The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-06-19
THE STATE DEBT-.A LOCAL
CURRENCY.

Have the people of Tennessee fair
ly considered the provision of the &C
of settlement of the State debt, which
provides that such bonds shall be is
sued, one-third of the denomination
of So to 500 and one-third ofdenom
nations from 500 to $500? The OBJ
ject of this provision and the plain eff
feet will be to create q circulation cur
rency of local character. The chic
complaint of the people of Tennessee
has been of want of circulating me
dunn to stimulate growth, local ac.
tivity and development. Most Of
those who oppose this settlement are
ardent advocates of more greenbacks.
We do not propose to be uncandid
enough to offer this as a substitute for
a wisely regulated issue of Govern
ment notes. We propose no halting
in the line of march to that end, no
catching at local advantages which
| will distract the attention from that
great end; but here we have a debt
which most of the people of Tennes-
see propose to pay something on. We
do not propose to appeal to those who
who would pay nothing. The low
tax element disdain all affiliation with
that class. Between those who pro-
pose to pay there is at most and can
be but slight difference in amount.
Having this debt proposing to pay
so cents of it, and part in small de-
nominations, we at once create a cir
culation medium which will be found
of more value to the people of Ten
nessee than the injury done-if debt
paying is an injury and is regarded as
burden-by the payment of the in
t9rest charge. The amount proposed
to be issued is fair amount of circu-
lation for State of this size. 1t will
not circulate abroad, but it will circu-
late at home. The experience of Al
ALBANIA in this line is a demonstration
of the value of such a medium, and of
the fact that it will circulate and be-
come sought after. Georgia has also
issued similar notes in small denomi-
nations, which have been readily
taken up, but SO recently that We are
not able yet to know how far they
will enter into circulation. The
Comptroller of the Currency has al
ready decided that such notes can be
legally issued without being liable to
the ten per cent. tax prescribed by the
national banking laws.
One of the great wants of the times
is that lack of flexible local curren-
cy suited to the wants of the locality,
and productive of active energy and
progressive development which lies at
the bottom of the movement against
the present iron system of finance.
The old banking system had its defects,
but had virtue the present system
lacks, and wanting which no other
merit can commend it. The old
banks responded to the wants Of the
community as progressive develop
ment required and put credit into cir
culatory form. We have an oppor-
tunity here to obtain that currency
in the process of paying debt. 1t
will prove an aid to progress, a stim-
ulant to development, which will
make its benefits far outweigh the
burdens of the interest charge, and at
the same time we reduce our debt by
half.
No advocate of more currency can
consistently oppose a plan which at
once supplies us locally with the one
thing needful for future growth and
for putting the latent activity of the
people, their slumbering energy, into
actual use.
One of the first efforts Of the credi.
tors will be to get the money for these
small notes. They will thus come to
Tennessee, where men of small sur
plus means will readily buy them, and
at once they will begin to circulate as
money, and very soon, instead of
wanting them out of the way, the peo-
pie will begin to oppose taking them
up and urge that they at least be
kept outstanding as convenience.
-Nashuille american.
How Far the Eagle Screams.
Philadelphia Record: "Few people