Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-10-08
The GREENBhCK DOCTRINE.
Judge Kelley Explains His Currency
Scheme The 3.i5 Bonds.
sTEntEnr tts" So.srs,crss Planters az,
Iac ysN:t Question os a. Sold cr
ssGeussbacsz currency.

W. - shss..s q
e,n..,.s,xc.- rU.r.ncx
In res Gonse 81 Il Litter from Col. Il. |
l. Aston, complaining Of the hard |
ships to which the painting interest o:
:ho South las 80 inGp bc.-lt ~nblet" /
owing tn jht wilt of t.ia s: City In the
National = ,Hk ou;rsi."v, the E"r. "
ID. ke.i; l:ub he al 1t rtatliS' let
Ter. giving sll4 v ~ ut Ia hua!gc? i
troubles OF tie c~:nt.try ana the way t"
rtm51y them. Alter general protest
against the government policy, Whicii
~ b trarlty det'i'4 to the people an adj
Cqn IT. V"inm" OF itgAi Tender money
WIN "h'ch /" - ] - p"~l'i'Af'' VII
1otcts them I" borrow crftit NJ HI
ordinate rates lF''ih Ptt'i"S VII" ihaS
desire 10 pn;ct'@" fh''f rf'dnc'!,!hS
AT uFpr'"}ii'N prices, '"d1e hti'y
goes on to say
II Yen VIII ''i'" - inc r''!,o' t"i mug"
McCh'tici' S'c'''" g. ''i.s ~ 'S"'J
Tor lHhp, y'n w" ma t.'''h h' "''';s"'.'
ti,a5 o"r bt'"p'o Et!e am 80 en-, lFcly
Tree from dent. Hin ne seen Nv Il! IT,
80, re o"'i'd. !" PROOF Oh Was ASST 'i""'
nav" p"'n'''. a. III" lict "''t' ~" lhi MS,
| i'c'or''S ana ""Fof'""7:.7 81 ne co''l-
.fy IA" ''e''i III "''' ''!9'.' -
IRE" ti'in W"' ShSF 81 W.
| uet''e''HtSa ''.i men ~" ''''" u'''
| e. nav" f|iefF''t Ed tho report "i me
| comptroller "i thH currency 10 nave
learned 'ht' Ho largely was ltIefua'
comnelc &c conducted upon cash prih-
cirieS, al" SO Tree were our business
men rom cnhmtrc'ai lnueo'edncSS'
'h"' Tue !'alhS 60" nor ilhu employ
meht ior man thfiT I''ho" Ill me pur-
anh conseq afntiy h'ii haii theIf Inno9
Invested III government SfcHriCles,
nnoiGtii 70 more tinh one lodfCh Oh
the "h' ire national deDt The rates OF
II cftSI were men 'o"ef thah ever d."
lore, III Il Syi'5ot OF commercial actlvi
ty, ard AS t'ic rate OF interest htd de-
cintG, wages hit't risen, Ahi ii'o'f WIS
actively "moinNed, With constantly IN
cfe..'ioE5 flmnI"fHfI"h. when II: II.
DANA ~ & .. : business agency had re-
ported 'te 1hlinfes iof the year, ne
might ave ii'it.t+d lunlphaht'V 10
ttc 1act t:i:t 'h''V iia'i numbered mt
- ;, WIZ Il "'ti'' 'i.fteittuiifSH al ? =
o-o,hoJ. - hat Strange c'h'FaHb 10
tins Wa presented III our experience OF
1873. M~"n While, that portion of onr
Il bb which, IL 1860, was payable, prln-
ciplc nLd infereSF, III legal tender pa
per money, lad been converted INTO
gold bearing bon,tS, aud Congress, with
the approval at the President, had de
clured tnat the honor OF the country
required Tie principal also 10 De palu
III gCjd, auu most OF IL hhu
gone INTO the hands OF 1Orelgn
holders. Inc cfedlt system mao been
revived, ana NOT ohiy olu the DankS
Ind plenty OF business paper To DIS
count, out The rate Oh 1ntereS6 had gone
~ to II, Is and u per cent, 10y the
Summer OF 1878. then saw the paper
OF both the ieHrsiyvanla and itendlhg
Kallroad Companies haWked upon the
street ut Ole per cent. month, and
commercial paper had To be Siit-ed%e
to lad parties wiling to discount 1t at
one and "-tlaIi p. cent. As tL' rate
OF interest ucreis,ed the profits OF
manufacturing dininlsht q. The Dor
rover WAS the sl.;v" OF tho lender. aud
could not qufrrcl with the rates he de-
maud"d, and sought t" ec1homlz -
reducing wages, thus originating 4.
strife DytHcrh capital and labor ihiS
was the Condition. ol thugs Oh the Isl
OF September. 1S'3 On the l0tti 81
'','' ll'''I''ii 'ii', '.'i''''. 81 90" ,;>'
"'',1''i t.'' '''i+ 49,;
AZ I'm va 90 80
,,,', . ,t+ .''
,'@' -! &C.,:
so ~, ~, ,',,,t....., I,,,, ,o',>! 49,. >.
f'i' ..'tE''..,.,, i..,;.L
=. r:,,;, .L .
80
""'"N' ,''' =
80 ''''' ~. az -
,'''i>l.lF' Pc - y, s'-
'l"0'i'i' - ''i'' az - i,i'''i' ~ 81.
~ IN 80. on &c.,
cnr+ l,pnt thi,t t!,i. - an ..vt,nn,c
ostin,at,. of th, fail mat IS ta Tx.
,.Ia,.a IN ,,t;..as - .h.. rasnn,,f;on - +
J. +, he r,trorc-,i. for undrr q similar
law in [,rrlluI the act of 1910. nrn-
,-;l,,., for :. r..,nrn ia cash ,,a&,nnnte
-, lN5. ali ,r,na,.t,- ,tEoy than GOV
;sr,n,..,'t sa,r.,iiirs ceased tn hava any
,n.,r,,..t v,lun 1'nrv nf,n oc,uire,I
rn,rtu,o,J ra,I cstait. uoler rnrcclo.
sprn ,j,to;re.1 TIM. In if without mnnev
avn without nrica Hence il j. IN +
co,,;+,iiets h.,,,. ia wifi tho r,v..rn-
,,a,,t ~ c,.,,tr,ctin,, The cnrron6v anI
law, ov.,,l.,d II =, +t.n ,nao,.nra ,,f
cnntroc,in,. th. Y have zyrought
?
''' ''i',1 'i'''''' "' VI
gre '''N7 III 'ii1 /. tS"'y ~ ''io = III,
| - -
G. {, : t'il'll'cS "l 'P"Si!H' IN" til' lhc'
t''hI S'F'lS7 ''ai'k" ana haIioilal oai'hS'
III some PARIS OF the country REFUSE
I" receive ""puS1tS nPoh Which ehey
are [" pay any interest. ana tii8 III the
acc ace 81 'i's i'VS t,i3' ll"'" one ~ W."
n'llIloilS ol shllltu l('ofefS arc piea"
Ing Tor employment at 10" rats OF
vases whereby tiley may earn looa
ana c!o'"in5 loE thein"elVeS ana iiieif
suffering i"hlileS-
In order to present but family
tinted fore-shadowil'g OF the disasters
that are TO oVortake us between this
and the final execution of the law re-
ferred to, let me invite your attention.
to the report of Dunn n Co. 5 business
agency for the first six months OF 1879
1t shows that the failures number3,377,
with total indebtedness OF $74, 9l0,-
|