Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1865-04-10

She specie standard, departure from which (al
though for the time being necessity, is no less
damaging and demoralizing 10 the people than ex
peusive to the Government"
This is the only aVowul of policy which have
made or expect to make, at least for the present
The f rmer of these objects is rec .ving my first
attenti' q. The sales of the Seven-thirty note;
(than which no more de ,irable security will bt
offered to the pubic) which have he, Temporarily
diminished by the Wall street panic, will, l an
hopeful, be again so increased as to put the
| Treasury in a condition to meet all suspended re-
duisitions and honor all drafts that may be made
upon it so that the different departments by be-
ing in a condition promptly to meet their engage
ments, may be enabled to reduce largely the ex
| penses of the Government.
The latter object seems to be in the right trair
| for accomplishment by the effective blows of oul
military and naval forces without any nterposition
of the Treasury Department, and in the face of O
daily increase of currency through the instrument
| tally of the national banks.
You seem 10 be apprehensive that the return to
specie payments is to be effected by a contraction
Of Government issues: and you say that, Gin one
thing all have been disposed to unite, and that was
that an early resumption the cardinal point oil
nv pollcy and that il was to be sought at whatso-
ever cost TO the capitalists and working men OF the
country
A resumption Of specie payments is with me
g cardinal point" because believe that the specie
and because / am clearly of the opinion That the
interests of capitalists and working men will be
promoted by return to it but no policy could be
more unwse than that which should attempt to &C
complsh il by such a curtallment Of the currency
as would PROSTATE or njuriously affect those great
interests upon the prosperity of which the Govern
ment depends for its revenue, and which cannot be
broken down or severely depressed without depriv-
ing labor of its proper reward.
The history of Wall street within the last ten
DAYS sustains the correctness Of the opinion which
in another position have frequently expressed,
that the high price of gold to be attributed in
part, at least to other influences than the exPan-
sion of the currency and seems TO indicate that the
paper circulation of the country which has been
issued or secured by the Government even while
its volume is being increased, may appreciate
nearly to the specie standard.
As the war draws to close, and the RESTORATION
Of the Union is no longer doubtful, gold and cur
rency approximate rapidly TO each other in their
market value, and o. course, all those articles
which we're made TO follow the former in its ascent
must sympathze with it in its decline. This can
not be prevented by any action of the Treasury,
even if the interests of the country required it,
II might have been better for the country and the
people that this decline of coin should have been
more gradual than has been the case for The week
or two past, but it is better that it should have
come down as it has than that it should not have
declined at ALL
habits of personal indulgence lead them into pro-
tracted excuses, that "sobering OFF, rapidly is
dangerous experiment; but dangerous as it may be,
it is preferable to continued ntoxication.
IL does not foIl)w, however, that because gold
has declined from 1875 70 l46 and may speedily de-
cline still further prices generally will fall to the
same extent nor do believe that any permanent
decline which Is likely to occur will PROSTATE the
great interests of the country. On the contrary,
am of the opinion that when the specie standard is
restored, or nearly reached, the assurance which
this state of things will create that the business
of the country is to lie transacted on irmer basis
will divert capital from speculation, and stimulate,
instead of PROSTATE, productive industry.
The close of the war will remove the Govern
mont in a GOOD degree from the market, both as
borrower and purchaser, and while the business
of the country is being accommodated to the new
order of things, there will be, to considerable eA
tent stagnation and embarrassment but as hostili-
ties are now likely to terminate before speculation
has resulted in large individual Indebtedness, the
transition IS likely TO be effected without the dis
asters which so many have appfehended.
The liabilities OF the people are so small, the
circulating medium is so ample and so well secured,
the resources of the nation are so vast and our po
tical future is so brilliant, that the embarrass-
rnents which a change in the business of the coun-
fry must hiring about will be but temporary, and
the indications are now decided that oy the time
reconstruction is fairly commenced enterprise VIII
bs quickened into new lie ana WIN ts iutegrlly
established, the only draw back upon the national
nrosperty and the only stain upon the national es
cntcbeon removed, the great republic will move
forward again on its career Ofprosperity and honor
scarcely staggered bv such struggle with gigan-
nc rebellion az would have broken any other nation
into fragments.
You will perceive, by the statement of the con-
d;ton of the Treasury the LIST instant, that the
government circulation has rot been diminished.
Whether or to what EXTENT this circulation will be
reduced depends upon circumstances that cannot
now be clearly foreseen. have been, and stil' am
of IN, opiripn that IL must be curtailed before 4
return 10 srecie payment can be etfrcted but it
cannot be denied that the of the market for
the mast month has been such as to justify recon
sideration OF the opinions which have been so gen
erov entertained in relation to the imitation OF the
crrreacv. The increased demand for money, which
Is the result OF the dlmnuion of individual credits
NAV lot have been fully estimated and It may turn
ont that no Considerable reduction of paper CIR