The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1876-06-15
From the Columbia journal Sept. ?. 1875.
The BOndholders vs.. The People.

knowing the circulation and IN
fuence of your paper among my
own people and my neighbors OF
adjoining counties. 1 venture into
your columns. for the sole purpose
of calling the attention of your
readers, and the people, to a ques
tion in politics soon to be presented
to them, and certainly second in i'm
portanee to none since the war. l
allude to the question of Finances.
Our present system and eondi-
ton is so mixed, complicated and
controlledA BY banks. Railroads,
DonaholeeE.9s "a Sulli9aisl that it
is almost impossible for one who
has not made it a special study to
understand it; nevertheless, one
thing is understood, that our people
are depressed, money is tight, in
solvency is prevalent, and every
branch of labor and industry is
stified and at a stand-still.
The ballot box will call to power
new administration in 1875, and
the time will be presented for the
people to assert their rights and en-
force their remedies. 1t has al
ways been my understanding that
this Government was the Govern
ment of the people, and its officers
their servants, but as the matter now
stands, and as one of the people, 1
confess 1 have been mistaken. The
people are but menial slaves of the
party in power, and the instruments
of its administration, and that par
ty itself but the machine of tyran
ical Bullionists, Bondholders and
Eastern Banks, not to speak of rings
and cliques. Unless these things
are changed, the people of the
Southern States may content them
selves with ruin and bankruptcy.
The cause of all this financial dis
tress is attributable, in a very great
measure, TO those Who are called
'contractionist,' who propose to
take from us even the small amount
of Greenbacks we now have, and
carry into effect the wild theory of
an immediate resumption of "specie
payment"
AS the matter now stands, the
United States sustains about $500,
100000 of currency, including her
reserves and fractional currency,
and about $I25, 100000 in gold.
It is not contended by contrac-
tionists that the amount of curren-
cy can, by any possibility, be re
deemed in gold, but they propose
to redeem it in gold interest bearing
bonds, and unless this is done, they
say the Greenback bears a false
promise upon its face. If the prom
ise is to redeem it in gold, is it any
less a breach of promise to redeem
in boLds? If the holder has his op
ton to take either gold or five-pel
cent bonds, then it would be other
wise, but the Government still re,
tanning the option to redeem in
bonds, or pay IN gold, how is the
giving of bonds any less false than
absolutely refusing to pay gold al
all?
We should always keep in view &
time when a resumption of specie
payment will be practicable an6
right, but certainly not in times
like these, fraught with financia
crises and frequently with bankrupt
cy. but in time when there is plen
ty, and such solvency as fOrbid'
financial trouble.
1 submit that it was not contem
plated nor understood that Green
back should become convertible il
coin, until the Government reached
the period in the affairs when i
would become practicable.
If it was intended that the!
should be redeemed in specie at an!
time, they were redeemable at an'
since the day of their issuance, ant
= there was no necessity for ISSUING
, them at all.
: Again, they say we who favor ex
pansion are on the road to repudi
+ alton, and expansion will put upoi
t the people all the woes of an IRE
+ deemable currency. Not thus
L for one want to leave this countr
K when she repudiates her just debts
+ either State or National, but what
l want Ia, sufficient volume of cul
5 rency to pay just rewards for labc
II and meet the demands of trade
/ By this l mean no irredeemabl
h currency, but currency issued upo
e the faith and received upon th
/ pledge of the Government; such (
Greenbacks-money that pass'
IS freely and has never been question
1t ed, save by Bondholders and Bu
p lionists.
10 Nevertheless, strange as it ms
u seem, the most prosperous period
at our history was at a time when '
~ had an iIredeemable currency.
at prove this I here give the statistl
"a as 1 gathered them from a reliat
~ source:
Manufacturing establishment
7 in 1860, I4O.433; in 1870, 253,14
y increase, 111,715
"Hands employed by manufaetI
b ing establishments in 1850, 1,3I
OF 24s; in 1870, 2,95s,966; iucFea
,o T4aT5Q.
= Capital employed by manHf:
!, turing establishments in 1860. s
80 w OO9, ,s55,7I5; In 1870, sails, 20