Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-03-02

on twelve mOuIh time ana Will
come out even. 1 expect the Colonel
can tell better next year how he came
out when he collects his money.
"NOIrs, respectfully,
THE CORNER IN COAL.
The corner" in coal continues,
saws the New York Price Current, and
prices TO consumers have advanced
turIv one hundred per cent. since the
troubles between the miners aud the
mining companies commenced. The
Coal Mining Companies maintain
that the whole difficulty originated
with the W0rkingmen's Benevolent
Association. This association, il is
stated. fixes the wages which the
companies must pay, and if its rules
are not complied with, q dIscOntinu.
anca of work follows. The theory Of
the miners j., that an Over-pr0ductiOn
of coal takes place every little while,
and that the only way TO correct this,
and 10 keep up their own wages, Is to
suspend work so soon as the price of
coal falls below a certain point. This
they accordingly do, and leave both
their employers and the public to get
along IS best they may, till the article
again rises on the market, and their
scale of wages is assured. As the
workmen have heretofore combined
against the coal companies, the latter
have now combined against the
wsrkmen, and il is said they
are determined to discontinue
their business of bringing coal
TO market till the miners give up
the tyrauuical authority which, il is
alleged, they virtually exercise over
the whole mining business OF the An
thracite regions of Pennsylvania. AS
the coal companies are wealthy mon
Op0lisrs, and the Miners Association
are said TO have plenty Of means, the
conflict is likely TO continue till ODe
party or the other is exhausted, and
meanwhile the public are the suffer
ers. And as if to make matters
worse, the railroad companies have
taken sides with the mining cOmpa-
mics, by so raising the rates of freight
as to put stop a 10 all transportation
of the article. 1t is a scandalOus
Business, viewed from any standpoint,
the sole object being to keep up the
urfea of coal, and in this the miners
and the companies are alike Culpable.
The sbragatiOu of the duty on i'm
ported coal might not wholly prevent
these annual difficulties, but il would
be a step I'm the right direction, and
clearly ought TO be taken.
THE CURRENCY.
At certain periods Of the year, says
fhe New York Commercial List espe-
cislly when the crops are being mark
eted, there comes an cutlery from the
West and South of a great scarcity Of
money, and of the necessity of an in
crease of banking capital. This peri
od-cal difficulty lies not in the scare
Nv Of currency. but rather in its une-
anal distribution, and il a only be
overcome Jy placing the currency on
a erar'a basis, and so amending the
banking law as % give greater eias-
rIrfry 10 the circulating medium. I'M
der am frraIAamabia currency, prices
are so unstable that capitalists and
business men hesitate to embark in
enterprises which place their means
hpv0ud their Immediate control. The
fact that while loans having more
than ninety days TO run now rule from
ten 20 twelve per cent, loans on call
ara readily O~btaiuabie at three to four
Der cent, affords ample proof of this.
Thus the natural and proper condition
8f things is reversed, and credit is
more difficult TO obtain for the legiti-
mate purposes Of business, than for
-relUlstive adventures. Restore
suea's payments aud give us a
malicious amendment of the
National Banking Law, and this
abnormal condition of affairs 4
viii cease. Speculation would thus be
cfuum-cribed. because there would
10 % longer be the constant and vary
ing fluctuations in values which nov
makes DO SO largely possible aud so
certainly profitable. Capital would
no longer cling so teHacigusly TO the
great money center, TO be loaned out
only on call for speculative purposes, /
But would seek it5 natural vocation in
"a healthy circulation throughout the
country, and find employment in le-
climate business. The true way to
Increase the banking facilities Of the
whole country, and do away with the
periodical scarcity of money, is to in
crease the purchasing power OF the
currency. IF every irTedeemable paper
dollar which is now in circulation, or
outstanding, was worth its face value
fn g0ld, that fac. would add eleven or |
WE'VE per cent. to the actual money
capital of the country ia its power and
psuabfities as the medium of eX-
change. The means Of restoring a
51Uud currency will be easily enough
iound. whenever the popular viii is
hroUght TO the point Of seeking for IL
with a determination that 1t shall be
secured. In consideration OF the vast
interests at stake, it IS surprising that
the people are apparently so apaIhetlc
in the matter.