The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-10-18
THE CURRENCY.
Important, Meeting atNasnvilIe

Important Meeting at atNasAvillc.
NAsHvILLE, Tenn, Oct. l3.-The
meeting this morning called by the
Board of Trade to take action against
the Sherman policy of contraction as
not largely attended. Judge DemOss
was called to the chair. He commend
ed the President for raising hipaself
aboye party, and said the recent elec-
ton in Ohio was not Democratic
victory SO much as an anti Sherman
victory.
The meeting adopted a petition to
Congress to speedily repeal the law
i taxing the issue of State and private
banks, repeal the law demonetizing
silver, aud enact laws for the free
coinage of silver by citizens to cause
the Government to issue in place OF
the present greenback currency; full
legal tender to be received in payment
OF all debts, public and private, not
specifically made payable in coin by
the contract; to take from the Secre-
tary of the Treasury all power over
our circulation and prohibit his furth-
er contraction, but increase the circa-
latiOn until equal in volume to the
| business wants of the country; asks
the posiponement of the question of a
single or double standard until the in .
iQuity of demOnetiZatiOn is atOned for
by restoring that which was wrong
fully taken repels the charge that the
people, seeking relief from contrac-
ton, are in favor of reckless imitation !;
insists that bonds should be taken up
with currency and not currency with
bonds, the supply to be regulated by
the demand and an interconvertible
bond with d lOw rate o: interest. For
twelve years contraction has been en-
dured with Il submission that has no
parallel, and we deem it an Insult to
the intelligence of the people and an
uhwarranted presumption of their
ignorance to make the argument that
resumption would bring relief. TO
reach specie basis with a public and
private debt OF over ten thousand mil
lions, and most OF the interest due
abroad and payable in coin, and the
coin in the country reduced to hun.
dredand fifty million, will be to organ
iZe permanently system of shOddy
supremacy over the masses. Demand
that Representatives in Congress shall
make financial relief the first object OF
their labOrs =; and to put before Con
gress that the debt of Tennessee is
twenty-five millions and the interest,"
now in default and the people charged
with reputation, W hen the destruction
of all values by contraction and eX
treme poverty resulting therefrom
make the payment of interest impossi-
bic that general shrinkage has so dis
tressed the agricultural classes that
nearly all farms are for sale, without
buyers, and land, the basis of all cred
it, has ceased to have cash value, and
farming rendered protitless 50 a pur-
suit. That under the changed system
labor must be paid weekly, and farm
ers must have other banking facilities
TO carry on farms, sinceNationalBanks
do not regard lands or growing crops
as security.
The petition concludes with state
ment that almost the entire population
in Tennessee attribute the terrible con-
ditiOn to those who haye abandoned
industrial pursuits having fixed rev.
enue, who SO value has been enormous
ly increased, and who constitute ali
organization crystalizing into aristoc-
racy, whose end and aim is absolute
dominion over both property and Ia
Dor, threatening the stability of repub.
lican institutions.