Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-25

ACCCftN " tuC 4CCCuL severe Dlnlc.
He thought that If the proposition TO ir-
crease the amount of currency was adonted
another revulsion would be the ultimate
result.
Mr.. StrattOn, the other member of the
trm, holds the same views of the question.
MR.. J. F. WIRELESS,
Of the firm OF McAllister AZ Wheless cotton
factors, expressed himself as follows:
Imitation would mquestionably be an
evil, but a moderate increase of Calculation
would not produce imitation in its ur-
healthy sense, as the volume of currency Is
not o adequate TO the wants of the
country. a sufficient or heslthy volume
Of currency, that would be a LEGAL tender
for all debts, (import duties not excep,ed1.
and rendered elastic by the introduction Of
convertible bonds or ainterest bearing
notes" would give the most reliable reprs,
sentative Of value we have eyar
had. Confidence would be restored.
increased prosperity would be i'm
parted TO every department of trade.
agriculture and manufacturing. Labor
would receive its just reward, and the nav
ment o~ftaxes, now heavy, would be made
easy. Contraction will bring such minous
rates for money as will p~araiyze the indus
trial interests OF the country and give 10
labor an uncertain and insufficient Support.
In brief the current of events is fist rasoly-
ing it into a question Of capital VS.. labor,
and as such, parties as well as individuals,
must begin TO regard it. The advocates of
contraction must array themselves upon the
side OF capital and against labor.
Messrs. VIM. Duncan, u, e. McCrory
and Max Sax held that no Initiation would
result from the passage of the currency bill,
as tie provision with reference TO the re-
serves would seriously contract the present
volume Of Currency They were infavor of
a free banking system, so that men of
means might engage in banking, If they
had sufficient capital, just as they would
engage III any other legitimate business.
MIR. Mari, Of the Nashville Savings Bank,
had not given the subject sufficient atten-
ton to warrant his giving an opinion for
publication.
IN FAVOR OF ISFLATIoN.
Although those visited yesterday who ex-
pressed themselves in favor OF imitation are
not so strong in numbers, they expressed
themselves in very decided terms.
MR.. JOSEPH ALLEN,
Trustee Of the Union Bank, and a banker
OF thirty years experience said, in answer
TO the Questions asked by Our representa-
tive:
"Hes, sir, l want more money, l believe
in imitation to the fullest possible ,xtent.
Men vino are leaning money on collateralS
al ten per cent do not want an. increase Of
the present volume. of currency, but men
who engage in business and wish to assist
their customers, want more money. The
country needs more money, as there is not
enough at present for business purpOses.
Before the war the southern people antici-
pated crops Tor twelve months, and felt
perfectly easy, but now they cannot aatiei-
pate anything. This country is bound to
90 on credit.
great many people believe gold is
money. but L do not, and l don't think
there is any such a thing rs specie pay
ments." We never had specie payments
and never will have. In fact. the idea is
redieulously absurd. / think the United
States Government ought to retire the
National bank circulation and issue
greenbacks, and hat the government
should issue all circulating medium ne
quired by the country. Whenever the
government can find a bond in the market,
it should buy it with green
backs and let the greenbaek
circulation stop the interest on the bonds.
-Greenbacks would thus gradually take the
place of bopds. and tbe business o. the
country would be transacted with green
backs at par. The wear and tear, burning,
loss Of the greeIbacks, would more than
pay the expense Of Issuing them. Make
these g~reenbacks convertible into bonds at
par at the option nj the holder, and let the
bonus draw interest IN greenbaeks, and
when the holder wished it taken back the
Government would give him greenbacks
for il. Inthis way panics would be avoided.
The government is owing S26,OG0,O00,
upon most Of which she is paving interest.
ani there IS evidently not enough circala-
ting medium in the country to supply the
wants of the country. There should be a
free banking system, andbankers should be
required to keep in reserve only such an
amount IN g~reenbaeks as would I've neeesa
sary iOf their own safety.
Suppose you bring the business Of the
country down To a gold basis, how or where
are YOU bensfitted. Every factory in the
land would he stopped immediately. You
would have vCur gold basis. but vOu would
have nothing else. This country has pros
pered under the credit system, and il must
continue to prosper under the credit system.
Tennessee would not have had a railroad
if they cOuld have been built only
with gold coin. 4
This tale about l1eold kssis'' is very fool
ish. There is 10 such thing possible. The
old Bank of Tennessee did a business of
100000 and never had in her vaults at
any one time more than $4,000 n specie.
There IL but one real standard of value,
and that Is a barrel Of -four, 4 man fHa5
things which he would not sell for /
gold, but be will exchange anything on
Earth for hread' !
MIR. THOMPSON ANDERSON, :
Of the firm Of Anderson, Green & Co, said !
hat imitation would bea happy event at this Z
particular time and to this particular sec Z
ion of the country. 1t would encourage :
ard ~eEterrrises th5t were now :
dormant. There was plenty of money in
he country but it was invested in such q Z
hammer that the producers were not being Z
'eneftted by il, and none but a certain class :
f capitalists were receiving its advantages. :
A PROMINENT MEMBER r
1.-THE Board Of Trade representing a large Z
Wholesale Business in the city, expressed 7
imself as being decidedly in favor OF infla- T
ion. 1t would have the effect to make IN
money easier and thus relieve the wants of T
merchants in many Of the Southern n
tates who have been carving tie planters +
such a long time. He spoke of South +
m Alabama as an instance that more z
honey was badly needed. He said that q
ne farmers had been depending upon the q
lerchants in that section of the country q
" the last three years 10 obtain money r.
18th which to move their CROPS. y
MR. T. II. JONES, n
I an agricultural firm on Broad street, n
lid that there had been a great want of II
liable information az regarded the finan- II
status ofthe country. Ever since the n
nancial crash, which seemed to have been IT
about by that want Of information, n
lere had been a general complaint of want II
money. The President in vetoing the II
Irrency bill, stated that there was a II
rye amount 10 be held in reserve IT
nd not TO be distributed. His opinion II
that il tile money put in circulation was +,
distributed and the Southern H.
-ates had their pro rata of it, then the T.
Outh would have all the money that was Il
eeded. If this money that was said to be X,
would be properly distributed he
,ould tban diSannrova Of auv ftrrfhhr In