The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-09-10
..en,y MORNING. =. stPTsYBsR 10. 1861

&c When the French revolution
It the zenith Of its fury; when gold
"A oliver had .sunksinto the earth as the
-, disappears at the first frost Of Octo-
when the country was deluged with
..,n,sfs worth about half a sous TO the
r.re lthat is, about.fcrty to one } and
.,,urnolities had gone up in proportion
:, the depreciation Of the currency, the
,h or Paris attributed it all TO the acts
= re,.o,tioners iorestallers, and brokers.
9.e last named class were supposed to
,srs al the coin in the country, and to
'.nn,r the value of the currency by the
nhr,nous prices which they charged for
y. and for their especial benefit, law
49, ,r,s paSsed prescribing the gnillotinc as
~, snnropriate punishment for any mar,
rlo should be convicted of having
,,ngh, paper franc for less than its
,;nsI value in coin. But the forestal-
,.,s and extortioners We're the principal
'liects Revolutionary vengeance They,
!, waS. who. according to the popular no
Tan enhanced the prices of all kinds OF
r.,,ssa,ies. Compelled to pay fifteen or
,,anty francs for the same quantity oi
load 0, butchers meat which they had
p.rn accustomed in days when specie
circulated freely, to purchase for one,
they never adyerted to and perhaps were
arspable of understanding the cause OF
the rise. They laid upon the baker and
hatcher the greatest Of all extortioners
n their eyes-the whole blame Of the
IeDreciated currency. In this delusion
,hey were openly encouraged by their
orators in the Convention, and on one
o,c5sion Marat went so far as to encour-
sot the mob to break into the bakeries
and conlectioneries, and plumber them OF
a they contained.
We are thankful that matters have
never proceeded to that extremity in
these Confederate States, nor do we be-
1--we il possible that they ever should.
BIT it IS apparent that a delusion very
similar 10 that which stimulated the mob
olParis in those terrible days to so many
deeds of horror is widely prevalent The
sotere<t, hest informed, and most con
srienti0us men among us are constantly
in the habit Of attributing 10 brokers,
estoftoncrs, and torestaliers, state OF
things which is the inevitable couse,
oaente OF deprecated currency, and
instead oi directing their indignation
aoaiast those who have contributed most
10 the depreciation in question, eXpend
il ali upcna class whom ii has generated,
and who have no more to do with it than
The serpent has with that peculiar state
orthe atmosphere which is sure to draw
hin from his hole.
IN times Of profound peace, when all
tie banks are paying specie, an. adverse
safe Of the exchanges, indicating re-
daalancy of the currency, is sure to pro-
dlce an effiuX of coin, and if wise meas
iires BE- not at ence adopted to restore
ihe equilibrium it, instead Of curtailing
lbeir discounts and cutting short their
.s:ues, the banks continue to promote
,ae orertrsAiae, always esasea.ssatalpsa,
such state OF things, by enlarging their
i,saes and multiplying their discounts
fatal collapse is the inevitable consc-
quence. The banks suspend, and specie
is banshed from circulation, or can be
Purchased only at heavy premium
4his, We say, is the case very frequently,
as We all know to our sorrow, in times of
profound peace, and is, indeed, one of
A'he inevitable consequences Of u reiun-
1lant currency. And yet, in the midst Of
tremendous war, when the enemy are
pressing us with enormous armies from
every point Of the compass when specie
payments have been suspended for two
Years and u hall, and coin is so rarely
eeen that the smallest gold piece is looked
upon as curiosity when the Secretary
oi the Treasury is writing letters Of CON
grAIn.ation 10 /; distinguished Senator
apdh the encopragingStaet that The cir
falaioh is only three times as large as
the country can bear with convenience
Teare told by many persons, who seem
, rrhgiously TO believe it, that the brokers
orcasioncd the high price of gold which
lately ruled by certain arts perfectly in
eomprehensib'e 10 us, hnt no doubt quite
Ineligible to those who make the accu
Sa'lon. 1t is Of no consequence in the
world that the same officer issues many
millions Of dollars worth OF notes, and
then attempts to discredit them, thereby
Necessarily causing a suspicion of all
treasury issues--,hs can have no effect
whatever in degrading the currency, or, to
sae the enrent phrase, in elevating the
fr'ce Of gold; but ;f . broker, having in
lbs possession gold which is his own un-
asplted property, and upon which he
has the same right to fix price that any
o'hef person has to fix price upon any
.ouitaotlty which he may possess, then
mels lnll'ctlng a mortal injury upon the
,srcala'lon, running up prices, starving
u, ,le community, betraying the cause of
!, Ills country, &c, as if his act were not
'ae direct and inevitable Consequence of
p.s te'ion OF the Treasury.
fhat is an eXtortionerg Is a miller
WHO gives tive dollars bushel for wheat
ana sells his -four for thirty dollars bar
's'-whch hardly pays expenses we
Aoald thhk---an extortioner 2 Would
a. ilonr merchant, who made his living by
"'s ,fade IN flour, and who had thou
,'ia barrels of flour in his store at the
commencement Of the rise in prices, be
s'''c'i'ea an extorLioner because having
p"'ef'ased for five or six dollars barrel
s 's unwilling to sell at seven or eight,
oeeaase he knows that when all is sold he
,A'ho' purchase fresh stock for less
Sar S,r'l twenty-five or thirty? We are not
Ils'e"''ng extortioners. Tf any man