The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-06-04

en- circulation and we have about five b,I-
lioii7 OF clrcuiations, or, about seven times The
P-esl' amount If money Is worth "a par
-. nm win circulation Of seven hundred
ton OF five billions?
Many of TIE best finauciers do,b,s5 81.
1DilIts OF the government TO maintain specie
payments with circulation o. Ss.,t5 oats noO
nc DethoeratIc party in all IT. Conventions
,7olFeu that me specie redemption law must
pc repeated Tor the same reason. but the
PicehDackers propose to increase the stecie
exemption liability 10 four times what II now
= - lear TINS would place the paper circula-
lion oI the United States government ON a mar
with lis circulation about a hundred wears
ago ana a circulation that OF the South
were familiar with about fourteen years ago
Inc very thought of the government con
Vertlng itself into private banker and open
ing an once Tor loaning money 10 large corto-
Tdtlons Tor building railroads and LEVINE the
Mississippi river, and 10 farmers Tor aaricul-
tnral purposes, i 50 absured to financial minds
thlhk but lew Of them would entertain the
subject tor single moment
There was time when Mississippi had
banks, one they called the BRANDoN Tho
bank issued their bills and loaned them to the
Farmers upon mortgages upon their land. but
the land had to be valued by three free-holder-.
but when all three Of them wanted to borrow
and they selected each other 10 value their
oDerdadi OF the failure Of all the banks in the
state. the most stupendous failure the world
ever knew 81 private banking and was only
eXoelled by the loss incurred hy the people
upon government notes known as continental
money, about one hundred years ago. or the
total failure OF Confederate notes But if all
the demands now made upon the government
Tor ali these purposes should be granted and
PAID by the issuing ct nec notes for that purpose,
the Brandon, the Continental and the Conied
crate will have to take back seats
According 10 the rule or estimates of bankers
of holding IN coin in the bank. one dollar for
three in circulation, the treasury would be
compelled TO hold about $1,000. 900. 900 of com
to give its notes credit. or toe able to meet
them presentation, bat | do not believe that
Congress would entertain any such PROPOSE
ton.
Ii the scheme OF the government loaning to
the farmers 20 take shape the security
the sOlvencv of principal and securities-would
have to be made known through political
channels, and like Alabama about thirty years
ago when she had great spasm in favor of
tire dear people, and established four or five
banks for their accommodation, the law
provided that no money should be loaned
except upon the recommendation OF a member
of the Legislature but ii did not hold him
responsible for the payment OF the money.
The result may be imagined: failure,
huge. gigantic failure. So ii we take the
history OF other days for our guide, we may
expect Il suspension Of specie payments by the
government from this one cause alone, ! mean
the private banking department.
But there Is another subject that have not
mentioned, that the Congress can and ought to
deal with. That Is the taxing the bonds-all
bonds that not exempt by contracts, should
be taxed all other values and securities are
taxed.
/ would like to say something on the silver
question but this article is now too long.
Your obedient servant,
J. NJ. WESsON.