Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-08-18


country to discredit the money which the poor
are ,,required to receive by refusing to re-
ceiYe it on deposit and rejecting it forordinary
dues and much less should the States them
selves discredit it by prohibiting its reception
i in payment of taxes and public dues. Such
acts are mischievous in the extreme, and will
produce panic, frightening the mass of the
people from their propriety, and tending to
shake the Government to ite foundation. l
cunvoke the Legislature to provide relnsdy
for these evils, and especially to repeal the
act prohibiting the reception of Confederate
notes of particular date, in payment of pub
lie dues Much rather would l punish those
who refuse to receive the currency Of the
country with the utmost penalties OF the law"
This is very plain talk of our Governor. 1t
is down right and direct to the purpose. Lie
feels the hurts inHict> d on his own people, and
he comes TO the rescue in the right spirit. We
wish there were more John Letchers in our
public service.
But to return to brokers. They are not the
cause of depreciation; they are rather its crca-
tions-they are a fungi growth, secondary
upon the diseases of the currency. Their pres
ence is symptom of that disease; their pros
pcrity marks it's aggruvation. We mean no
offence to this very worthy class of our citizens;
but they are simply the financial scavengcrs
of an unwholesome plethora. Abuse of brokers
hostile legislation against them-will not
mend the currency. 1t twill only continue the
choke and glut of deprecated and noisome cir
culation, which these most industrious classes
delight to tumble out Of our way.
The history of brokerage in the United
States would be curious and instructive on
this point. It would be found that brokers
have always abounded in times Of monetary
troubles War, which necessarily deranges
the currency of country, has ever been at-
tended by this consequence. Peace, and q re-
turn to d sound condition Of circulation, has
uniformly abated these mere symptoms of dis
ease The war of 1872 generated hordes o.
brokers, and the multiplication Of banks and
of irredeemable bank paper with which the
country was cursed-untl the United States
Bank got into full operation about the year
1920 and forced the resumption of specie pay
men n:s-Acontnued and seemed to estabishssthe
empire Of brokerage.
From 1920 to 1888 the country was free Of
brokers. The currency of the country was in
that interval sound, convertible bank paper,
receivable everywhere for public dues. 1t was
everywhere of equal value-nowhere sale
able article-and therefore brokers disappear
ed as profession. In the large cities-New
York, Philadelphia and Boston-there were
not half dozen brokers, and they not bill
brokers, but dealers in exchange and shavcrs
of individual notes.
When the Bank of the United States was
put down, in 1888, State banks multiplied, the
currency became redundant and of unequal
value, and again brokerage became an insti-
tuticn in the land If We cast back upon our
own observation Of monetary difficulties, we
shall find that brokers flourish most in periods
OF monetary troubles, and that q return to
sound condition of currency has always abated
their occupation.
Skilful physicians never treat the symp-
toms, but hunt down and remove the causes.
He is quack who seeks to rub of the speck
of the measles, or to poultice the pits Of the
small po1-thesc are the symptoms, not the
substantive disease.
Let the energies of our statesmen be direct
cd against the substance of the disease which
consumes the strength of our people. Every
man knows that redundancy of Confederate
issues is the disease. Abate that redundancy
and you lessen the disease; but the subject
must be handled with delicate care, lest
the very organism of the system he under
mined.
Our whole Confederate finance is based
upon public confidence. TRUsT-1RUsT in the
good faith of our Government-TRrsr in its
integrity to fulfil its promises in their letter
and in their spirits. the rock on which the
whole structure Of "ur public credit is built.
The Confederate Congress, in their zeal. to
abate the evils of redundant currency, have
damaged this big gh trust in Government good
faith. With a strong hand, they have struck
from the face of their own notes a feature Of
value which formed material part Of their
own promise. They thus have shaken the
foundation rock of our whole system. Their
purposes were good; but they are like the
friendly bear, who intended only to drive the
flies from the sleeping traveller, and in clumsy
kindness broke in the bridge Of his nose.
John Letcher utters o manly truth when he
says: While 1t /, proper for the Confederate
Government to call in its excessive issues and
to e'riearor to tund its debt, it is not necessary
or proper, in my judgment, in doing so TO dis
credit the only money that is mow ii. the hands
Of the people to meet their erery day traasqe-
tions."
This is no way to reach public confidence
or to hold steadfast public trust. Tho Legis-
lature will do we'll to adopt the Governors
adyice they will do hettar 70 uYpe Hnon the