Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-01-23


places, but as fall came or the demand
increased and interest advanced, and
after crops had been moved, it became
! plentiful again, and interest became
| lower, these changes were bound to
occur every year. He argued that it was
| possible to have deprecated currency,
and yet the paper in circulation could
/ be nominally redeemable in coin. He
I opposed the free banking system; under
/ it the currency of the country would be
/ vastly increased, and when time came
/ to resume specie payment, these banks
would be unable to respond. He was
/ opposed to the proposition of his col
/ league [Sumner for a convertible cur
rency, and expressed the opinion that
/ 1t would result in the contraction and
boarding of money to the detriment of
! the business Interests of the country. If
currency was to be contracted as a
means to resume specie payment, let it
be done openly, so that every business
man could see what was going to be
done, and shape his business according
| ly. Was it to be presumed, for mo-
ment, that we could go into the markets
of the world, and purchase coin with
which to redeem our legal-tender notes?
The whole bank of England, and the
money markets of Europe combined,
would be arrayed against us. The great
fortunes accumulated during the war,
by individuals in this country, would put
it in the power of a few men to
organize themselves to prey upon
the government. 1t was possible for
men in New York to go to Massachu-
sets for the purpose of receiving and
control ten or twenty millions dollars,
and if the plan proposed by. his col
league Mr.. Sumnerl should be adopted,
these men would work ruin to the treas
ury by putting their money in these
convertible bonds, when money was
plentiful; hold these bonds until scare
ity of money occurred, when they would
have them redeemed, and precipitate an
additional volume OF currency on the
country, initiating prices and doing great
damage. The plan of returning to spe-
Gle payment year from now, also, was
very Objectionable, as he had shown
the government could not get the gold
TO do it, and if the time for return should
be fixed at q year from now, the gOvern-
ment could not stand the shock; after
redeeming fifty million dollars, the
treasury would have to close its doors.
Enough coin could not be accumulated
in the treasury in a year to pay our
notes, and it was impossible to get any
from Europe. The only escape is to al
low the secretary of the treasury to go
into the markets of the country and
buy our six per cent. bonds at the
market price, with the proceeds derived
from the sale Of five per cent. bonds.
The senator from Missouri SchurZ] is
in favor of resumption. Let him show
how it can be done. He Boutwell, had
observed disposition to put more con-
fidence in the days in the future, OF
which we know not, than in days pres
ent, of which we know.
Senator Schurz said that the dis
cussion now was merely upon a reso-
luton directing the committee to report
bill not upon specific means for specie
resumption. When the committee re-
ported such a bill he would discuss the
specific measures. There has been an
imitation of currency, now amounting
to tWenty-seven million dollars. II
this process went over to the extent of
forty-four million dollars reserve, he
was not sure but that it would be follow
ed by events corresponding with those
in New York in September last.
He therefore thought that if was
the duty Of congress to legislate imme-
diately to prevent such disaster. Itwas
not, in his judgment, the true plan to
borrow money to return to specie pay
melt; neither was it right to issue
bonds to raise money. He asked now,
after a struggle of five years, if it was
right TO attempt to strengthen the credit
of this. country, now in time of peace
and of comparative prosperity, by going
into our own markets and into the
markets of the world, begging
for money to pay the current
expenses of the country. There
is but one remedy and one means to
ward offthe evil, ,and that is taxatiOn-he
did not say on what the taxation must
be-or else the disgrace of borrowing
money to pay the expenses of the gov
eminent; and as between burden and
disgrace, he would put burdens on the
people Of the country before submitting
TO disgrace.
Senator Gordon said that the senator
from Massachusetts, spoke of the in
creased prosperity of the southern States.
He begged to refer to the fact, that the
cash of the firms in Georgia in 1860 was
one hundred and fifty-seyen million dol
lars, and in 1870 only ninety-four mil
lions. The value of all the real estate
in Georgia, including cities and farms,
was fifty-three million dollars less in
1870 than in 1860. In 1860, Georgia
raised thirty-one million bushels corn;
in 1870, only about half that quantity.
In 1860, she raised two million head of
hogs; in 1870, only nine hundred and
eighty-eight thousand.
The senate then adorned.
HOUSE.
Mr.. Dawes, from the committee on
ways and means, reported back adverse
ly on the bills to repeal all tax on bank
checks and friction-matches, and stated
that there was a strong desire in the
community to remove these taxes. He
therefore, instead of having the adverse
reports laid on the table, moved their
reference to a committee of the whole
for discussion, and to make them the
special order for Wednesday next.
Mr.. Monroe stated that he had intro
duced the bills to repeal the tax on
matches, and submitted some reasons
why the adverse reports should be re-
jected and the bills passed.
Mr.. Dawes's motion was agreed to.
Mr.. Dawes also reported a bill to fix
dred million dollars. 1t is the bill pre-
that the provisions of the law existing
prior to the act of April II, 1856, are in
force, SO as to authorize legal-tender
notes Of the United States to the amount
of four hundred million dollars in gener-
al circulation, and that the amount Of
United States notes issued, or TO be is
sued, shall never exceed four hundred
million dollars. He moved to make the
bill special order of the committee of
the whole for Thursday next. In reply
to aquestiOn, he said the bill was a unan-
imous report.
Mr.. Maynard, chairman of commit
tee on banking and currency, said while
disavowing any feeling of jealousy of
the two committees suggesting the con-
sideration, this bill might be arranged
to go on in connection with such meas
ure and policy as the committee on
banking and currency might present.
A call for council of the Congrega-
tional churches has been authorized, in
an emergency, by DR.. Buddington's
church, to advise on the whole subject
involved in fha