The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1874-02-25
THE CURRENCY QUESTION
SOUND VIEWS ON AN INTRICATE SUB

SOUND VIEWS ON AN INTRICATE SUB
JECT.
Capt. VIM. Williams, of Knox
vile, one Of the clearest headed
men in the State on the subject oi
Banks and Banking. contributes 8
long article to the last Rstral San, on
the Currency question. We com
mend to the careful perusal of our
readers the following extracts which
we take from his communication
If it were now for the first time
announced that the Government pro.
posed to loan three hundred and fif
ty millions of dollars, in sums of not
less than fifty thou sand, on Govern.
ment bonds only as security, with
cut exacting one cent of interest,
how many of the readers of the Sul,
would vote aye to the proposition?
Are there one hundred? Are there
ten? Is there one? Would not all
be in a state of bewilderment, utter
ly incapable of comprehending the
motive, as we'll why the Government
should turn money lender at all. as
that it should lend without interest ;
and no less, why the bondholder
should be made the special pet of
the Government, rather than the
land holder, who could offer security
in double, treble, the amount if nec-
essary?
Yet such are, in fact, the terms on
which our National Bank circulation
is obtained, and for which the farmer,
the merchant, the artisan, and all
other borrowers, pay 10, II, Is and
20 per cent. per annum to this fa-
vored class, for the same identical
money. Do you ask why this is?
The only apology | have ever heard
is, that it was the only means by
which capitalists, to whom it is said
we owe SO much gratitude, could be
induced to aid the Governn ent in
its hour of greatest need. | confess
/ have never been able to appreciate
the wisdom of the measure, but as
that is a question of the past, let it
60
But the question comes mp now
with startling emphasis, shall this
monopoly of a Government loan to
| bondholders without interest be per-
petuated? If there be one good hon
est reason for it, I have never heard
it. I am ignorant even of any de-
cent pretext. Possession, it is said,
is nine points in the law. In this
case it seems to be all the points.
Am l not right in denouncing it
as system of robbery which takes
your money and mine, the fruits of
your labor and mine-of the entire
producing classes, and bestows it
without charge upon a favored few
Is it not the most gigantic, barefaced
fraud ever practiced upon confding
people? And yet they are honorable
men $50 styled in parliamentary Ian
guage) that do this thing.
Is it not a system of corruption
and decentralization, that Congress
should be invested with the power oi
bestowing a bribe of such unparal-
leled magnitude upon favored sec
tions, all the worse that from these
again the Government is permitted
to select its pets as repositories oi
millions of publ money in addition
to the original largess?' I beg not
to be understood as narrowing this
charge down to the party in power
1t is the system, equally corrupt and
demoralizing, whatever party may
be in power, against which I de
claim.
1t begets subserviency not only In
the recipients of the bounty of the
Government, but in all, from the
hope of winning favor. It destroys
the independence of the benefciaries
and tends to make them not only
the supple tools of power, but the
ready apologists and defenders OF
like schemes of robbery and fraud
for the benefit of others, all of whom
make common cause against the tax
| payer.
1t destroys the independence OF
Congress, which is filed with those
interested as stockholders in the
scheme, or dependent upon them foi
| C10IE DldcGS- w HAT may nOb Tile
concentrated power of three hundred
and fifty millions do? Who will
dare attack so gigantic a power? AL
parties court it none dare raise 9
hand against it. Among the people
no voice is heard but to denounce
in Congress-O ! that we had Ben
ton, the thunders of whose eloquence
should awake the slumbering masses
TO a sense of the corrupting inhu
ence of this monstrous scheme Of
robbery.
Can such system be perpetuated
but by falsehood and deception-by
affecting to regard these banks as
necessary fiscal agents of the Gov
ernment, and as a means of distrib
uting currency according to the
wants of the community? As though
bankers operating upon their owr
capital could not as we'll and as hon
estly discharge any trust confided tc
them, as the recipients of Govern
ment bounties Wrongfully bestowed
upon them.
~ The surplus fund of the Bal
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