Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-25
Pro AND CON.
Imitation Of the eurrenss.
Views OF Leading Nashville Men on
that Subject.
A Barrel of Flour the Standard of
Value.

NuA4Cs
YESTERDAY afternoon q number of III,
leading business men Of Nashville were In
terviewed by representatives OF this pape
in order to learn their views with referenc,
to subject which is now engrossing the at
tention of the thinking minds Of the coun
try, viz: The proposition to initiate the cir
culation of paper money 10 the amount o
S100,000,000. Il is known to our reader
that the currency bill, as it is called, wa
vetoed by President Grant on the 22d inst.
and that Congress has postponed actor
upon said veto until next week.
As might be supposed, our reporters found
a great variety Of opinion ON this subject,
even among those men who have made
financial matters a study. AS the MAORI.
ty of the gentlemen interviewed were
OPPOSED TO INFLATIoN
we present their views first.
DE-. w. W. BERRY,
President Of the Third National Bank
said be had always been opposed to any
measure looking to the imitation o fthe Cur
rency. Imitation viii not give US any more
money, for everything we raise In the
South has TO 60 East to pay our debts. |;
takes very little money to move the crops Of
the Southern States. Five per cent. of the
banking capital of New York is quite sufl-
cient 10 transact the business of that city,
as the use of gold checks is universally
followed. A greater proportion would be
required In the South, however, as the eur
rency would be spread over such a great
extent Of country. The most plausible
speech delivered in Congress, in favor of
imitation, was that of John Bright, of this
State, and yet his position was not a tena-
Bile one. With the present business ar
rangements, if the South had all the cur
rency in the country, she would not be able
to keep it twelve months, as it would soon
find its way to New York.
Mr.. Edgar Jones, cashier OF the Third
National, was present during the interview
with DR.. Berry, and heartily endorsed the
views of that gentleman.
MR.. BYRD DOUGLAS
upon being asked his views on the currency
question, remarked that he had hut little
to say on the subject. Turning to his let
ter book he read the following copy of a
letter he had Just written the Chemical
Bank of New York:
at is exceedingly r~ieassnt 10 md the
President had the moral courage TO at least
stay the tide of public opinion in favor Of
imitation, after which would come repudia-
ton"
"There," said he, shat expresses ms
opinion with regard to the vetoeing Of the
currency bill. There is no question hut
that Grant has given great satisfaction to
the people of the country generally. Now
is the time to substitute legal tender for
national bank notes. Imitation would have
increased the power OF Wall street, New
York, but the poor devil who raises ten
bales of cotton would not have cen bet
tered one cent. The imitation of the cur
rency at this time would have led the way
to other mutations. Give the people OF this
country the right to water their ctirTtncy
and Reputation would follow.
Mr. JOHN PoBTERFIELD,
Cashier Of the Fourth National Bank,
said that he was known to be radical on
the question Of money. He was in favor
or the Government taking entire charge of
the banks of the country. Grant did a
good thing in vetoing the bill. If we
had 100000 more currency in this State
than We now ha1e, it wotla 81 EnGi5 say
10 New Iolk in less than six months. The
Government should make the money for
the country, and whether it was made of
rags and green paint, or Of metal, it wa all
the same. There is a great deal of nonsense
entertained withregsrd TO Hspecie Payments"
Ne EaS perfectly willing to give up the cir
culation of the bank with which he is con-
nected, if the government would take en-
tire charge of the banks, but would wish
the government to pursue a conservative
ID. W. KENNEDY,
Of the Northern Bank Of Ten
nesSee,at GAINESVILLE, who happenedto be in
Mr.. Porterfields office at the time the latter
giving his views, fully cuincided there
and said that II the State OF Tennes-
See would pay the interest on her State
bonds, thus preserving her credit, and re-
duce her expenses, she would be all right
financially in a short time.
MR.. auBR BURSs,
President OF the First National Bank, said
that, if he was a a member Of Congress, he
would vote to sustain Grants veto of the
currency bill, although he was willing to
acknowledge that his view was a somewhat
selfish one, owing to his position rs a
However during TIE paHic last
he would have said, "Give Us
more money" He thought the proposed
nhatiOn would not seriously injure the
as it would all be absorbed within
year, so that it would not be noticed.
MIR. W. u. NEWELL
veil known as a shrewd financier, and form
connected with the Mechanics Bank
4 this city, thought Grant had done ex-
city right iii vet0ing tine bill. As long as
old IS worth 125 per cent more than paper.
hara ,rr - ranrox- tAoy NO paal 1
{ there was a redemption of our paper cur
eney, it would be all right, but there is no
Imitation would be a decided
eneft TO the debtor claSs, la this way:
uppoSe their debts were contracted before
he proposed imitation, when paper money
worth 80 cents, and they pay those debts
Tier the imitation, when paper money is
-orth but 20 cents.
This imitation bill is a Pandora box, as
provides for imitation in t1enry, hut oon-
action in practice, as it would have taken
100000 now on deposit in New York
used as exchange, and would have
it up in the vaults of the banks in
lie country. National banks are required
keep Is per cent. of their banking capt.
] on reserve, but of this amount they are {
lowed to deposit SIS of it in New York, !
hich they use as exchange, so that in real I
the banks have but 25 of their Is per ]
mt. reserve, locked up, but the currency (
which Grant has Just vetoed requires =
INKS 10 lock up three fourths Of their re-
rye. 1r Z
There is plenty Of money in the country $
as men find who have anything to
II. Money is cheaper in New York and c
ashville now than it has been for two f
,ars. Loans are negotiated in this city
cry day at S per cent, and money can be {
I'd in New YORK ever on our trashy col G
terals, for Z per cent. c
There was a law passed last winter re-
Iiring New England TO surrender to the a
and South S25,O00,OOO of United
ates bonds, but i doubt il either the West I
South is prepared to take them. When s
e National Bank law went into effect. s
provided that each State should =
I've its proportion of bonds for r
purposes, but the South was '
EMBARRASSED, and the West had no money c
spare, and the consequence was the New V
ngland States got SI10,0O0,0oo of bonds a
excess Of their proportion, and now they t
e required to surrender S25,000,0OO Of
at excess.
In response to a question asked by the
porter as to the a~dyisability of the Gov @
taking charge of the banks of the I
untry, MI. Newell said he wa decidedly il
posed to the proposition, and THAT as the c
had not. thus far. redeemed 4