The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-30
THE Greenback Question.


substituted for national bank notes may
now be considered as settled. The New
York World has come out fiat-footed in
favor of the substitution. The World is the
organ Of the moncyed Democrats OF NC"
York city, and is said to receive large SUD
sides from Mr.. BELMONT.
The World is the only Democratic journal
of commanding influence whose opposition
TO the scheme has been feared; and now
that that paper has come out in favor of it,
its success may be regarded as certain.
There are many men in the Republican
party in favor Of the same measure: and
therefore if the Democrats, as the World
advises. run candidate upon this single
issue so far as the finances are concerned,
the Republicans will be apt to take the
wind out of his sails by bringing out their
candidate upon the same platform. There
is no doubt of the unbounded popularity of
the scheme in the northern States. twill
unquestionably be an economical measure,
though the banks pay an immense tax to
the Government.
In the course Of its article breaking
ground upon this excellent issue " the
World makes startling statcment-name-
ly, that Mr.. SHERMAN, Chairman of the
Senate Finance Committee, is business
partner of JAY COOKE g. Go. This fact
if fact it is-only adds significance to his
of "
ing that loan one per cent. end distribu-
ting the proceeds among the several States.
We said the other day that Wall street
ought to give Mr.. SHERMAN a vote Of
thanks instead of attempting to censure
him. 1t now appears that Mr.. SHERMAN
is himself one of the great capitalists OF
the country; and as such has concocted
scheme for the protection of his interests
and those of his fellow-capitalist yet
Wall street is so dull as not to appreciate
this scheme, which, and which only, can
save the bondholdcrs from the wrath of
BRICK PoMEROY and the rest OF the
regulators. Mr.. SHERMAN wishes to take
bond of fate. He desires to do away
with financial system which operates
upon the South as absenteeism does upon
Ireland. AS it is impossible for Ireland
ever TO become rich or prosperous so long
rs this curse of abScnteeism drains her OF
all her ready money to be spent in Eng
land, so the South must remain I'M
poverished as long as the National Govern
~ how w
of dollars to be spent in New England and
New York. There is more money paid to
the National Government every year by
Virginia than the sum of the capital of all
the banks in the State. There can be no
prosperity for people thus circum-
stanced. We could better afford to pay
ten millions Of dollars in taxes to be dis
bursed in our midst than one million to be
withdrawn from our State and disburscd
in the North. Mr.. SHERMAN, knowing that
the people Of the southern States could
never contemplate with kindly feelings
national debt which imposed such burdens
upon them, and being DESTROYS Of inte-
resting all sections of the country in the
national debt, has proposed a plan for
accomplishing this iysu B s lif Kadf
calism will see that no measure cal
culated to help the South shall be
adopted by the present Congress; and if
not adopted by the present Congress it
will never be at all, since the next will
consider the question Of paying the whole
debt in grccnbacks, and would reject SO
favorable bill for the bondhoIders as Mr..
SHERMAN's. Our advice to those congress
men who would preserve the national
credit unimpaired, and who desire that the
bonds shall be paid, is to vote for Mr..
SHERMAN's bill.
The World estimates that the country
would save some twenty-five millions Of
dollars per annum by the substitution Of
greenbacks for bank notes. Evidently the
saving would be considerable. Yet Con-
gress ought to consider the welfare of the
banks themselves. In New York city the
change would not be a matter of much
consequence; but in these impoverished
southern States, and in the West, the ma
tional banks might decline to continue
business upon the new basis, and thus
cause much pecuniary trouble to the
people.
The subject is highly interesting one,
and should receive the attention Of the
best minds Of the country. When once
the measure is carried it will be too late
to remedy its evils, if evils it should bring
in its train