Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-09-19
F, t1ToNAL FINANCES DISCUSSED

stITONAL FINANCES DISCUSSED.
Fe have been kindly furnished with
.aa.--Heet5 of q pamphlet by our dis
-g-l felI1E-cit'zen, Mr.. Enoch
EI -. in which he fully discusses our
...Hra finances. II anything were
...nHr.f9 comp lste the reputation Of
r. E ley a. a finaucier Of great abili-
a.ts-e=man and "a profound reason
.. 81. has been furnished in his most
powerful snd exhaustive pamphlet on
.I-u.ignal lnsnces. He takes philO-
optical, comprehensive view Of the
rnDIe question, and in discussing it
alws logical powers OF the highest
order. We regret that our space pre-
saae the publication OF Mr.. Ensley's
views na iuis sbsorbing question. We
make the following extract:
To my mind the action Of the govern
l.ut has been horrible. There is no
...I today, OF in the future, to four
fuz ~ the American peoI le, in the
.I ! aud silver or specie resumption
taa. and 5li there IL in il is whether the
r1veru.nent shall continue ID be Oper-
.rl iu favor Uf the already enormously
.ag.r.5. aud make the rich richer and
.. poor poorer, at the expense and
lr-.ica Of the industries Of every kind
and the increasing Of the suffering Of
millions ~ people Of the land. To my
mind fae need OF the day is 10 hush the
mons. .Ise Of necessity for gold and silver
basis, Tor We have really never had a re-
liable bsse Of the kind and never will;
and the kind we have had heretofore,
-ui are likely to have in future, il the
,ractiouists succeed is far more I'M
stable aud unreliable thsn for the gov
.slmeut 10 furnish the money directly
shape 0f legal.tenders, which they
should do without the Intervention OF
.a. 'uull hanks To my mind the great
..# immediate need Of the day Is the
..-lra ~ more legal tender notes in
..l., la impair the confidence in them
.Hll extent Hs TO cause The owners Of
..au tD desire 10 exchange them Tor
r.usr kinds Uf property or mans wants
not simply - loan them Out on short
af lggg date paper, with fiTe-prOof Sc
.Tr4.r. 90 low OF higa rates Of interest
which can now be done to any extent
Ha- --d-UG, 90 absOiu ely part
with them for other Einds Of property.
20 my mind DO is as failacious for the
government 10 pass law promising 10
make each dolIar of the currency OF the
s.l equal in value 10 a dollar in gold
.g Ga given time, a. II would be 10 make
..au uu-hel % wheat OF corn OF the
.a.i eIusi iu vslue to = ceTtsin amount
.' gold given 10y & certain time To
Hg mind, the wise men Of government
.lg have urged the fl.lzcy Of contrac-
.su and their kind OF specie resumption,
10. "a 70 az nd
.le tus bearing and effect OF il on
.Ia gfaa- body Of the people, will yet
..i. their heaGs IN shame and sorrow.
Too nay mind President Grant needless
.F- fI- no good whatever tbut perhaps
...a. aIIyl, consigned ID premature
graves thousands 0f his cOuntTymen
whom Ee vetoed the imitation bill passed
"'-"rs-" Do The eaTiy part OF 1874.
H.l say. 30 Is clGRT ID nay mind,
.Ge government should be run
...#.r ten years or even a shorter
"H ..s me principle OF favor TO
H and oppression o. the many, as
.-- .e % done the last ten, communism
. q uu, over the land with all the
sHa, lite1g7 forms sud teTrOrs il ever
I'D Ia France or elsewhere. Another
vH-is o. the kind will virtually en-
-e .Ie great body OF the people, and
-.. nec=ssiiate change Of the chsrac-
r o' tae government into q military
-la.i-m lo keep them ens'ayed.
Ll.-. views ale eMinealy sound.
.hI business, ell enterprise, al labor
rywhers, j. 30 senslbls Of the sitting
fIsnces Of the policy pursued by the
.Iu.l's.rstion in reducing the volume
u tlg currency, that the popular outcry
agsjnst il iE deep, aud long, aad loud
a orcr 8 warning to the bulliouists and
cheering voice OF coming relief to the
ulH8us gf men who at0 eNpending the
boz. energies - their lives 10 Unsvailirg 9
eIaTts % advance their interests in the
face OF d financial system that weighs
l.## down and bears them back il
every -.ag they take. When We think
Hr .he poverty among the masses Of the
.sag.s ID sll parts Of the country; when
a.a think Cf the thousands Of idle men
aLol are eSgcr for employment but unable
. uu.siu d.; when We thigk Of the "hard
..ila-' Of which we hear on every hand,
H.- Ler' not wonder that there Is
.es4 an intense and universal desire,
.rs.a. among the northern god kings
.uI their adIeIentsi for q currency IN
.cgiug with the demands Of industry
.ri cheap enough to be brought within
ael 81 fire poor as well IS the rich.
.a men Il The mOuey-centers Of the
rain aud the east who have sccumu-
4 "a their millions, are entitled to COM
.-saIaiirn for the success q their eneT-
and judgment. They have right
la 81 they possess, and q further right
.. AID ID t1eir fortunes millions and
IiU1s more if they can. But the
sIImeEt, which is the government
a- al The people, has not g right to ena-
- them to mOnopOlzs money, 10
make &c mere merchandise under their
control. and &, bring it to such
--zrcily 30 the country that tie
a.arth of it Is Ike drought, drying up
,u. very sources Of the streams
ou which ali industry depends for
ife. The party in power is the IaTiy
under whose management the present
Ir-ucial s,-ess throughout the Union
aHs bsen brought about. And the
American people viii bold it to its re-
-i1usioiiiiy in the Presidential election