The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-03-22
S,ecnlations on Finance.


Tho idea of Senator SHERMAN '"", -
-. &c rroornacrs and other nationaie"i
,' -, 80, sbonld not be reduced oe
'Se' : - ,,.,a and fifty millions Oh ooi
-, -" "a utterly bad rs fhiiosoP"e'
Rvs : ,s have us believe. we agree
n,rrtFY and Secretary McCVhIo'h
WV" '.;,r an early return TO specie pay"
,cc,use the business of the country
-, cr be permanent and reliable upon any
80, nasis vet as we are told, ana beheNe'
,b,t the national banks and thrY -iourths VI
The mercantile Interests, rs well us the 'ra''eiS
!, ION. cotton. sugar and coffee, are all opposed
- The MgCrrlocH plan, because they see III
= = ,rohable panic and u certain heavy los
upon all species OF property, followed by Il
much worse state of things than that no"
existing, we must hold that Congress shou'"
Act with great circumspection and caution
We are firm believers in the science OF pom
heal economy. W" appreciate the oe'"'' "
the theory that i'll finance, As III 'is
friapglcs. the square of The hypo'"'""s'
ALWAYS equal 10 the sum OF me squares vi Wv
other two sides. But unfortunately lac's o'
not ALWAYS square win theories Inv
theory is, that specie Is such hypo'heh"S''
and that rs il i therefore equal 10 any ;'ho""'
of paper money that can be putinto circnia'ioh'
the more paper dollars there are, the greater
The number of them which will he require"
10 purchase one dollar III specie, ana, Oh eon
seuuence the fewer of them there are the
smaller the number OF these paper "oiiais ~
VIII take to buy one i'll specic-the hnai result
beinc that financial desideratnm caiiea aol'
lar for dollar" We are decidedly OF the opih-
ION that though this theory Is correct It's opo
ration ut this time would be disastrous 10 the
commerce and industry of the country Ii
wonld cause a revulsion, the consequences oi
which wears would be necessary to ehace'
Nevertheless, areducton to the point OF par
value Of currency with gold is adesideratun-
one that, sooner or later, must be reachea II we
hone that our Government and country shali
maintain = oronar credit and standing amongst
nations II must however, be aPproache"
cautiously and by easy stages, or very grea'
distress must fall upon the country. IL i
manifest that the statesmen and merchants
are inclined 10 the opinion that MI. Mc'tL-
locH proposes to move too rapidly Whe'her
Mr. SHERMAN may not be htiir 100 $40" i
another question. There may be some rolh'
n.t,,,ean rha two more consistent with the
,,,h,ic interests ~ we'll rs those of the Govern
ment.
The amount OF currency atloat ought not
indeed 10 be largely in excess; but the creot"
The Gorega0ltat Will pot be very materially behe-
flied by redeeming that currency by the Issue
of its bonds. As piece of financial economy
II would be better for the Government to per
mil its non-i interest paying obligations to re
main ONT at least until ii is able easily 10
absorb them with its surplus after meeting all
demands II the Government can annually
save fifty millions of dollars by keeping 4 part
Of the Government debt Ill shape III Whlchl'
costs the people nothing i'll the way OF interest
and can thereby reduce the lntercst-lG'ylhS
debit nv the same sum annually, thus also con
tributing perhaps a much 10 bring down the
premium on gold a. il would contribute ny
reducing the volume of the currency, the
country will not be very apt 10 find iault WIN
such n policy Indeed, this small saving Oh MY
millions annually would, in one seheratioh'
with a little help from other sources, pay OH
the whole national debt
There i another consideration. The I'M
mensa debt under which til" country gfoahS
was not contracted on specie basis. Inc vast
revenue which the Government now raises Is
not a specie revenue. But the debt will not be
reduced by 4 forced return TO Il specie basis
while the revenue Will b. very much dllnln-
ishcd by that cause. The high prices make IL
much easier to pay the interest on the public
debt than il would be if specie basis were
restored The man who now pays III paper
thousand dollars of that interest I'm paying
his taxes would then pay II thousand dollars
in specic-and would find it much more dill
cult 10 do the latter.
1t is clear to us that the reduction OF hoat-
ing currency should b. very gradual, and that
the Government, at least for the present, had
better mainly direct its attention to dimihlsh-
ing its Indebtedness upon interest-paylhs
bonds than upon non interest-paying treasury
notes. A year or two will throw great deal
of light on the subject, and 1t would not De
wise with such Il debt and nearly halt the
Union desolated TO adopt any very thorough
measure of fiscal reform.
The Colored Popula ton.