Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-06
WHAT WILL GRANT RECOMMEND ?

issue" of the Bank of Tennessee.
WHAT WILL GRANT RECOMMEND :?
The time for the meeting of Congress
is only few weeks off, and there is an
eager anxiety among business men to
know what Grant Will recommend to
alleviate the financial troubles which are
not only seriously interrupting the bust
ness of the country, but bringing utter
ruin on SO many business men. Con
gresham Kelley, of Pennsylvania, who
was prominent member of the Com
mittce on Ways and Means of the last
House of Representatives, and is an
aspirant for the Craftsmanship Of that
important committee in thenext House.
made it his business to go to Washing
ton a few days ago for the special pur-
pose, as has since transpired, Of COM
pairing views with the President on the
financial question. Kelley is IN infla-
ZIONIST, and makes no effort to
conceal the fact; on the con-
trary, he appears to have sought
publicity for his opinions. After his
interview with Grant, he is report
ed to have said that The was surprised
to find how closely the President s
opinions agree with his own" The
day following the publication of Kel-
ley's opinion Of the financial situation.
with which he was surprised to find
the Presidents opinion so closely
agreeing, there appeared in the Wash
iI1gtoa Republican, a recognised Grant
organ, an editorial under the head,
is Initiation Necessary" which ap-
pears, in the light of Kelley's revela-
ton, to have been inspired by Grant.
The article was regarded as Of so much
Importance as rejecting Administra-
ton, at least Grant views, that its
substance was telegraphed to a number
of Northern and Western journals.
The following is the article entire, as
it appeared in the Republican of
Nov. |:
''Whcn it is remembered that four mil
lions of slaves were enfranchiSed at the
time when the Government began to con-
tract the circulating medium, it will be adj
mittcd that no provision was made for the
increased use Of that medium by this new
element Of our citizenship. When thev
were slaves, working on the plantations and
farms Of their masters, the annual expendi-
ture for their support was comparatively
small. Since their emancipation. however.
they have increased the demand and actual
necessity for currency propOrtionately with
their increased expenditures. Thus every
black man, woman or child, who began at
that time to wear shoes, calicOes, hats. etc.
etc, and to develop the extravaganza
for which they are unfortunately
noted, they increased the necessity
for currency, and have continued to do so
ever since. While it is hardly probable
that the demand thus evoked has emaIed
the drain which, during the same period.
has been made upon our resources for specu-
much to do in bringing about the present
scarcity of money. The building of rail
roads, the investment Of money in Specula-
tive stocks and the extravaganza of our
people, may have served to concentrate the
circulating medium in the hands Of New
York capitalists, and year after year since
the close OF the war the drift Of cur
rency has tended in the same direction.
col, Of mott I'll.
the staple products of the country have grad
ually and directly been mOnopolized by the
capitalists Of the East, and with each recur-
ring season we have been forced to admit
that the money kings of Manhattan Island
have increased their power to control the
movement Of crops. In other words, and
as we have previously explained, they have,
during the seasons when crops were not
moving, scduced the money of the country
into strange channels. The country banks
contributed to this unfortunate result by
sending the surplus currency to New York,
to be used in ventures which promised I'M
usual returns. In this way the currency of
the country was absorbed byinveStments in
irregular channels, and when demands were
made for its use in legitimate business
1t was not forthcoming. At
the same Time IL must be remembered
that an additional use Of currency was
further created by the arrival of emigrants
and the subsequent demand upon the cir
culating medium to detray the expenses of
their employment and support. When all
this Is taken INTO consideration, together |
with the growth of the country. it will be |
admitted that no adequate provision has |
been made to supply the constantly in |
creasing necessities of the country. We do |
not set ourselves up as advocates Of infla- |
ton, but we do not hesitate to insist that |
Congress, when it assemblies, should re- |
member these facts. They speak volumes |
in support Of the theory of imitation, it is |
true; but they do not present an eXagger- |
lted view Of our most urgent requirements. |
They are plain enough, and as indisputable |
as they are plain"
The indications seem quite clear that
Grant will recommend imitation in his |
to Congress. If he does, the
additional issue should be of green
backs, and he should also recommend |