Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1871-03-23
WHY MONEY is SCARCE.


universal in this section of the country
than the scarcity of money. For the want
of means almost every class of business is
crippled, while the whole country, finan-
cially speaking, is ina languishing condi-
tion.s But for this state of affairs, new
lines of railroads would be opened, and
new avenues of trade found. For years
this has been the case, relieved by occa-
SIGNAL spasmodic Improvements which.
came up and were forgotten in a few
months at best. We may expect this state
Of affairs to exist until remedy is provi-
ded. We may expect money to be worth
from one to two per cent per month until
we produce something to retain more of
our capital among ourselves. Upon what
do we rely in East Tennessee to bring
capital into our midst? Almost solely
upon the productions of the soil. Until
recently, the money brought into this Sec
ton from all other sources was an insignifi-
can't sum. We received money for our
Germ, wheat, oats, bacon, lard, a little for
hay, q small amount for fruit, and very
little Tor iron, coal and lumber, although
the country abounds with the three last
mentioned articles What have we paid.
out money for? For nearly everything
we used. For coffee, sugar, molasses,
shoes, and clothing of every description.
For wagons, buggies, carriages, plows,
threshing machines, wheat fans, mowers,
reapers, nails, iron, chains, axes, picks,
shovels, spades, etc., etc. Almost every
thing the farmer used has been procured
from abroad, while mechanics, merchants
and professional men spent no money at
home, except for the staple products of the
soil, and even great many Of these, such
as potatoes, fruits, -four, &C., have fire.
quently been procured from the North.
The result has been eonstant.drain upon
our finances, without a corresponding in
crease from our owniproductions.
When we view the matter in this light,
our only wonder is thatIwe are not hope
lessly and irretrievably bankrupt. The
remedy, then, is to increase our produe-
tons. Instead of sending our money all
away, let us spend it at home, and produce
such articles as we need. If man has
one, two or three thousand dollars capital,
instead of going into merchandise bust
ness already overdone-let him launch
boldly into some new enterprise, and keep
his money at home, manufacturing some
thing for which we are now dependent
upon our neighbors of New England,
Pennsylvania, or other manufacturing
States. Then let people encourage home
manufactures by patronizing them. In
this way we viii build up system of
business that will make us an:independent
people. Our agricultural interests will be-
come doubly valuable, and "a system of
mutual encouragement will be brought
about, rendering the manufacturing inter-
ests not only capable of supplying our own
demands, but of furnishing supplies to
other communities, receiving their money
in return.
When this is done, We will find no rea-
son for complaining at hard times when
ever the river gets too low for fiatboats to
carry grain, or when freights are increased
on some road, or the markets are glutted
by supply from the rich, broad acres of
the West. We viii have market at home
for our agricultural products, while the
products of our manufactures will find a
ready market in the States south of us.
This is the best and surest plan to insure
plenty of money at all times. Build up
factories and machine shops in conjunction
with our agriculture, and we stand on q
hrm and permanent financial basis.
1t is not now probable that Congress will
adjourn until some legislation for the more
efficient and prompt suppression of Ku-
klux organizations in certain sections of
the South is secured. Several bills are be-
fore the Senate and House. The former
body is now discussing the proposition of
Senator Sherman, to instruct the Judiciary
Committee to report a bill. AS it is under
stood this Committee cannot agree ,Inon