The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1864-06-10

Ut, FUICNIFg kUB.f1aU:
bat. nner all circumstances II snot be en- towo
=" io'y by twenty per eeht al 1t "aa at The OPEN
Ing OF Congress.
But this 1850 ,G0l0(0 does not represent the
whole paper circulation which was tStH swelling
II. arteries of trade AMI iting everything upwards
on a food of high prices A summary Of The paper
money actually In circulation on tn; day, aud of
the legal capacity for the issue Of more, against
which there IA no check in canveG;ibili.y vf re
speas;biii'y for re icmpoD o:herw:ss 'iln in more
and similar paper, makes the following startling
exhibit /
Ia oireu alton, emitting fractions under tens of
msl.iGRs:
Government legal tenders s... $3.50 zoo 600
Notca Of New Ng,ohai Banks (est). ~ 80 90
Fractional currency. 20 GJ3 000
Outstanding ng................,Ss $3.50 0ao 600
Mr. CHASE 'has authority IN Issue s.sle Goo oao
More The New National Ranks cnn,riyasea
OF ni= by Wncf; the funded puoic debt is convert
ed Hgsin inta curenSy, are limited 1909 0i 0G3
that IL, baVs p5wsr 70 pat ont $500 Gi0 %
more The = ate Hasks, nhiess sufprr ssed by iae
legislation aax ievciied AT them In Congress may
is-ue stu further $li0 $50 Geo There a. there.
fore, ia a1diiioa 10 the $3.50 eo1 900 Of currency
actually al I, capacity put foch $685. 0,1 Coz
circuia,ion ot S 4ta,0 coo OF iucoaY~riIsl.. d.
per II. accoTdtrg 10 SIC Ihases proj-ct ni.~ be-
fore Cangsesa The state Bans calculation saoaid
s3 taxed cat OF Ezis1ence, 40 make place fos the
iaeie vii stir remain paesf capacity nf tuila
ton, ~sih"ai check OF c"nvesiibi,iiy, amounting
Ia 81, iSJ GOO o00 There Is nothing 10 The cond-
ii6n u the country which gives assurance that II
vt' a0t he eKe,eisGd in !iii AIR tie future Of
tii the Secreiary5 prediction. e1d promises 6saac
In December, 70 fsitG Is attached TO bis ass.ances
that thts vo.1as9 will be .rdGc-. OF 20 MS capa civ
10 devise aay rcclg5 ny which Ii viii ne frt-csd.
Iaiaaj. t.:sss :s ssh sio:s TaT 81 viics, la Ga.
caIsy Se CaToTaIacs, q, all excsni by The fur
iey use ot PAPER issues 10 an sustant u lich !, is
impossible s3T h:Ta 10 aanac
.51 clITl5ssce3 l3e s.sge; Is ss.lF.atiEg FIR :ta
means "a asked Of Congress cary oH ts.e Gov
erEasvrt, taa: the expenditures wcissd exceed tie
rsveaues 10 the extsat th1t the dest would be. on
tie Ii, Juiy aezt, 81 ,Ss3 G}a, ,c3). They bare SO
0ussliH hia fstiriale that the aast Il now <AYIti
49, 81 EFT, o. $50, with two months ana half he
forc .za CT the heaviest expenditure Of the year,
&c addition u the conceded s:c, that there G,orc
than q hundred n,titoas OF euattsd acc6uns wait
:ng a,f ,syEient, AID h..ae aaeas, Of ts uparsry
Recommendations and Suspended Claims x.fcii
o1sat 10 be settled and paid In 1isy shs eyoas-
Gsu:cs f;f the pay Of tho array VIII be large,
tnat II il Rot Unreasonable estimate te & lie
adjusted dt 1t July Il 00e o. 0,1, H. stead
Of sr Chass,s ostiussa Of 81 SSo no. ESQ Elses-
innate sss s,sda for Dacs,a tex a'sd rs ha.
cordinsif, bg uaderes,itna lag his EXPOSES, made
IN cs.or nf about Si7.Gd9. eco snensa, OF mofo
than 81 500 % q day.
The elements fcr ca,ra suhg the Re;aa! ey,ea.ll-
tufe cf TIC t3avefanens srs vary ibpsrfect; tu,:ha
af yyaast nbsc! In tbs ot.ie.i taSerest m tie
o,us-arlen, pa. 1t down n nsi less than ,oa5.
io .of the pear. ard do .,ss in the -cun,.
i"a OF poh:ic atfa.ts any s,ouads fos calculating
Np N a fr.iacii0a.
This was the financial condition IL April, 81 vast
paper issue, cx,tstan.ly expard.ag-a doht growing
hey yoad xr Chas-'s o~'n conception M revenues
and no preparation fos snxins -sOd gold ct rs -
Nr Chnsa had fsncied Il la,gs part Of thls rise In
,p!d TO BE due TO the specu'atioDs OF gold gambiess
In the ms,keis, and oo,sined from Corg ess the tii
hs asked fnr, enabling him, as re thought, to go
into the Eaarset With the Government reserves CT
gold and heat DOWN the specul2ioss Hs tried the
gold certificate expedient- C37esn cey-
tidcates at prices below the market rates TO I'm
porers rcce .ying them bach ~ the custom house
for gold. The experiment cost bin severai mil
lions ct dciiafs and greet deal Of o3tur, before It
wEs absndo2ed ss failure A few merchants IN
8 single city realized lasye picit bY oh,sisins
from me Government the means Of paying duties
1T large discoun. from the prevailing market
rates fo yols; but ihe market raie was never re-
dGced IT, the Government rate, and the attempt
Gas given up 80 hopeless; AID now other e1pett-
euss are projected
Under iI..se nsTp,e zltsas and failures Mr. Chase
caMe ts New Yoya fast week inY money. Ie
wanted ia ssl b!s bonds-the 10 4ys--and he
wanted 10 supTars his cTrat by reducing the pre-
MUM on gef-fwo thiRss mlnfestiy Incompatible,
In.ess he put his rate of interest high
pensaie lenders for the increased vaiue of tho
dium In which they made their advanc es to him.
low Interest would require an easy market, and
10 float such loan the expansion must continue.
He got some subscriptions and soma other help,
but il was because il was felt that The expansion
must go on, As the tenacious maintenance Of the
gold prices during all these troubles sufficiently
The violent measures he took In
his attack upon gold-seil!ng large Government
ssnc Ks and large sctOunts of exchange-had such
3 damaging effect on the markets as 10 make II
probable that no such experiments will be repeat
ed To secure the taking OF his loan, the money
market must ha kept easy, and no contraction will
be directly encouraged by the Secretary. Increased
paper aud paper money are his only resources
aIan3i stopPage OF payment.
lf 4: n
Mt all Rdt QHate Ia The daily necessities Of the
even 10 the keeping down Of the in
crease OF paper emtKstons fos ctri nialsna Ii The
Whole 3uGunt be taken, OF which he has aufio-
f!zed the sale, and SO mBch Of the currency he
thereby converted Into fixed debt, payable I'm
Rotd, With ve pel cent inter In gOsd, hmBcrei
dollars for fly hfne dollars In hand, the oh
latBed will not check the expansion Of ercenhacks
for more than niRelv Days. Mr Chase secs this,
and has called upon Congress 10 give him tem
porhry relief, In his present difficulties, by two
moro acts CT legislation, which, In asking tos them,
he cOaissses 70 DE merely paliaiiyes. Other pea
pie pronounce them 10 be aesuTd and Rischie vOus
M s,snMa hni one effect Of the terror " ~.ish iha
Nsw York panic has,excit ut W6shiEgten II to
Increase NJ. Chase IS power II gee Whatever egis-
ia;ion he asks for C0ugEesa ~ psrp'%xad aad
frightened into abandoning the whole anssiinn af
nnaaeiai ADMINISTRATION 10 the discretion rf the
Seesstary, without asking QasstioHs. Cnly = sew
days asn the House Of Representatives., after long
acoatc, riec.eda project which he had abnEais.y
u.gcd upon hem fer cesnpaliiHg ,hs state Ranks
Nsronai Banks. TIE schf ms is now suddenly
revived aud passes Though sac same House with
0as material change By y large majority
Sometime ago an eccentric 5enstof from Kansas
Introduced into the Eenste r bill 10 sessrsia the
tsafac In gold, which was shrived away Ia that
body; eIi laughed ~ out ~ II lr Ats srctssaHe All
surs,y. Mt chase has .Esgived It almost Ia the
Identical isyma, aud EeconEvn5s that deaf,ng In
gid, os In iass15n eIcaaaee, "a e, 0x foE crt ot,
q o;hsrwisc than for cash and by sexual essness
dealing for thenseives, payment IN currency ac-
tu ally passtss al ihs ssne ~ Essuai deivesS, and
nt che actual tce Of basiness cf The dssi., shaii
BE- us;saemsanss, punishable BY fine ana iApsis.,
onmeat. Notwithstanding tie csEde resei;y Of
this measure. the sens;s grattfsd him By passing
she blu. sifhoaeh sevssss OF the sepalcrs voting
for u stated hat iEey hsd seTlpi*e eteus iis
sdtusianaity, aat did mot believe Il would 20 any
good, Int gave u 40 The 6eesetHsy tscsuse he
asked fortS and ihey thought be ought % hssc al
he asked for IN iheee unsee ef nsi3onai 0t0c culy.
& Il net juss peas,hie that some ct than wssc as
f&lber winlnx 70 get I'D Of psssOHai seepoustAlay
81 heaplne I'll % him, with the rrovidsat
iheuxbt that the tsns nap not ~ TT - ~hea ~
VIII he sesposssoiuty fos somssbtn3 whloA Aswisl
bsvs heppened, ltVm eDy sfare In Which even
pvb;ac nah vii u ea1ioVs p cie1s e1qesat
~ cha0 hfmSelfJs nos NJ f4nus h1e eva pfeoou:
tions. NothinS tese tAs9 > ihesenSA eonsjettea q
tnreSdJny disistes, fsomwtteh b. sess NJ nelhet