The home journal. (Winchester, Tenn.) 1858-188?, 1874-12-31
LLErTER No. 2.l

. IN SIX Itl4tIlh- ana lEI' InIlIlnlS III lWtlN'
months. and the baIaHcc as soon ms the
cxigcncic- of the State. or the wants Of
the people may require. We do not fix
the number arbitrarily, but only for con
y~cntcnt illustration.
We de not mean to say that these could
be issued rs currency per- 81, or made a lc-
9al tender in payment Of debts, except
those due to and from the state. We are
fully appraised Of the Constitutional Ob1cc-
ton to this. which we Will duly consider
when we come to treat Of thclCGal qnes-
ton by aud by.
For the present we assume that the State
can take upon herself Il valid Obligation
to redeem them in taxes. If any doubt
ever existed on this point, it was certainly
diSpcllcd when the Federal supreme Court
hrld the State bound to take the issues OF
the Bank OF Tennessee in payment OF tax
rS. because of that clause in the charter
which pledged the faith and credit Of the
State for their redemption. The same rule
will be held in reference to the Torbett is
sue. unless the COurt shall hold them faint
ed with rebellion. and in consequence
void. When Tie decision was announced
the State Bank paper went rapidly up
urmly to par. and 50 will the Torbrtt issue
if the rule is extended to it. Now why
. va lIlN ~ " nv WV WV DlD'l VI INV
Bank Of Tennessee rise 81 hi2h and so
rapidly The decision did not make them
currency. nor did it require anybody to
take them except the State. The answer
j. ~ca.y-thcy would pay the State taxes :
/ this rave them such Il value that put Them
at once in active circulation; they had
only been before that bought and sold hy
| the brukcrS; but when ii was announced
that they would be redeemed, an active
demand was set M Tor them, and they
were soon nearly ali taken up in puYmcn
of taxes. and any individual! debt could
fave been paid i'm this currrncy, or if not.
it could have been exchanged for other
currency at Il small discount.
Then why will not these warrants do
the same. and pass current in the country ?
Their rudrmutluu is more strongly GUAR
artrrd than any other paper issue, unless
il be the United States Treasury notes.
SUPPOSE Won issue ten million of them
rrdrrmatIc i'm paymrut of Lakes. how
loup viii it be before they can be taken i'm ?
Your state collects one and thrcr-Urar-
ter millions Of taxes annually. buI as a
LARGE pi?t of this gors to pay the Interest
on bonds. which viii rcasr under our plan
they need not exceed one million of dol
lars; we SUPPOSE less than half of this
would run the machinery of Government
il economically administered the other
half million ui,ht he +, tired. Thus we
see, IN twenty wears, the whole ten mil.
lion could he taken in, the bonded deLt tn
tlat extent cXtiuuuishrd. and in tine
meantime the taxes reduced nearly half
Should il he necessary to rctiIr them
faster ar NOT .n fast the .amr can n, r,n-
Mated be the amount of Inyr. rrul,irrL
We uppGal to the candid and irtriIirrut
Indictment Of mankind If unr n,nrr ssh.
i'm, eve. aeon hrtlrr SUMMARIZED mr. rnLrem-
ed in "A shorter prriody We do NOT deem
any further observations ON this branch of
the ]ruulirv necessary. Lut will urv, an
uuirc What would lie the effect on omr
people? As we have said in "A former ar
, IirIr. we are now SUFFERING from rurrrn-
cy famine, business, i, stn2nnlrd. and COM
uirrcinI values are brinu DESTROYED bernu.c
there il not A ,liIirirnry of currency win
which TO make the necessary sales ar rx-
changes. Debts contracted when thrr,
was a rrduudaucvo of currency have nav tn
he paid when it is scarce, and the ronsr.
uurncr j. that Droprrtv that BROUGHT then
rrmuncralivr prices has either zone out
of market or is bought IN bv the few
! money dealer. al "A ]ruiuous sacriG,r. Iit
any wonder thrr. that a uniyrrs,I v,iI
uOcs I'M for relief? Is it any wander tL,,
your Comptroller in vain sends out cjrcu-
lar after circular TO his ~subordinnt.s tn'
hurry up the taxes? Is il any wander
that the crinwiuu debtor wruds his wn,
home i'm dcSlui, from the sale or s,.r;tr,,,
OF his little home, or goods. for the tox,.s
due the state. or the demands of his cred
itor, and who ceases from that hour to he
athritty producer to become IL thrittless
punsioncr upon the people? Is il any
wonder that the honest ycoman, seeing
himself homeless and his children in raus,
leaves the paths OF virtue and honesty to
follow the more lucrative pursuits of
knavrry?
This is not too high n colOring of the
panoramic view OF affairs in this and other
southern States. But You ask me how
will this plan benefit the people of the
state or get the currency H. their hands ?
W. answer that this will be a local cur
rcncy that will not circulate freely any
where else but here; 1t will not pay taxes
anywhere else, and hence it will come
here from every quarter where 1t may
happen to be, because it Is worth more,
and Will pass more readily here. Then
when chch bondiloldcr gets his II thous-
and or ten Thousand dollars Of these war
rants he VIII send them to Tennessee for
Investment. Some VIII want land for ar
or investment purposes; some
viii want to buy stock, and others to {
erect manufacturing establishments; and |
perhaps the largest number will want to
loan out thei: funds Tor the interest. Thus ,
We see in some way it finds it, investment {
Icrc. and evidently rryivcs the parulyzrI ,
OF the pcopl, and uiyrS a uInick 1