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edundant when the money market is so tight as it is everywhere just at this time. Redundant circulation implies plenty of money. In our opinion, it is always the worst policy to meddle with the currency. We had ample experience of this under the Confederacy. Let it alone and it will right itself. England offers an example of this. In 1797 the Bank of England suspended specie payment, and did not resume it for twenty years. The currency had degenerated so greatly by 1811 that an attempt was made in Parliament to force a resumption of specie payments. It failed, and the currency continued to depreciate until 1815, the end of the war. The return of peace brought an immense increase of business, the redundant circulation was absorbed in the channels of trade and manufactures, the currency appreciated steadily until it reached the metallic standard, and then specie payments were resumed without danger. The same thing will happen here if no rude hands be laid upon the currency.
ency can be very redundant when the money market is so tight as it is everywhere just at this time. Redundant circulation implies plenty of money. In our opinion, it is always the worst policy to meddle with the currency. We had ample experience of this under the Confederacy. Let it alone and it will right itself. England offers an example of this. In 1797 the Bank of England suspended specie payment, and did not resume it for twenty years. The currency had degenerated so greatly by 1811 that an attempt was made in Parliament to force a resumption of specie payments. It failed, and the currency continued to depreciate until 1815, the end of the war. The return of peace brought an immense increase of business, the redundant circulation was absorbed in the channels of trade and manufactures, the currency appreciated steadily until it reached the metallic standard, and then specie payments were resumed without danger. The same thing will happen here if no rude hands be laid up
red millions.--Surely this amount is not too large for a population of thirty to thirty-five millions. It is impossible that the currency can be very redundant when the money market is so tight as it is everywhere just at this time. Redundant circulation implies plenty of money. In our opinion, it is always the worst policy to meddle with the currency. We had ample experience of this under the Confederacy. Let it alone and it will right itself. England offers an example of this. In 1797 the Bank of England suspended specie payment, and did not resume it for twenty years. The currency had degenerated so greatly by 1811 that an attempt was made in Parliament to force a resumption of specie payments. It failed, and the currency continued to depreciate until 1815, the end of the war. The return of peace brought an immense increase of business, the redundant circulation was absorbed in the channels of trade and manufactures, the currency appreciated steadily until it reached the
eed, so general was the feeling that it may be said all Virginia, during the first thirty years after the Revolution, was anti-slavery. The only stumbling block in the way of emancipation seems to have been the difficulty of disposing of the emancipated negroes. Jefferson himself thought the two races ought not to live together. That great, but eccentric genius, John Randolph of Roanoke, though one among the largest slaveholders in the State, and though wont to resent any interference In 1803 he was chairman of a committee upon a memorial from Indiana to dispense, temporarily, with the ordinance of 1787 so far as it was applicable to that State, and made a report, of which the following is an extract: "That the rapid population of the State of Ohio sufficiently evinces, in the opinion of your committee, that the labor of the slave is not necessary to promote the growth and settlement of colonies in that region. That this labor, demonstrably the dearest of any, can only be e
Thomas Jefferson (search for this): article 3
There was a time when nearly all the intelligence of Virginia was opposed to slavery. Jefferson has left his opinion upon record; Washington provided in his will for the emancipation of his slaves, and St. George Tucker (the elder) devoted to the subject sixty pages of his notes upon Blackstone, in which he decidedly condemned it. Indeed, so general was the feeling that it may be said all Virginia, during the first thirty years after the Revolution, was anti-slavery. The only stumbling block in the way of emancipation seems to have been the difficulty of disposing of the emancipated negroes. Jefferson himself thought the two races ought not to live together. That great, but eccentric genius, John Randolph of Roanoke, though one among the largest slaveholders in the State, and though wont to resent any interference In 1803 he was chairman of a committee upon a memorial from Indiana to dispense, temporarily, with the ordinance of 1787 so far as it was applicable to that St
Virginians (search for this): article 3
Great Britain. At his death, Mr. Randolph emancipated all his negroes by will, and provided for their future support. The apparent inconsistency of holding slaves and being opposed to slavery was, in his case, as it was in that of many other Virginians, apparent only. Mr. Randolph knew not what to do with his slaves if he should emancipate them, and all his contemporaries were a similar quandary. It cannot be denied that a great change took place in the mind of Virginia during the last be denied that a great change took place in the mind of Virginia during the last years of slavery. This arose, in a great measure, from the resentment engendered by party strife and sectional recrimination. Yet, that Virginia, as a community, was much less wedded to the institution than either the majority of Virginians or the people of the North supposed, is apparent from the alacrity with which her people submitted to the imposed necessity and the small desire they have to see it restored.
John Randolph (search for this): article 3
the difficulty of disposing of the emancipated negroes. Jefferson himself thought the two races ought not to live together. That great, but eccentric genius, John Randolph of Roanoke, though one among the largest slaveholders in the State, and though wont to resent any interference In 1803 he was chairman of a committee upon a nion, far excelling Virginia, a part of whose territory she originally was, and by one of whose sons it was won from the Crown of Great Britain. At his death, Mr. Randolph emancipated all his negroes by will, and provided for their future support. The apparent inconsistency of holding slaves and being opposed to slavery was, in his case, as it was in that of many other Virginians, apparent only. Mr. Randolph knew not what to do with his slaves if he should emancipate them, and all his contemporaries were a similar quandary. It cannot be denied that a great change took place in the mind of Virginia during the last years of slavery. This arose, in a
ion, was anti-slavery. The only stumbling block in the way of emancipation seems to have been the difficulty of disposing of the emancipated negroes. Jefferson himself thought the two races ought not to live together. That great, but eccentric genius, John Randolph of Roanoke, though one among the largest slaveholders in the State, and though wont to resent any interference In 1803 he was chairman of a committee upon a memorial from Indiana to dispense, temporarily, with the ordinance of 1787 so far as it was applicable to that State, and made a report, of which the following is an extract: "That the rapid population of the State of Ohio sufficiently evinces, in the opinion of your committee, that the labor of the slave is not necessary to promote the growth and settlement of colonies in that region. That this labor, demonstrably the dearest of any, can only be employed to advantage in the cultivation of products more valuable than any known to that quarter of the United St
Blackstone (search for this): article 3
There was a time when nearly all the intelligence of Virginia was opposed to slavery. Jefferson has left his opinion upon record; Washington provided in his will for the emancipation of his slaves, and St. George Tucker (the elder) devoted to the subject sixty pages of his notes upon Blackstone, in which he decidedly condemned it. Indeed, so general was the feeling that it may be said all Virginia, during the first thirty years after the Revolution, was anti-slavery. The only stumbling block in the way of emancipation seems to have been the difficulty of disposing of the emancipated negroes. Jefferson himself thought the two races ought not to live together. That great, but eccentric genius, John Randolph of Roanoke, though one among the largest slaveholders in the State, and though wont to resent any interference In 1803 he was chairman of a committee upon a memorial from Indiana to dispense, temporarily, with the ordinance of 1787 so far as it was applicable to that Stat
St. George Tucker (search for this): article 3
There was a time when nearly all the intelligence of Virginia was opposed to slavery. Jefferson has left his opinion upon record; Washington provided in his will for the emancipation of his slaves, and St. George Tucker (the elder) devoted to the subject sixty pages of his notes upon Blackstone, in which he decidedly condemned it. Indeed, so general was the feeling that it may be said all Virginia, during the first thirty years after the Revolution, was anti-slavery. The only stumbling block in the way of emancipation seems to have been the difficulty of disposing of the emancipated negroes. Jefferson himself thought the two races ought not to live together. That great, but eccentric genius, John Randolph of Roanoke, though one among the largest slaveholders in the State, and though wont to resent any interference In 1803 he was chairman of a committee upon a memorial from Indiana to dispense, temporarily, with the ordinance of 1787 so far as it was applicable to that Sta
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