Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-08-05
Business distresg is enhanced by

governments imposed on the States
of the South. Besides the ordinary
effect of ignorant and dishonest
administration, it has inflicted upon
them enormous issues of FRAUDULENT
bonds, the scanty ayails of which
were wasted or stolen, and the ex-
~istence of which is a public dis
credit, tending to bankruptcy or re-
pudiation. In some instances tax
alton has entirely c~onfiscated the
income of property and destroyed
its marketable value. These evils
react upon the prosperity of the
whole country.
The nobler motives of humanity
concur with the material interest of
all in requiring that every obstacle
be removed to a complete and
durable reconciliation between kin
bred population once unnaturally
estranged, on a basis recognized by
the st. Louis platform of the Con-
stitution of the United States with
its amendments, universally ac-
cepted as a final settlement OF the
controversies which engendered a
civil war, but in aid of a result 50
benefcient to the moral influence
of every good citizen, as well as
every governmental authority,
ought to be exerted not alone to
maintain their just equality before
the law, but likewise to establish a
cordial fraternity and good will
among the citizens, whatever their
race or color, who are now united
in the one destiny of a common
self-government. If the duty shall
be assigned to me, l should not
; hesitate to exercise the powers with
which the laws and constitution Of
our country clothe its chief magis-
trate, to protect all its citizens,
whatever their former condition, in
every political and personal right.
: More than two-thirds of the let
| ter is devoted to a clear and ex-
/ haustive discussion of the financial
question. Mr.. Tilden advocates
with great yigor of thought and
| style sound money and a return to
t a specie basis. A resumption Of
specie payments of the legal tender
issues of the government would re-
store public credit and establish a
sound currency. The resumption
Of specie payments of the govern
e ment on its legal tender notes would
establish specie payments by all the
banks on all their notes. The gov
e eminent has only to make good
:, its own promises, and the
banks can take care of them.
selves without distressing anybody,
r The amount of legal-tender notes
d Of the United States, now outstand
ing, is less hat $37O,OOO, 900, be.
sides $31 900, 900 Of fractional cur
if rency. How shall the government
al make these notes at all times pa.
D. with reference to the mass which
st would be kept in use by the want
y Of business? 1t could be done b,
/ keeping a continual reservoir 0
ID coin sufficient to adjust temporar..
he fluctuations, and as a %guarante
pit against artificial drains. Enlarg
j. the reserve now in the Treasury
a. 1t would tend to a revival of hop
IL and confidence. There was, on tn
ID first of June, $74, 100000 in tn
A Treasury. More than this amour
has flowed out from the countr
MS annually, for the last eleve
or years, and over two = thirds
IN this was the product of OF
p mines. Let this be intercepted
on In the perfect ease with which Il
an gal tenders can be changed frol
currency into investments, lies I'll
es. only danger to be guarded again
ire in the adoption of general measure
rs, intended to remove a clearly asce
as tanned surplus, that is, a withdraw
nd of any which are not a permqpel
~ excess beyond the wants of bu'
ION ness. Even more mischievo.
esS would be any measure which affec
ear public imagination with the fear
ore an apprehended scarcity. In
VS. community where Credits so mu0
1t used fluctuations of values and
al cisitudes in business are large
ted caused by temporary beliefs Of me
ley. even before those beliefs c