Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-15
HON. DORSEY b. THOMAS's SPEECH
AND POSITION.

AND EObAAAONs
In discussing the speech Of Hon. Dor.
sey b. Thomas, made at Brownsville on
the ninth instant, yesterday, we reached
that part Of 1t devoted to . statement
OF cur public. debt burdens, and our re-
sources or means Of paying interest
thereon. We now come to the creme
dy," as Mr.. Thomas calls it. He says:
What is the remedy? say: Stop
the interest. The law making green
backs legal tender was passed before
the issue OF the bonds, and no promise
in the making their payment an excep.
ton to the rule, except the interest,
which WIS TO be made in gold. They
We're sold for greenbacks, and cen be re-
tired at the option of the government.
The government makes the money, and
has the exclusive right to make 1t, 30
far as the inhabitants within the limits
of its Jurisdiction are concerned. The
locality OF contract fixes the law by
which 1t is general. Whether the bonds
ale held in Europe or this country, the
law fiXls their payment in greenbscks.
Then issue greenbacks, and take up the
entire bonded debt not agreed to be paid
in gold. This amounts to over thirteen
hundred million dollsrs, which, added
to the present amount Of Of outstanding
greenbacks, would swell the outstanding
circulating medium to about seventeen
or eighteen hundred million dollars, and
stop the the interest that, if left to
run, will destroy you. There are three
essential points to be gained by
these advantages to the American peo-
pie. Under the present system the
Interest of the bonjholder Is in antago.
nism to thst of the producer. The more
deprecated in price the products Of your
labor, the more his six per cent. in gold
will bring. IL is worth double to-day
what it was three years ago. He stands
complacently by and sees your home
aud land sold. No country can thus
prosper with the interest Of capital and
labor estranged.
First-It will unite labor and capital.
Money is inanimate and possesses no
intrinsic value, and Is never Increased
except aided by labor. With his non.
interest bearing greenbacks he has no
income except invested III some legiti-
mate production or trade. Each dollar
he uses to supply his wants lessons his
cspital, and it is only question Of time
when it will all be gone. He will be
compelled TO unite his capital with the
labor of the country to make it profita.
BILE, and thus become interested in the
prosperity Of the country and net in its
depression. ... .a
Sscond-It will increase the taX-pay-
ingcsuacity Of the people by reviving
manufacturing and all branches of IN
dustTy lie will bridge over the dull
seasoLs tween the time OF production
aud sale. 1t will restore confidence, as
the result of the union OF capital and la
Dor
Third-It will stop the interest upon
your debt, or the larger portion Of it,
and at the same rate OF present taxation
will, in less than twenty years, extin-
guish the entire debt, and have US again
a free people.
In addition to this would retrench |
and reform in every department OF the |
TO the full extent promised
by both OF the national parties. To this
end / will vote for no man for congress
who is not pledged, TO the extent OF his |
ability, to The consummstiOn of these |
ends and purposes, be he ever Sd go ID
partisan.
The remedy" here suggested by Mr..
is worthy the especial attention
Ofmercantile men. In a city like Men,
phis, where money is tC day begging for |
and but few are to be found,
what would be the effect Of an increase |
Of the currency to the amount of 81, $780,. |
900, 900? Why, to increase the financial
difficulties which are the result, not of |
q want Of money (of that there is at
least an abundant supply, but of want
Of confidence which, if the government
set the example of practical reputation
by Mr.. Thomas, would in.
,rease that want of confidence, IL it did
lot destroy it altogether. Flood the
country with 81, 300, 600, 600 more green
Jacks, and We shall soon have the ficti-
iOus values OF 1865, everything will be
inflated, and Legitimate speculation
will run riot again in Wall street to the
Impairment of the morals Of the people
nd the Industries Of the country. This
you'd not remedy the state OF things
hitch Mr.. Thomas imsgines TO exist.
they did exist, it would mske
lem worse. The owners OF the
onds would be the owners If the |
reenbscks paid cut by the government
redeem them, and controlling 30 large
increase OF capital, would be more
ian ever able to assert mastery over .
Dor. The more inflated prices are, the r
ore disproportioned are the wages Of \
e workingman. In 1865, striking the q
'erage, mis- wages was about one.fourth
CHER than now. Then he paid, in RI
any cases, double what he does now
clothing, furniture, rent food and :;
3 other necessaries Of life, as Mr.. 3,
Omss admits when he says Of the p
aries Of the State officers that "they t.
we're increased at time when ex-
lenses OF living were much higher IN
no Ia l