The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-08-04
TIE CURRENCY QUESTION,
! a TRUE IND KEzERES1TEG COW
TON FRON Il GROW
DAN WING, RELATIVE TO TIE
GREAT Nj aT0NAL DEBT.

Il DAN WING, RELATIVE TO TIL
4 GREAT Nj fEONALr DEBT
KNOXVILLE. July Il. 1875.
TO the Editor Of the aorrisso~n aanesae:
That the currency question vii
prove an important element in ouE
next Presidential contest seems &c
be foreshadowed in all primary meet,
Eings Of the people. TO ms of the
South and West. having a .cemmuni-
| ty of interest. it is q question Of che
deepest soIicitude. It Il q matter oi
.especial interest to Wall Street and
New England generally. We owe
an immense National debt, TO meet
the interest of which is taxing the
energies of this mighty Nation. How
can we besrelieved OF this burden.
and at the same time act with good
faith to our creditors? This is the
problem which / propose to solve.
Some may say. 4 herchlian pndeF-
taking. I think not.
Our National bonds are, to a great
sexteats held in New York Pepnsyl-
vaniaa and New England. These
bonds were mainly issued when cur
rency was greatly depfeefated.s At
one time it required two dollars and
eighty cents to buy one dollar of
gold. Itsis fair to say that these
bonds did not cost their holders over
fifty cents, on the dollar and. ac-
cording to the acts of Congress tin-
der which they were issued, they are
free from taxation. If Congress had
the right to issue these bonds, she
had the right to Issue Treasury notes,
and has the right now TO Issue more
of. them, What, then. would you
do? Why I would dispense with
National bonds. I would pay off
our bonded debt with Treasury notes.
and thus save TO the country an Inn
mense outlay in the payment OF in
terest. just here we win be met
with the argument that such an is
.suance Of an irredeemable currency
will Neutrality-suspicious. resump-
ton Of specie payments. Suppose
it does, who does it affect Injurious
.ly? Make these Treasury notes ..
legal tender, and receive them for
all government daes. including impost
duties, and we havea circulation
equally good as gold. and far more
convenient. But il may be said that
the government will be despaired.
by such issuance. OF the necessary
gold to meet It's wants. and such o
redundancy of circulation viii render
1t comparatively woFthlesss Not So.
In the first place. the main want Of
the government Tor specieis Is to meet
the interest on her Indebtedness. nc
she has no. interest TO- pay. she viii
need no gold to pay it. And ,
strictly revenue tariff reduced to q,
minimum that will meet the wants OF.
an economical administration, will
relieve the consumers Of the South
and West of an immense. unjust and
oppressive outlay, which, under our
present system operates as q bonus
to swell the already Inflated fortunes
of the New England manufacturer
and Wall Street bondholder. With
such currency. what do we want
with specie? Does the Bank of
England pay species Who drains
the solvency Of her issnes2 This
dangerous imitation too who 8 to be
injured by it? There is not man
in the nation who would not be re-.
joiced to sell any property he may
wish to dispose of. and receive in
payment this truly National curren-
cy, the circulation of which would be
co-extensive with the nations terri
tory. But twill enhance the value
of real estate. Who cares if it does?
II. have q farm to-day worth 50. .000,
and such an increase of currency
would enable me. to sell it Cor Sc. 900,
would | be injured thereby? But,
what would become of the poor man
who has no home? Well. in the first
place, twill be as easy then for him
to earn $5, as it is now to earn ST.,
and he.can as easily pay for a home
then as now. He can too. then. as
now. get 160 acres Of governments
land, by simply moving upon it. =
We complain Of want Of capital
in the West and South. Pass this
law. and the present bondholder will
seek another investment of his mon
ey, and manufacturing establish
snents will spring up Soutl and West.
For our necessary importations, we
can pay withsour cotton. tobacco and
surplus Of meats and bread stufFs.
"A QUoNDAaF Vine. 4
! So TheOlOgy In Colorado.
Denver Mirror
The report OF d sermon hv Ere.
mont county preacher IL worth re-
peatIng here
Boys, you hElSl this life just like