The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-10-15
ANTI-CONrRACTION.
ANTI-CONTRACTION.
Nashville Board of Trade Pro.
nOuncss Against Secretary
Sherman's Policy.
Free Banking and Free Coinage Of
Silver Recommended.
Repeal Of the Resumption Act and
Reconciliation Of Silver.
Other Reforms" Sugues' /, Too
Numerous to Mention.

NASHVILLE, TENN, October l3.-The
meeting this morning, called by the
Board Of Trade, 10 take action against
Sherman's policy Of contraction was not
largely attended.
Judge Demoss was called to the chair,
He commended the President for raising
himself above party; said tho recent eleC.
tlon in Ohio was not Democratic victory
so much IA an anti. Sherman victory.
The meeting adopted a petition to Con.
gress to speedily repeal the law taxing
the issue Of State and private banks.
To repeal the law demonetizing silver,
and enaCt laws for the free coinage Of
silver by the citizens.
To cause the Government to issue in
place Of the present greenback currency
a full legal tender, 10 be received in pay.
ment Of all debts public and private, not
specifically made payable in coin by the
contract.
To take from the Secretary Of the
Treasury all power over our circulation,
and prohibit its further contraction, but
to increase the circulation until equal in
volume to the business wants Of the coun.
try.
Asks the postponemOnt Of the question
Of single or double standard until the in.
iquity Of demonstration is atoned for by
restoring that which was wrongfully
taken.
Repels the charge that the people seek.
ing relief from contraction are iu' iayor
ol reckleSa imitation.
Insists that bonds should be taken up
with currency and not currency with
bonds, the supplyto be regulated by de.
mand and an inter-converLible bond with
low rate Of interest.
Twelve years OF contraction had been
endured with submission that had no
parallel.
Deems It an insult to the intelligence
OF the people, and unWarranted Presump
tion OF their ignorance to make the NrgI.
ment that resumption would bring relief.
To reach specie basis with Il public
and private debt Of over ten thousand
millions, and most OF the interest due
abroad, and payable in coin, and the
coin in the country reduced to one hun
dred and fifty million, will be to organize
permanently a sys,em Of shOddy suprema-
Cy over the masses.
Demand+ that the Representative in
Congress shall make financial relief the
first object Of their lAbors and put it be.
lore Congress.
That the debt OF Tennessee is twenty.
Eve millions, and the interest is now in
default and the people are charged with
Reputation, when the destruction Of ali
values by contraction and the extreme
poverty resulting thereirom make the
pay yment Of interest impossible.
That the general shrinkage has 80 dis
tressed the agricultural classes that near.
ly all the faru.s are Tor sale without bay.
ers, and land, the basis Of all credit, has
ceased 10 have cash value, and farming
is rendered proftlesS as a pursuit..
That under the changed system labor
must be paid weekly, and farmers must
have other banking facilities to carry on
farms since the National banks do not re.
gard lands or growing cropa as security
The petition concludes with the state
ment that almost the entire population
in Tennessee attribute the terrible condi.
tion TO those who have abandoned indus.
trial pursuits, having fixed revenue
whose value has been enormously iu-
creased, and who constitute an organize.
tion crystaliziDg mo an ariatOcracy,
whose end and aim is absolute domino
tion over both property and labos, threat.
ening the stability Of republican institu-
tions.