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

wherein ne shows OF national AM cur
rency, $50,000,000; of legal tender notes,
S3T7, 000,0 900; Of fractional currency, 47,O00,-
600; making altogether $780, 100000; from
which deduct the reserve, $12S,000,000,
leaving $631.020,5i2 as the only available
circulating medium in the United States; l
mean government circulation.
On page IS Of the same report the same
officer shows the amount of outstanding
State bank notes, S1T4,Tl4. Page 50 of the
report of the Treasurer of the United
States shows, outstanding OF ~seven-thirty
notes on the LIST OF July, 1873, S293,450.
Now l beg attention to the summary:
NatiOnal-bank notes, legal tender
notes. and fractional currency, as
per report of the Comptroller OF i.
tie Currency. S65l,O1D,5Et
Seven-thirty notes. ....,....:..-. &s,41
Total available currency in the
United States, (gold expected
which was a commodity)...... 631,4Ss,676
The reserves, being held by the Treasu-
~ and by the banks, are not added, because
they were held as security and not as circu=
lation.
Now, let us see the summary of the re-
ductiOn. On the 31st of August, 1866, We
had s., 193, 395, 1921 of currency. On the
lst of November, 1873, we had S63l,4SS,-
6TT, making a reduction of 81, ,906, S51,
or an annual reduction, during eight years,
of S195, 1856. Where did il 60? 1t was
swallowed up in the bonded debt OF the
United States.
Where is the proof? Look to the de-
struction account of the Treasury, which is
before me. 1t shows an actual destruction
--~..I 80 81 nnn 900 nnn - Ill os-.-Io
ton. l do not mean the statistical destruc-
ton, but the destruction of the currency.
In addition to that, you have driven out of
circulation the notes Ct the State banks,
leaving only $~631,4SS,0O of currency in
the United States-to answer what pur-
pose? To spread over illimitable territory;
to distribute among ~forty-iye millions o.
people; TO furnish money for sales of capt.
tai or wealth, amounting now to about S40,-
O00,O00,000; TO pay national, State, COUNTY,
CITY, corporation, and individual indebted
ness, amounting to S9,0O0,OOO,OO 900; to pay
for the marketable proportion of annual
productions of all sorts, $4,000, 900, 0Oe; to
pay taxation, United States, State, county,
and town, S611, 100000 TO pay interest on
public debt and private debt, $500,0O0,000;
to pay for the annual construction and OPP
Grafton of railroads in the United States,
$1,000, 100000; to pay for annual Imports
into the United States, S642, 100000; to pay
for the support of schools, colleges, church.
es, book concerns, newspapers, for building
houses and towns, founding new States,
and Il pay for the personal expenses of the
millions that move every day upon the rail-
roads and public thoroughfares, $500,000,-
900 more.
Ali Where is your money to float, and
keep afloat, these vast interests? The out
standing amount is altogether insufficient,
as is proven by the vast body of demands
against it which l have recited. 1t is
proven by the Eastern States Directing to a
reduction, though some of them have as
high as sixty-one dollars per capita; by the
deficiency of the fourteen Southern and
Southwestern States, they having only
S2.9I per capita; by the deficiency of the
Western States, they having only 500 per
capita; by the comparison Of currency, by
comparison of currency, by which it appears
that in 1862 the Southern and Southwest
ern States had of paper currency S71,000,-
900; while in 1873 they had only S3S,00O,-
900; by a comparison Of productions, the
gross productions of the Southern and South
western States being, in 1873, S~2,03S,O00,-
600, more than half of which is thrown
upon the market; while in 1860, so far as
can be a~scartained from the census report,
the amount was less than half; by COMPARE
son of prices of merchandise and mechani-
cal implements, which, it appears, were, in
1870, so per cent higher than in 1850,
though the fourteen Southern and South
western States had twice the amount of
currency in 1860, while they have twice the
annual productions now; by the great in
crease in national wealth and resources;
by the tWenty-fold increase in debt or tax
alton; by the reduction in prices of land,
amounting to from 80 TO 500 per cent all
through the Southern section of country;
by the deadlock of trade; by the wrecks of
fortunes, great and small; by the bank
ruptcy which stares the country in the face;
by the cry of two-thirds of the population
Of the United States, demanding "money,
money, money" in order to relieve their
wants in a financial point of view, and 10
save them from bankruptcy.
But some gentlemen may say, "YOu
down South there perhaps do not deserve
this currency" Do not make that fatal
argument against yourselves. You may
abuse us; you may entertain a heartleSs
and vindictive spirit toward that section Of
the country; you may destroy her indus
tries if you choose; you may butcher her,
but like the dead SiameSe twin (and per.
nit me to follow out the figure) she will
spread modification to every interest you
have. Whenever she ceases TO buy your
manufactured articles the TRES Of your
mills will be put out; when she ceases to
buy your cotton goods the hum Of your
factories will be hushed; when she ceases
to exchange her cotton with you, then your
factories and workshops will all sink and
perish. Mr.. Speaker, whenever she ceases
to give her influence and help 10 the mighty
productions of this country, you will find
you will sink in a corresponding scale.
Mark it, and do not forget it, that it is tC
your interest as well as TO hers to see that
all the industries of this country of every
section march abreast, and not that the
grinding heel Of the Government shall be
upon one alone. 1t will recOil upon you.
az, it has recoiled upon you, for the pros
| perity of one section is the prosperity OF
every other section and the decay of one
section is the decay of every other section
to a greater or a less extent.
Then, sir, how much currency is needed.
l cannot answer the question, but l venturt
TO say one thing. Distribute SjO0,000,00C
broadcast this day in the land and it viii
be swallowed up like the water upon
parched desert. Add it, if you choose, to
the currency already in the United States
at this time and it still will not make hal
the amount you had in 1866. Add it t.
what we have at this time and it will no
make an amount more than equal to tn,
loan account of the national banks agains
the people of the country. As a plan, how
ever, l would suggest that it might be is
sued IN five equal annual installments
By this process it would be rapidly absorb
| ed in the liquidation of debts and profitabl,
investments; would be combined will
labor and intermingled with u diversified
industries; made active in production ant
tributary TO national wealth, instead O
being locked up in a bonded debt, who's
only active property is that of the eatin!
cancer, consuming the body on which it il
fastened.
But how shall We get it? have a plaI
of my own. How did we lose it? VIVA
became of it? In the first place it was re
tired in five-twenty and other bonds. Tht
principle is easy-redeem or pay off tn,
five-twenty bonds in legal-tender notes anC
restore the equilibrium which was los
when these notes were retired. You viii
then improve the finances of the cOuntry
instead of following the process which ha
been so oppressive in its character. Re