The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-05-31
NUMBER 10.

! ChSdCs
This va, Cen. Grants common
sense view of the subject three
mon hs aft - the panic. On these
sugge stions Congress acted, and
passed bill for a small Increase OF
The currency. against the combined
opposition of the specie payment
fiaanciers. But meanwhile deIega-
tions of usurers and theorists, be-
sieged the President, and he sur.
rendered at discretion. He vetoed
the bill framed on his own sueges.
tiohs.c and in his veto message this
currency which he had Iauded as
'fhe best that has eoer been devised"
was denounced as one of the ''erils
growing out Of the rebellion !''
Thenceforth he became merely the
mouth-piece of the money power.
To get full view of the dangers
which threaten us in this march to
specie payment, it is necessary to
look back to it's origin and progress
and its past and present effects on
the business of the country.
It was begun by Mr.. McCulloch
in 1865, at the dictation Of Euro
pean capitalists. He then had an
agent abroad (Mr. Lanier) negotiat-
ing bonds, who reported to him that
the feeling in favor of the contrac.
tion of the currency was universally
expressed as the sole condition on
which our credit abroad could be
maintained" Thereupon the policy
contraction was adopted. Gold that
year after the war averaged about
thirty-fye per cent. premium-our
currency was the largest we ever had
and the industries of the country
in all branches most prosperous.
Ten years have since passed-the
policy of contraction has been pur-
sued at the dietation of the money
class abroad and at home-gold is
now at thirteen per cent, premium
and the industries of the country
lie PROSTATE. If the peoples inter-
ests, instead of the demands Of bond
holders, had controlled our money
policy, the industries of the country
would have been still fourishing and
specie payment far nearer reached
than now.
The state Of the currency Oct. 81,
1865, may. be Judged from the fol-
lowing table of notes of all kinds
then outstanding, 1t is from Spald-
ing's Finance History, page 20l:
Greenbaeks and Fractional Currency. $ 49, ,oO1
State and National Bank notes .... 259, 900, 900
Five per cent Legal tenders. SS,OO0,OO0
Three per cent certificates of indebet-
edness 55 100000 coo GOO
seven,thirty Treasury notes. ........ sSO,oOO,OoO
Compound interest notes ..-.....,... 173,OOO,ooo
1s 81, 100000
Every effort made in Congress to
give any relief is met by the money
power and resisted. These same
bondhelders, in whose hands the
wealth of the country has been cen
tered, deny the South the return of
the money illegally taken as cot
ton tax. A large portion of our
Tennessee bonds issued since the
war were issued to replace iron taken
from our railroads in the war, and
which would have been paid us be-
fore now but for the interference OF
the Eastern capitalists. 81" f. iif
When we cry out and say If moth
ing else can be done, we certainly
are entitled to a repeal Of the mo-
nopoly feature in the National Bank
ing law, SO as to let the State have
their own banks, and we find even
such pillars Of Democracy as Mr.
Tilden standing by the money pow
er and denying as this right. And
now where do we stand? A thous-
and millions Of money withdrawn
from circulation in ten years, leav-
ing US about half per head what
England, France and Germany have,
we find our people PROSTATE and
helpless; 100000 of men with
nothing to do, land worth nothing,
all our industries stopped. We as
sert that we are not infationists,
but we ask that a small per cent. Of
of the money Withdrawn from circu-
larion shall be restored. This we
are denied, and we are told that in
no event can any relief be granted.
and In no event will we be allowed
to have our own banks. s'.
We protest that we cannot pay
heavy taxes under the ruinous eff.
fects OF the contraction specie re.
sumption act. We protest that we
have nothing for which we can get
money, and that in fact there is no
money in the country, and we are as
sailed as repudiationista.
/ do not know "a large holder Of
Tennessee bonds who is not with
New England and against giving
the people any relief. Every turn I.
of the screw in contracting circnla-
ton is that much added to the pow.
er or money and taken from labor
and productive capital.
But do we propose to repudiate?
No; and the question may come at
last whether it was wise, TO say moth
ing of the justice of it, to place US
on any ground beyond where we
place ourselves.
4 We say we are not able to pay;
but if the money power win restore
q part Of the money withdrawn from
so that we can make
crops and build up our wasted for
tunes, we can pay heavy taxes and
are willing TO pay our interest. but
il the money power will restore q
part OF the money withdraw from
so that we can make
crntls and huild nm our wasted for
tunes, we can pay heavy taxes aud
are Wiling TO pay our interest, but
we cannot do il in our present dis
tressed condition. Our burdens are
simply enormous. Col. Bailey says
Tennessee is paying the Federal
Government $4,000. 900 of taxes.
When we could not vote, Cur towns,