Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-12

lie interests held it back from that final
step Till eight years or more after the
war. But even then, even during and
after that eight years. struggle, the coun-
try suffered terribly in consequence OF
forced resumption. The history Of that
period is one Of wild excitement, none
tary disorganization, bankruptcy and
general suffering. II was from the first
q fight between the bondholdeTs and
great capitalists, who wanted to raise
the value Of their property, and the
commercial and industrious classes,
whose debts were increased and means
| reduced. The former were made richer
ct the expense OF the latter. The poor
! became poorer. Financial crisis after
crisis occurred every few years after,
been stepped In irrevoeable poverty ever
since. Such, in brief, has been the result
OF the financial struggle and forcing spe-
Gle payments in England.
A similar conflict, as we said, exists
here between the bondhOlders-WhO
would force resumption in order to in
crease the value Of their property thirty
per cent. or more-and the industrious
ard commercial classes. Our National
Backs, taking different ground Co that of
the Bank of England, are allied with
the bondholdeTs and arrayed against the
people. Nearly sll their capital IS in
bonds, and If specie payments could be
forced their wealth wSuld be increased q
hundred millions of dollars at least. Un-
fortunately, these banks have had great
iEfiusnce in Congress and over the 3D.
ministrstion. The Secretary of the
Treasury has bees nothing more than
their agent. His stupid attempts to
-
pid efforts Of Congress year or two ago
TO do the same, may be all traced to the |
influence OF the National Banks and the |
bondhOlders. Had it not been for the |
independent press and the pressure OF |
public opinion, We should now be suffer- |
ing as great evils as England ever suf- |
fered. The currency has been reduced |
from thousand or eleven hundred mil /
lions to siX or seven hundred millions /
within four years. Still this does not 1
satisfy the resumptionists. The strin-
gency in the money market, and high |
rate OF interest in consequence OF the ur-
gent demand for currency throughout |
this widespread country, and through its
rapidly increasing business, do not open |
the eyes OF these selfish or blind thee
rists. They would place the whole COM
mereial or industrial interests OF the
country st the mercy Of few capital
ists and the note-shaving banks.
1t is the duty of Congress, then, to
protect the people against the chances
and efforts of this new and great mOneyed
nOwer that has arisen ia this country.
It should see that the people have an
ample, steady and uniform circulating
that will be flexible, too,
to the wants OF trade in every
section Of the Republic, by making il
at will into Government
Itocks a2d these stocks again to be con-
1ertible into currency at the pleasure of
he holder. Thus we should never have
. stringsncy or currency too redun- ]
liant. It would regulate itself according
% the wants of the trade. This is one Cf
he first measures to which Congress
hould turn its attention. There are,
lOweveF, other important financial
Measures to be taken up, such as a
peedy reduction Of expenditures and =
sxatiOn, the creation Of simple, cheap
nd well organized system for raising
evenUe, strict economy in every depart t
1ent OF government and q reduction of
be interest on the national debt. Mr.. :
OhnsOn, during the remainder of his '
erm Of office, should study and insugu- O
ate these necessary reforms Gen. Grant 7
could make himself acquainted with E
aem and urge them upon Congress, and \
congress Itself should carry them cut
'ithout delay. All other questions sink
lto comparative insigniicance now.
he financial question is the important Z
ne OF the day.