The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-03

To the Editor Of The Eeo York Tribune:

To the Editor Of The Ee,o York Tribune:
Sir Does the The Tribune say that Govern.
ment Legal Tender Notes initiate the value OF
everything Or that the abundance Of paper
money has that tendency? II paper money
does the mischief, where is the consistency OF
redeeming greenbacks and putting out Nation.
on the legal tenders. The last account we
have is that there are 1892 0O0, 900 in National
Bank notes af1oat; the interest, AT SIX per
cent, amounts to nearly $4,000, 900, which
might be saved, with the cost OF it's collection.
Is not the manufacturer compelled to put on
the five per cent. tax on his goods And
does not the consumer have to pay lit Does
not this make high prices
Philadelphia, December 81, 1865.
Ans,cer.-l. If The Tribune had ever mti-
mated that making paper money legal tender
was the only cause Of high prices, tnen IL
would have been in the wrong; but II never
dreamed of such n thing The havoc and waste
of war the diversion of labor from production
TO destruction the borrowing OF vast sums by
the Government--nay, the collection OF vast
sums by taxation-would have considerably
inflated prices, even though paper money had
been unknown; much more though IL mao
never been made legal tender. No intelligent
person attributes the aggravatlon OF prices 10
single cause. 1t is the result OF many concur
ring causes
q But what use in redeeming greenbacks
with National Bank Notes? Simply to get
back so fast as IL may be, TO currency redee1nd'
bic in specie. If the greehbacks were WIN.
drawn, every dollar of paper money in the
country would be redeemable In specie, ana
would at once be al par with specie In other
words the prices Of all goods and products
would be reduced below the present Iates W
the difference between loo and l45. Substan.
tiallv butter now selling for 45 cents would
be worth 80 pork worth $40 per barrel wouio
be 800 coal now held at Sl2 would sell for ~
and so on with everything else. We under
stand that labor In general would fall cor.
respondingly hence, a house that would now
cost Sl5 900 could be built for $4,000 and 30
with railroads. &c. &c To-day works OF
considera tton that they can be prosecuted after
resumption at two.thirds the present cost
In other words he who has 10000 that ne
proposes 10 employ In building, in improving,
making railroad, or any thing OF the sort,
may wisely put his money out at interest and
wait for resumption before beginning MS out
lay. -,
). If we are forever to rest content with
currency of uncertain, fuctuating value, we
readily admit that it were better composed
wholly OF greenbacks than of bank notes. But
! we want \ currency OF staple, uniform vaiue
so we desire a speedy resumption. And TINS
/ is to be obtained through withdrawal OF
! legal tenders whereupon every bank note De-
comes payable in coin.
! 4. AS 10 contraction rs. expansion, we ex-
pect that 10 take care OF itself. We only wish
/ the Government TO see that every dollar ID
good dollar, and then We presume that the
paper currency of the country will expand ana
/ contract as the exigencies of industry and
| trade shall dictate. Whether the country
wants more or less currency, we expect IL 10
decide for itself-by expansion whenever II
! has too little; by contraction whenever II has
! too much If the Government will but so
| regulate the value thereof" that every dol
! lar i'm circulation shall be worth ten silver
dimes, we do not care whether more National
currency shall be authorized or not; since,
though billions be authorized, no more can be
! in circulation than the business Of the country
demands .-Eep York Tribune.
7 DANIEL WEBSTER on PAPER MONEY. The
1 yery man." said Daniel Webster, "of all
! others who has the deepest interest In sound
| currency and who suffers most by mischieyous
| Legislation in money matters, is the man VINO
! earns his daily bread by his daily toll. a DE.
preciated currency, changes OF price, paper
money falling between morning and noon, ana
! falling still lower between noon and night
| these things constitute the very harvest time
! of SPECTATORS and Of the whole race OF those
| who are at once idle and crafty and OF that
| other race, too, the Catilines OF all times,
marked so as TO be known forever by one
stroke of the historians pen, men greedy Of
other mems property and prodigal Of their
| own Capitalists may outiive such time They
| may either prey on the earning OF labor by
/ their cent per cent, or they may hoard. But
/ the laboring man-what can he hoard Frey.
| ing on nobody, he becomes the prey Of ALL His
property is in his hands. His reliance, his
fund his productive freehold, MS all IN a.;
labor Whether he work on his own small
capital or another's, his living Is still earned
by his industry; and when the money OF the
! country becomes deprecated and debased,
| whether IL be adnlterated coin or paper, with
out credit, that industry 10 robbed OF It's re-.
ward. He then labors for q country whose
laws cheat him Of his bread"