Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-09-23
The Congressional Canvass,
Hon. J. VI. Thornbnrgh at PaWpaw
Hollow.
STRAWBERRY PLAINS,
September 10, 1874.


Sewer county, about miles from this
place, to-day at l. o'clock, quite a
number of the citizens of this and Sc
vier counties, gathered at the church
the place appointed for the speaking.
AT the hour appointed, Col. Thorn
burgh was present and quite crowd
of citizens had arrived, but as Mr.. w.
A. Henderson, who had agreed to d.
vide time with Col. Thornburgh, was
not present, he waited until half past
l O'clock, when the crowd decided to
wait no longer, and called upon the
Colonel to address them.
Col. Thcrnburgh, in commencing his
speech, stated that Col. Henderson had
promised him yesterday that he would
certainly be here, but as he is not, he
would only discuss the platforms of the
two great parties of the United States,
without touching any of his competi-
tors, and right here we would state
that during a speech of nearly two
hours, the Colonel did not speak an
unkind word in regard to his compet-
itors, nor did he urge his claims to re-
election, but simply discussed the lead
ing questions of the day, comparing
the platforms Of the two parties, and
stated that the people Of the district
knew what he had done in Congress,
and if he did not represent their inter.
ests, they ought TO have some one that
could represent them, and he was will
ing to let them decide upon his merits.
One Of the questions under considera-
| ton, 5 the question of currency, and
he would call their careful attention to
it. The question of currency is one
that all are interested. This question
has divided parties for years, and they
are to-day divided on It. The Gov
ernment had issued 1882, 600, 900 in
| legal tender notes. How came they
| to be issued 4 rebellion was inau-
gurated, and tie Government needed
money to pat it down. These notes
were issued and on their face they
I promised to pay the bearer dollar.
But this sum was only a drop in the
, bucket Of the money they needed to
carry ON the war too thousand nils
lions OF dollars had t. he used, and
{
4 they were bought principally i'm Eu-
rope and the Government was pledged
/ to redeem them. The Government
had issued all the legal tender notes
/ they could issue. Why? Because
! they would have deprecated
! in value, But the S3S2, 100000 legal
tender notes were not sufficient to car
/ ~ on the commerce of the country,
and banking system had to be inau.
| gurated. The deficit had to be supplied,
And hence the Republican party estab
/ lished the national banking system,
/ The Democratic party says the nation,
al banking system Is all wrong, while
the Republican party avs it is the best
/ system under the sun, and 50 here the
two parties stand. Before the war we
had all kinds Of banks, and the con,
sequence was that a man often could
not tell whether he had good money
or bad. The numerous bank bills were
counterieited, and no national detec,
tivCs were ready to look up the
counterfeiters. Further, if n mar
went from one State to another, they
would not know anything about thu
money he had, and often he woulC
have to sacrifice it, and when th,
banks broke, all the money in circula'
ton in the broken bank was good 70
nothing. Not 50 with the Natioua
banks.
1t is said that sd 900 600 interest i
paid to bankers Granted. The!
bought the bonds, and We're entitled
TO the interest. The Government
could not pass law to prevent then
from buying the bonds, and when one
in their possession they were entitlet
to the interest.
. In order to have n National cur
rency the National banks were start
ed. If you wished to start q NJ
tional Bank. the Government
says will guarantee You
T. notes, but you must give good security
and the best security you can give Il
is our own bonds. Now, sir, for ever
500, 900 in bonds you deposit, | wi
2 guarantee YOU 100000. No Que eve
lost q dollar by a National BouI
Why? Because, should q cashier ru
away with the money, or a bank h
f destroyed 10y fire, the Goyernmcr
would make $4,000 10y paying tn
Y debts Of that National Bank.
7. There is no chance of fraud, rs IN
g Government prints these notes, an
, hence they can not issue more than I'll
y 500. 600 for 500, 900 bonds.
d Yet, it has been found, that tt
a 1854, 600, 900 National Bank none,
= and the S3S2, 10000 legal tender not'
!, is not sufficient currency for II
!, wants of the people, and "A bill ha
e been framed at the last Congress
a meet this deficit. How? Rv creatin
q more legal tender notes? No, for
the Government issued more legal ter
der notes, they would deprecate
r value. For years the policy has bee
to cOntra the currency, and why
Because all parties looking to the il
Is terest of the people have determine
\ to return as speedily as possible to sp
jr Gle payment Gold is the standard
ID every country, and hence if the Go
he eminent issues more legal tender not
Ig than they can redeem i'm gold. Il
le currency depreciates in value. Nov
n the legal tender notes are discount
n 10 cents ON the dollar, ana should Il
a volume of currency he increased,
ne would further diminish in value,
" Now the policy Of the Republic.
ne party is TO increase the number Of y
It liOugl hanks. A. the laws now stan