Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-23

d lpulatfon has a. = AZ. taa Rillion dousIs' IN
= ine State Of Rhode Island they have ap-u'
+, rty dollars 70 each inh~hitant, Whlle Anin
Michigan, Wisconsin aud other Noi'I
2 5 ates have only about eight dol4sfs' us
? much currency is good for Massachusetts, WY
sit not q gold thing ont Weste lOhees-l b".
the Injustice OF This distribution was ths to1s
OF the evIls which grew ont of this lack OF ione-
sight and Craftsmanship. 1t is no answer =
FAY in Justification OF this inequslity, IN
the West has as good a ohancs 10 gSt W..
privilege first, as the other State was hoS
a matter to have q chance. the west
EN- STATES were not then In q coholuon
TO ssoure this currency foF the veFS reason ina
they most needed il. II the RI Il prop0LuOH
was 70 be disregarded It should nage been done
IL favor OF the very States that new have the
smallest share, 1t was the duty OF wise states
manshlp TO see that thu currency was given
where IL would he OF tn eatezt ssrTice 70 the
public. Ii may be asked: II the West wasn not
able 10 take bonds, how would they avail
Themselves of this privilege II his &C
ton had been reversed, and hfty'seVsn
millions had been given to the state OF
IilncIs, and nine millions had b5en gwen 10
tae Stale Of Massachusetts, which would De
much more fair than the present distribution?
Tue people OF Illinois cozid not have estao-
lished these banks, but the capitalists OF New
England and New York would gladly have es-
tabl shed banks in these states for tie sake OF
the advantages gained. Now this would not
only have bsen more fair, as any one sees, but
It would have avoided u great evil TO which l
VII call your attention, and ne, considering
this. viii not 60 SO far as TO say that any state
should hage less than lis due. Email the people
Of the Northern Atlantic States. Thoho about
twO-thirds Of ell the currency not aged this
amount for their basine puspJselr their modes
OF conducting business do not require THIS
form OF credit. Formerly the banks or the
cliy of New York did not deem It worm Whhe
I 50 L. NJ. a. Gaa Nhn
At certain seasons Of the year they send tnelr
currency TO the West to bring forward the
crops. When it is not netded or these purposes
IL IL accumulated in vat sums In the cities OF
New York, Boston and Phil=ds lphia, where asst
Is not wanted for regular b7sine purpose,
II Is used to promote unhealthy aGd aemor-
alztog speculstiOns. II We turn our attention
10 the great agricultural States OF the West, we
find that they do not need currency in their
business transactions, 50 thst they suffer from
evils and lcsses from the want OF 1t. What Is
now going on ever all OF thoss great reglons7
Is # Tor the welfare OF our coantTy, and for the
health and com rert OF our people, that the
wheat. corn, beef and pork Of the West should
be seut - narFet. not MY to feed eur own
people, but By its sale In foreign lanes TO pay
the interests on oGr debts and the articles we
purchase abroad: This is The fret great financial
necessity Of our country 20 do THIS, the West
csmGeTciaI paper is that which Is made for
this object. I'll IS payable at the commercial
centeTs at short date. IT has not only al ao-
ceptaB0s in the East but It IS fortified by a bill
OF sale Of the very prosperity Bhlch is bought
by It's proceeds. istI that the commercial
paper made for purposes so essential and mer
lt-ricUs. amply secured ard having sLout
IL every feature whieS should com |
msnd credit m the m0nstrcus
Interest OF ten or twelve per cent?
This Is a very grave question, ~sfilcting the well
fare OF every citizen O. cur lani. There is a
0r-Ef rurn-u hare ur tn 49, ha-N- ngf ha H-rt- 1
4 ~ prosperity and persoasl comfort of the
Ell teens OF he United states. When the West
srn Ges'es In produces gasE TO the bankers Of
Chicago, Milwaukee, Toledo Cr othsr CONNER
cial centers OF the West, and Offers s draft, psy-
abe In an Eastern ely or uudoubted credit, TO
get the currency 20 buy the wheat, bee,, pork,
CT p-oduce eth West,she is cha & d this mon
strors Interest, and when he objects, thai is
Tui1Gus and unjust; ke Is tsld that the banker
ran do no setter; thstho hiss no currency ofhtsl
OVID, bat that he cannot get It for himself; tbat
the whole vo'ume authorized by Congress has
been taken up mainly b. TIA EIstern States
that N order 10 get this currency, this bankers
must go TO the East aad borrov It, and must
ray an Interest for is use Snd then he must
charge all that interest, ana the interest as a
compensation for himself, then pays the Dor.
rower. mad that J nnst pay interest TO We
haukers. Is it right that Rhode Island OF
Massachusetts or New York should have the
share Of currency which belongs to our West
ern States? Arc not ", the citizens OF the West,
forced to psy to the Eastern States interss,
upon the currency which Iighifully belongs TO
US? # I Isust psy you the banker OF the West |
and The banker OF the East ten or twelve PER
cent interest when l thought to pay but one
nslf that amount, l must take it cut OF the
price ] pay 10 the farmer for bis produce. %0T,
all this IS true. And here is the great wrong
which tends 10 produce iIl-feeiings between tie
States, g Jealousy of the creditor, States, and
a sense of injury which harms the natioos'
credit This UnTiss distribution o. the cur
rency lies at the foundation OF mucn OF the
ceilings 10 cer.sia sections OF the country
against tie bondholders. l. is 10 uru,ua {
thing 20 see It stated ia fhe papers OF Chicago {
ard otaer Western oties, thss the grain mar {
Is checked FOR the want Of that czrrency 7
which rightfuiy belongs TO that lection. Not
only is the farsnsr thus raid . fair :
price for his produce, b9t the carrier
upon our lakes a. eanSls, and the =
of our coaBtry, international !
foreign, are injared ty this lack OF fore I
on the Part OF our rulers. lApplause.l
But the evil does not stop here. When tile 2
,urrs1cy has been used 10 place the American
Ia the markets OF the Eat is no (
nseded FOR thoSe purposes, 1t piles up in
vast volume in the cities OF New York and Y
Boston during the winter months. Those who =
lold II ars inpatient 10 have Il probably EN-. :;
1loyei. They iGvIte Borrowers to use It for !"
purposes That end an those wild ami democrat
2lLS HreCul1A1Dls mat nave zone so mu1B
@ Dt the morals and destroy the habits o
nCUst =, while alone can make Q people truly
Not uafrSqusnly IL il used again
o bay up al the beef, pork, -four and gain, in n
he hsnGs OF Eastern holders and Ia ihe ware :,
iousss Of cur comm>-ci Il cities, and put up =
heis prices sSsinst TIE lAbori8g POOR, The toll )
1g Insehanie, and the consumer OF the East. =
q this way, too, checking the expectation -
broad and des Eoylng tbs of our "a
ans. tCheersl Now, IL with wise states
under this same National In
sinking system. care had bsan used to place eli
capital wheas It yas needed. the sbsre CI
-hich would have been given TO Western m
tates would nevef have remained idle or have -.
sen employed for hurtIul purposes. There n
'ould always bave been uss Tor that capital !
lore which would have promotes prosperity
nd advanced TIE healthy enteTprises into hg
eat and growing communities. vi
This error o. cur rulers is attended with an II
great evil. There was no other provision W.
ads fUr the SOuth-no care taken to revive
.eir prosperity, 70 tina, it, ptople might m.
d IN advancing the prosperity of our ~
1t is for our interest, SIS well as theirs. ~
at theiF pursuits should sgsia be made D os. w,
,rcus. We md that this error In this distri-
IdOn ofo1r currency is cursing our business an
TN enormous rates of interest, lessons the ha
ice which the farmer gets fof his produce pc.
lures orr career and farms, both domes. IN,
!, iorslen and rational. This evil should oai
we osen corrected, but it has not even re- N.
wed the attention OF the party in power. -
heerS There are other great wrongs n -
lich 1 Will breny refer, and of which 7 -
II discuss more az length on another ocen- ots
u. We say that taxation should be eapal TAT
every species OF property according TO 10 eve
u value. The Republicans say so too. Tbev .
clare so in their fourth resolution, that Il q raj
0 TO the labor Of the nation that taxsfion N.
All be equslizsd. VITA tbis aacsrsfjon Das
on their lips, will they tel ms Th
" they ma3e it unequalf VIII tbev a..
IS Why, for four years, they have nc
cd this conc ded injustice % renatn upon !
statute books? How can We believe MAJ ure
y mean what they say when they CHAR A
u; that Se ara In favor OF repadla.iore Go
We those who make ibis charge frsnklv said the
= they me .at to deal with the publis crsdi- kus
? We have Ee,d when tie agreement VIC. ~
4 he should be paid in gol :, he should hsva nc
and when the contract did not define On -
at To should have been paid he should havo I
n given a money as good as that which vs !
foy the sacred purposes OF paying our psn- Esr
~ as avoiding ths tell Of The labcre- We the
70 thariEbt to place the claims OF the nuhl,S but
iitoT dmorg the sacred things OF a ns,,onss eeFI
n. [Caesral We have tried 10 ma,n,ain g
the security OF which seould maha nj. IN \
{ sure, and Of wisdom which ehocr6 yvay
tho nations erelit so blgh ~ - w"
-keta OF tia weird that me -
iitor, public pensiener, aud he who ~. - 4
public good In the workshops or a. tna
aim ,id all be raid In n