Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-07-28
THE CURRENCY QUESTION.

erpdHding the currency, now agitating
the public mind. We assure our
neighbor that our failure to sooner
respond to its request has not resulted
from discourtesy to it. any more than
an unwillingness to state our position
on any question now before the PEG.
pie or any likely to come before them
hereafter.
Our neighbor may accuse us of ego
tism, but we will say, nevertheless,
that we had supposed our position on
this subject was pretty well known in
East Tennessee. About two years
ago when the financial panic came up
on the country, the editor of this pa.
per, in a speech in the Senate, which
was very generally circulated IN Ten
nessee, declared for the issuance of
more greenbacks and for Free Bank
ing" Congress subsequently adopted
our views so far as free banking was
concerned, and expanded the currency
to the extent of about forty millions,
though it did not expand it to the eX-
tent we advocated. The vote on this
subject was not a party vote, but
Democrats and Republicans alike di-
vided on the propriety Of issuing
more paper money.
With banking privileges FREE. so
that no class shall have in this regard
exclusive privileges, but that every
man in every section shall start a Ma
tional Bank who has the means and
disposition to do so, very much good
has been accomplished, And under
this law the volume of currency in the
different sections of the country will
be regulated to 4 great extent by the
demand for it.
Only few months ago this ques-
ton Of s. expansion of the currency
came up again in Tennessee, and ere
ated so great an excitement through
out the State that every Democratic
paper which was read by us gave an
unequivocal expression Of its views.
except the Knoxville Press and Heruld.
The Democratic Supreme Court OF Ten
nessee gave decision. that the people
of Tennessee. through their agent. the
Bank of Tennessee, were liable for the
redemption OF q portion of the Rebel
War debt, known as the Torbett
Issues" SO well pleased with this
mode Of expanding the currency"
were the Press anil He,u7fS party that
every daily Democratic paper in Ten
nessee which we saw, endorsed the
decision, except the Press ard Heruld,
and that paper was as silent rs the
grave. For weeks we called upon it
to define its position on this Demo-
cratic method of expanding the cur
rency, and to this good hour it has
refused to do 50. Besides one branch
Of our Democratic Legislature was so
well pleased with this decision, that it
instructed the Acknowledgement not to
appeal in behalf OF the tax payers to
the Supreme Court Of the United
States, and that, too, when everybody
expected that the Supreme Court
would decide that the rebel rag mon.
ey'' issued by Isham G. Harris, would,
in accordance with this decision, be
made receivable for taxes.
The other branch Of the Legisla.
ture would have formally put itself
on record as demanding the payment,
by the people, Of this Rebel War
debt had it not been for the indig-
nant protest of East Tennessee, as
. expressed through this paper. And
yet the Press anil Herald has all the
time been silent. We have adyocat-
ed expansion Of the currency; we
have favored the issuance by Con-
/ gress Of more green backs, but we
regard it as Of subordinate import
ance. whether our views in this regard
are carried out by the country, when
weighed in the balance with the great
calamity which would be inflicted up.
on the country boy the accession to
power Of he = emocratic party.
We do not believe that the Press
aad Heroid harbors such feelings, but
the party supported by that paper
hate the National currency, because
it is the symbol and representative
Of the nation and Of the suppression
Of the rebellion and il n had tht