circulation. These are the reforms sbso-
lutely needed. The people will look to
Congress and the administration to have
them carried out. They cannot be de.
ferred without incsIculable mischief and
ruin 10 those in power. We cannot go
on in the loose, extravagant and corrupt
manner we have been going the last few
years. ~ will any piecemeal legisla-
ton or trimmins policy answer. The
subject must be grssysd in all its length
and breadth and be disposed of in q com
preheBsive, statesmanlike manner. Ii
will by the force Of necessity supercede
ali other subjects; and If those in power,
both in Congress and the administration,
should fail to comprehend and handle it
they will be held responsible and driven
from the councils Of the nation the first
opportunity
Our public men should study the
financial history OF other countries, and
- - ;al,
have been In similar situation to that
of this country, They may learn much
that is useful to know, though there are
some things in the peculiar ciTcum-
stances OF the United States, and the
times, that require special treatment |
Still the fundamental principles Of trade, |
finance and currency hold good now as
heretofore. This is commercial ccun- !
try, and the experience of other great |
commercial countries, IS OF Holland, |
from which the modern system of COM !
meree and finance sprung, end Of Eng |
land and France, should afford Us in |
structioD, the experience CT England, |
perhaps, after the exhausting wars with |
Napoleon, which ended in 1915, comes |
nearest to our ease just nov. England !
was bnrdened with an enormous debt as |
the consequence of those wars, as we are |
HUH llsC grew tloh SACNie a1A
currency were deprecated as ours are. |
A desperate struggle commenced and |
was kept up for more than eight years
between the b0ndholders and the COM
merelsl and industrious classes, on the /
question Of forcing specie payments. A
ike struggle began nere shortly after the
war closed, and continues with increas-
ing intensity. There the government
was in the hands of the bondholders
chiefly. As natural consequence seve-
raj attempts we're made to bring about
resumption Of specie payments, but they
failed until the end of the year 1928,
when resumption was accomplished.
The Bank Of England held this anomR-
lous positi0n-that Wills it was ia
great measure under the control of gov
eminent and bondholdipg capitalists, it
y as still subject to public influence and
the interests OF the commercial classes.
Willing to resume specie payments un-
der the pressure of the government snd
bendhoiders, its own safety and the pub