Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-01
CRATE BROWN AND THE OHIO
PLATFORM.
The Result OF an Interview by ''Gat5s''
with the Ssreat Missouri Liberal
Repubiicsa--Bhe Greenbaek
FGi."y CT Ohio.
Contraction She CauEs OF All enr Ncne.
tETy sEGubIes-The National Banks
-BORds the Equivalent of
Currency, EGc. Etc.
Cincinnati CommerciaI.I

ST. LOUIS, june 26, 1S75.-Grat1
Brown is generally said, in Missouri, t.
be their leading public man. His defeat
in the Greeley campaign did him nc
great injury, as he Immediately entered
the Democratic party, with which ht
had the atfinities OF 8 southern birth
and uEdOuAted mental and physical
courage The Democrats understood
him, and at once accepted him. He
was in the habit OF doing more irdIvid
uRl thinking than the bulk of the Dem.
Ccratic leaders; his careless, open and
stOlid Democratic manners rather en-,
desred him to the ultra western popu-
lace.
1 met Gratz Brown on Saturday
morning at the Lindell hotel, and
gratifisd desire 1 had felt ever since /
entered the State to hear his views.
Gath - ne said, 81 have a notion to
go over to Ohio and make a speech in
the campaign there"
'IFOr Allen"
"Of course. But it is not so much Al
len care about as the financial attitude
Of the Democracy there. l believe l can
make reasonable, reasoning people gee
that the position of the party is sound,
and not inconsistent with correct princi-
pies of political economy"
l said that | was surprised to hear this
from a man who had been a free trader
in the senate OF the United States, and
always q severely logical political econ
omist. Governor Brown remarked:
''My position is perfectly clear to my
own mind, though L may not he able to
formulate itin conversation. 1t is this ::
hold that the effort to bring about spe-
Gle resumption through contraction is q
fallscy. That while l do not distinctly
call for initiation, l challenge the admin
istration party to the proof that to con-
tract the currency Is to hasten the day Of
resumption"
There seemed to be some casuistry or
novelty in this position, and Governor
Brown, in his cool, semi indifferent, yet
forensic way, proceeded:
" / am not ObliViOus of the advantages
Of having o uniform currency with the
world, yet believe that the creation of
a national debt Of two billion fiYe hum
dTed million dollars, all bonded, and in
reality form OF currency, has altered
our relations with the exterior world
The state Of things here is phenomenal.
The cry of the country for avOcatiOn, for
business, is the necessity of the hour, and
the year, and perhaps the years; for
things grow no better. | think l can
put on the administration party the oDus
of defending the depressed condition Of
the people and trade"
" Well" said [, "GoveInOr Brown,
have you no proposition to make? To
point to the depression is not to help the
country out OF it.n
He said, with a kindling sensitive
ness: eyes, [ have a proposition. l
never attack without advancing some
thing. / hold that the national banks
ought to be absorbed in the government
and the gTeenbaok replace their curren-
cy. For, what are these banks existing
upon except the credit OF the govern
ment? They are an institution between
the people and the currency, adding to
our burdens by their eXsctiOns aud en-
joying almost q monopoly Of what
should be the governments own func-
ton, to issue a currency. / would be-
gin by taking from those banks their
monopoly of the government credit.
After the gTeenback has become the
only form of currency, it will appre-
ciate, if not in the market, certainly in
the minds of men. Then would make
the greenbaCk in whole or in part re-
ceivable for customs duties, and thus,
instead Of the government 'bulling' gold
as it now does, the enlarged uses Of the
greenback will bear gold. Do you IN
dersLand me?'
I said l was beginning to. His eyes
seemed to grow bluer and his beard red
der as he proceeded:
1.-The credit of the government Of the
United States is such that it can meet
its interest by borrowing gold on con-
tract at very low, steady figure. AT
present the government is the principal
uphOlder of high rate of gold, as it is
always buying large amounts, and COM
peliiug other people to do the same, to
pay their customs duties. So you OBJ
serve that ten years after the war gold
is at one hundred and seventeen.
II the government will give credit
to its own notes the whole moral
power Of the United States will
be eXerted in favor of the green
back. The way to specie payment, 1 af-
firm, is not by contraction. 1t may not
be by inflation; but it is by the apprecia-
ton of the greenback instead Of its de-
gradation.n
l explained to Governor Brown that I
W DO SlAlI OCtOS&Ch W h1OH liO" COAtIdC@
ton was not the way to specie payment.
He said:
Contract? Contract what? You
don't contract the bonds themselves,
which are bankable, exchangeable, in
deed currency. These bonds now supply
the place of cotton 10 give US CONNER
ciil credit in Europe. The banks will
take them to meet your note. There are
A
them. You don't contract that curren-
cy. But you do contract the small mar
gin of bank-notes which we nOn-bOnd-
holders use, and which is necessary for
our daily industry. You let the nationpl
bank use all the bonds it wants, but you
cut the shopkeeper's currency down.
And do believe that the growing power
OF the bond over the greenback is
source OF irregularity and of hard times.
Here are all the engines of work-a liv-
ing people, good crops, transportation,
public credit-and still the wheels of
traffic are almost stopped. The Ohio
is available to present this
state of things to the people. The pub
lie policy is failure, and the govern
ment, enjoying credit possessed by no
nation in the world, behOlds its
people out of employment, and
hard times growing harder. Of
what advantage is it to us that
the name of the country is solvent, while
the inhabitants are insOIvent. The busi-
ness people of the whole country are
hard to pay interest, and are
glad if they can do it. Now, the DEM
Ocratic party in Ohio is not obliged in
the pending campaign to take the initia-
tive. Let it put the administration party
on the de'ensive.n
1 again expressed to Governor Brown
my surprise to find the greenback fever
even himself. He said:
81 believe in looking around us to take
a policy. These hard times, with an
abundant country, require a solution.
What keeps the people poor? There is
20 idleBess, but no profit. The cause
lies in an accommodating policy Of
the government toward the people"
Gladstone and the Church of England.
LONDON, June 3O.-GladstOne has an
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