Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1874-01-29


to have to do the same thing on reaching
Maryland, Pennsylvania, and New York.
Without dwelling longer upon these
matters at this moment, take the liberty
of inviting the attention of the Senate to
letter which | have recently received
from one of the most valued citizens of
Tennessee. 1t contains concise and ac-
curate statement of opinions, some of which
| have long entertained. The author of
this letter has long been known by mo.
His reputation and character for integrity,
patriotism, and for financial experience
and skill, give additional value and im>
portance to the views which he enunciates.
The letter is as follows: .-.
NASHVILLE December 2, 1873.
DEAR SIR: ave need about fiye.huI-
Jrcd million more greenbacks added. to
our present circulation to enable us to
meet the wants of commerce and trade"
The foregoing is reported to be the closing
paragraph Of your letter to Hon. Henry
II. Blow, of Saint Louis. | am pleased
to find that You are alive upon a subject
of such vital Importance to our growing
country. The extensive territory now
covered and settling up i'll the United
States make it absolutely necessary for a
large increase in bank-paper circulation,
or, | would say, legal-tenders. would
stipulate for one thousand millions of le-
gal-tcnders issued by the government,
and supply the banks with them, and re-
quire the banks TO take up and return all
their circulating notes to be Cancelled;
thereby giving the Government the entire
control Ofall the paper circulation in our
country, and at the same time require all
payments or collections through the vari-
Gus custom-houses to be made in legal
tender notes. This policy would at once
place gold aud legal-tenders on par val
he. Such policy is certainly desirable
ment; and it opens the way to specie pay
country. 1t would at once inspire conf
dence and put a stop to the gold gambling
in Wall street, New York, and large
applied to the liquidation of that amount
gold when the leSal-tendsrs pay all Gov
ernment dues? Yea, who would want
any better money? The bondholders
abroad may be paid in sterling exchange,
Sd %hch iS ise Tel9b 81 theaRn at eLivftpp0 Ian
don me for making these suggestions to
to you, as there will be many opinions
and suggestions made in regard to the
currency and finances of our country,
and rs n tree American citizen, running
Fast on the dowp-hill of time, cannot
conceive it amiss to give you the views OF
a man now almost seventy-eight years OF
age. Another advantage the Govern
ment will gain notes lost by fire and 9th
wise, which will amount to a great deal
in u few years. g. & t- ..
Please accept the assurances of the re-
gard of an old friend and brother.
N. HOBSON,
z. S.-The banks in New York should
be prohibited from paying interest OIL de-
posits. The banks in the South keep u
large amount on interestin the New YORK
banks, the use of which should be given
TO our own people. ,oo>r
l1Cn. w - ". DhOW NLOWt
Mr., Hobson has not been misinformed
as to my views on this deeply interesting
subject. l most cordially indorse each
of the several propositions set forth in
this letter as have more than once and
with more or less of publicity heretofore
expressed them.
l am utterly at loss to conceive how
any unprejudiced and sound mind
can doubt for a moment that the present
volume of currency needs enlargement.
| agree with Mr.. Hobson in regarding the
mode of increasing the amount OF curreu'
cy specified by him as by far the most ju|
dicious yet propounded. The CONNER
dial needs of the conntry will not be more
than supplied by the circulation OF ST.
0OO,O00,O00 in legal>tender notes. 10
have money in circulation under the au-
thority of the Government, and which
money is not recognized by the Governs
ment as having all the qualitieS off sound
and proper circulating medium, seems to
me to be a mere sham, an absurdity.
Every dollar issued in the name or under
the authority of the Government should
be receivable in discharge of all govern
mental dues. Only in this way can that
commodity which we call money, and
which it is alike our policy and duty tc
make really such, be magnifed and made
honorable in the view Of the commercial
world. Only thus can we impart to pa
|, per money thus issued the dignity Of the
; Government itself, and inspire proper
. general confidence as to the ultimate re
. demption of the whole mass Of currency
thus put in circulation. In dnc, onl,
thus can the notes be made equivalent t
gold and silver, and the way be quietl.
: and gradually opened by a safe end cas-,
process to a return to specie payments.
l am fully satisfied that Sl,00O,000,
: 600 of legal-tender notes, possessing tn
t characteristics and qualities which hav
1 described, would, il equitably distributed
o and otherwise administered on sound an
n corrupt banking principles, prove of in
,. calculable benefit to the country.
n In the State of Tennessee the hnancia