Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1876-05-27


with his hat in his hand and his cane un-
der his arm, talking to myself and anoth-
er when he returned to the House after
the final conference, and shedding bitter
tears over the result, yes, said he, eve
have had to yield until we found the
country must be lost or the banks graft
fed, and we have sought 10 save the eoun-
try in spite Of the cupldity Of Its wealthy
Citizens"
Judge Kells says in the same speech
that that crime has cost the people more
than the war would have cost had the bill
been adopted. Judge Kelly shows that
falling 10 make these notes a full legal
| tender, and undertaking to reach reslmp-
tiOn by contraction, has turned two mil
lions of men out Of employment. This Is
a loss to the country Of say 81, ,OOO. 900 dai-
ly. IL has eoatinned for years, and will
get worse unless the policy is changed
Besides, Il has demoralized the whole
country, and well nigh ruined ALI our In
dustries.
r stsee laws which provided fer Is.
! si,iiiF' Z sreesibscks. $50 prQgiI6a fsr
the $50 loan, and ~ ne iseas of lHs
laws, as they passed hOth H9oses, these
greenbacks were made legal tender in
payment Of all debts, public and private,
except duties on imports and interest on
the public debt. Now, did not this make
the principal payable in legal-tenders
Mr.. Stevens said in 1868, Cand he wrote
the laws,) in his place In the House, that
when the bills were passed there was NOS
one member OF the House who under
stood it otherwise, aud that he, at the in
stance of members, explained that that
was the meaning; aud yet the money
power has literally forced the cOnstruc-
ton that the principal is payable in gold
and the people are burdened with one
hundred millions to pay interest.
] stated that they had taken control Of
the President.
In 1873 Gen. Grant said in his message:
"The experience OF the present panic
has proven that the currency Of the coun-
try, based as 1t is upon the credit of the
country, is the best that has ever been
devised. Usually in times Of such trials
currency has become worthless, or so
much deprecated In value as to initiate
the values OF all the necessaries Of life as
compared with the currency. Every one
holding 1t has been anxious 70 dispose OF
il on any terms. Now we witness the re-
verse. Holders Of currency hoard 1t as
they did gold in former experiences OF a
like nature.
SIT is patent to the most casual observ-
er that much more currency or money is
required to transact the legitimate trade
Of the country during the fall and winter
months, when the vast crops are being
removed, than during the balance Of the
year.
''In view Of the great actual contrac-
ton that has taken place In the currency,
and the comparative contraction cOntinu-
Ously going on-due TO the increase of
manufactures and all the industries-I
do not believe there Is too much Of it now
for the dullest period Of the year.
"a specie basis cannot be reached aud
maintained until our exports, exclusively
Of gold, pay for our imports, interest due
abroad and other obligations, or so near
~ 50 as TO leave an apprceiable accumn-
lation OF the precious metals in the eoun-
try.
''To increase our exports, sufficient
currency is required to keep all the in
dustries Of the country employed. With
out this, national as well as individual
bankruptcy must ensue."
This was Gen. Grants common sense
view of the object three months after the
panic. On these suggestions Congress
acted, and passed bill for a small in
crease Of the currency. against the COM
bined opposition of the specie payment
hnanciers. But meanwhile delegations
of usurers and theorists, beseiged the Pres
ident, and he surrendered at discretion. |
He vetoed the bill framed on his own
suggestions, and in his veto message this
currency which he had lauded as "the
best that had ever been devised" !" was de-
nOunced as one Of the ''evils growing
out Of the rebelliOn!'' Thenceforth he
became merely the mouth-piece Of the
money power.
To get a full view Ofthe dangers which
threaten us in this march 70 specie pay
ment, IL is necessary to look back to its
origin and progress, and its past and
present effects on the business Of the
country.
1t was begun by Mr.. AcCullOch in
1865, at the dictation of European eapi-
talists. He then had an agent abroad
(Mr. Lanier) negotiating bonds, who re-
ported to him that the "feeling in favor
of our contraction of the currency was
universally expressed as the sole condi-
ton on which our credit abroad could be
maintained Thereupon the policy of
contraction was adopted. Gold that year
after the war averaged about thirty-1ive
per cent. premium-our currency was
the largest we ever had-and the indus
tries Of the country in all branches most
prosperous. Ten years have since passed
the policy Of contraction has been pur-
sued at the dictation of the money class
abroad and at home-gold is now at thir-
teen per cent. premium-and the indus
tries of the country lie PROSTATE. II the
peoples interests, instead of the demands
of bondholders, had controlled our mon
ey 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, 1866,
may be judged from the following table
Of notes of all kinds then outstanding:
1t is from spalding's Finance History,
page POI:
Greenbacks and Fractional
Currency $45z 200, 900
State & Natl Bank notes, 25O,OOO,OOO
Five per cent. Legal tenders, 80 100000
Three per cent. certificates Of
Indebtedness $4,000, 900
Temporary certificates, %, 900, 600
Seven-thirty Treasury notes $50, ,0OO, 600
Compound Interest notes, I73, 200, 900
tl,s95, 900, 900
Every effort made in Congress to give
any relief is met by the money power
and resisted. These same bondholders,
in whose hands the wealth of the coun-
try has been centered, deny the South the
return Of the money illegally taken as a
cotton tax. A large portion Of our Ten
nessee bonds issued since the war were
issued to replace iron taken from our rail-
roads in the war, and which would have
been paid us before now, but for the in