Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-12-10

/ n was we'll calculated to bring the men and
4 means Of the country to the support OF the
1 government when IN a struggle Tor existence
/ 1t was, in fact, forced loan. But Wnol-
| ~ unsuited to the present coinmerclal
1 wants Of the country. No higher eyi-
| dence Of this Is needed than the
/ freuuent monetary crises we have passed
| through for the last i've years Scarcely
/ year during this period has passed th2I our
/ currency has not varied from ten TO nfteen
1 per cent. in value, with two or more fearful
L monetary convulsiOns-deprectatln and un-
settling the values OF every but gold ana
1 silYer-bligh ghtlng the reasonable expectations
| Of millions-desIroyiDg the value Of the labor
/ II the country, and wrecking the fortunes OF
| thousands. 50 unstaols and weak is the
present system, that it has become like foot
i ball to bankers, brokers, and corporations IN
Wall street. By combination OF capital,
/ they can lock up nfty or one hundred mil
lion OF dollars and proauce panic or crisis al
any time in the whole country. Then cotton
zOes IRON sixteen 10 eleven in less than six
weeks; and in like proportion Is the decline
country. Thus the producers OF the land are
sacrificed to the cupld1ty and aVarlce
Of a few spectators. The decline on
one article Of production, alone, cotton,
is already about twenty dollars per bale,
resulting from the present financial crash. II
the crop, as supposed, Is iour mllIon bales,
this makes eighty millions Of depreciation, or
loss in YalEe TO the farmers and planters
alone. As with cotton, 50 with the otner pro-
ductOns Thus the farmers and planters,
with their laborers- constituting the wealth
and greatness Of the country, are despolled OF
their profits and paralyzed in their industrial
pursuits. These pad effects are brought
with similar results to the manu-
facturers, merchants, mechanics, and
all professional classes. Thus the
whole country suffers from these unholy
combinations OF corporations and capitalists
Now. is IL pOssib BILE that the government viii
continue in operation a system Of finance 50
fiUctusttng and so weak that a jay Cooke or a
Henry Clews can, by wild speculation, bring
such disasters upon the country, eonvulslng II
from Maine TO California, and snnihilating
hundreds Of millions OF dollars.
THE NATIONAL BANK SYSTEM.
The national bank system possesses one
good feature, that no holder Of a note can lose
while the Governments credit is maintained ed.
rhis Is true also Of the legal-tenders, because
they are both based ON government credit
and herein lies the first great defect in the
scheme. The credit Of the governments, Ike
that of individuals, Is huctuatng. W nat the
country needs. is a fixed standard OF values
gold and silver-and not national credit, rep
resented by notes, merely payable at the
treasury OF the United states, without fixing
time or manner OF payment. This is a radical
iefect in the system which should be changed.
But If congress is determined to maintain the
present financial scheme, II SHOULD be mate
rally modified aud adapted 20 the require
ments Of the country.
THE TWO CURRENCIEs.
The people now have two cuuencies-bank-
notes and legal -tenders-of the former three
hundred and hfty millicn, and OF the latter
about three hundred aud sixty millions,
making seven hundred and ten mllllOn dol
lars OF this sum, over one hundred million
il required 10 be held as reserve TINS leaves
- man six hundred million dollars that can
be in circulation at Que time; The property
l OF the country is valued by the last census re-
INNS fof 1870 at over thirty billions OF dollars.
ThiS gives only one dollar IN currency Tor
every nifty dollars in value Of property; 20
ntical economists generally agree lhat tne elr-
culating medium OF country shouio Dear the
reIatiOTI TO property OF about one dollar TO
thirty dollars in value OF property. TINS Is
the relation in old and wsil-establlshed
~ THnarE n
fer-orige aud development, requiring rela-
lively les capital than is needed IN ours, IL
is also supposed that values OF property nave
materially increased since our census
vaS taken, more than three years ago.
Then, according 70 the European rule, TINS
country requires lSore than one pilAon oi
Currency Instead % less than SIX hundred
millions. as at present authorized 70 De issued
The government in Its efforts - tcfee lesai
tenders 70 equal value, or par, with gold hsS
tao gredtly contracted The Uotltte OF the cufiEh-
cy The issues are not sufficient TO supply tnt
-dlnary wants Of the legitimate cOmlnerclsl
bns 'uess OF the people. Hence the great Stiln-
oos- .,,,.,-. almost uniformly prevailing. Hence
80 -, 'tty OF combinations Of capitalists 10
,,i,1,.s ,' uics and disasters. Hence the aV-
eraee rates oi ntefeseA AfS tWSleS el Ssiio ~
enTDns nom same 70 California Whlle IN
e-,T,fb ond west the rate d even greater
Hence the great incaL - ~ 'ttS -. liSlo ~, 49,, 80
development of the COT vi ~ t5 ~, -,
suits even well-eonducted VII 5esSliR I1 lisG5
man Six per cent. Interest for NpIltl. , LMStse
per cent Interest reduces many pO> N'.l,eiSS a.,
men TO mere lahOrers, and paralyzes N's.-,,-i
er2ies in establishing many new and q :, i
fed pursuits IN every community. Like
cancer ON the human body, Il soon con- I
sumes the espitsi on which i rests These
are some Of the reasons showing the ne |
cessity ior more circulating media.
CHANGE THE SYSTEM OR INCREASE |
THE VOLUME.
II congress will not change the entire system, 1
the volume should be increased by at least
four hundred million additionsi currency or /
10 relieve the country and government OF the
system with its responsibilities as soon as con-
sisfeut with the business interest involved.
This VIII require legislation BY eoneress, and
may be gradually brought about within two
OF three years.
THE BANK OF AMERICA.
Then. in order 20 invite gold back T. the
country, and 20 prepare the way 20 return OF
specie payments, let congress charter the
Hank OF America (Or call IL by any other
name, with capital MOI exceeding three
hund, Cd millions OF dollars, 20 be made OF in
dividual subscriptions, with the right 20 issue
two TO one, and the privilege Of establishing !
not exceeding twenty branches, one Al each
Important commercial center. Require one
fourth Of the capital to be paid in gold, the
remaining tbree-fOurths in legsi-tenders, and
in this proportion until the entire capital j.
paid up. Upon the proper evidence 70 the
Government or the com ptrOlier that such an
amount IN god had been paid IN and legal
tenders surrendered, let the bank be author
lied TO issue not exceeding two OF it bills o.
Al
tai were 50 msde up, this bank could issue
six hundred millions Of dollars Of notes, re- !
deemable in gold, and retire two hundred aud |
twenty-five millions OF dollars In legal-ten-
ders, thus increasing the volume OF currency
three hundred and scFenty-nye millions OF |
dollars. Lei tins capital be made BY
private subscriptions, and the bank owned |
and governed by the stockholders. Let all
the notes issued be redeelnso G IN gold and /
silver at the principal bank, and those issued
by the branches be redeemable also At the
place OF issue. II individuals do not, after
Twelve months, take the whole amount OF
capital, let any national bank subscribe its
capital stock and pay in as individuals.
Abolish the sub-tressury, with its great ex-
pensf Ind require al government officials TO
deposit the funds Of the government in the
Bank OF America on certain terms, giving the
comptroller on secretary OF the treasury the
right Of full Inspection and examination OF
the affairs and management OF the bank at
an times. Thus we would have a bank, A
regulator Of the present national banks, with
Irrational order, with a currency stable
and permanent, based on and redeemable a
specie, furnishing a currency OF uniforin
value in every portion OF the Union, with the
rate OF discount limited, fo- Two years, 10
seven and thereafter 70 six per eentum per
annum-
GOOD EFFECTS OF SUCH A BANK.
Win such a bank, Identified with all inter
ests- sss It's stockholders and branches thus
located would be, the people would avoid the
ANIMAL corners" combinations and PantcS
maj sacrifice their millions OF honest in
J11sfry such an Institution, Of course, should
he governed by men Of great ablilty and IN
teqrity Like the bank OF france IN war, ~
colIid contribute greatly 10 sustain national
credft The depreciation Of the notes OF TINS
rank was scarcely appreciaple IN the recent
Franco -Prussian war, carried on wild Nlgof
aud power uneXampled even IN modern wal,
fare In an the trOaoles, complications ana
wars OF the British nation the bank Of has-
land has furnished her subjects a mole ual'
folrn currency, Tor more than a century, than
anV other nafion has enjoyed such 8 bank
a. proposed may appear 70 be Of TOO great eapl-
tai Then reduce IL 10 two hundred mllllon
two OF more Yeas 70 get It fully into opera
ration. Meanwhile, this country Il rapidly m
creasing In wealth and population. IL Is pre-
future A. well as TO the Present. our eX-
randed limits. north and south, east and west,
50, - nil aar