The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-09
National FinanoesI

1t IS beyond question that the Federal
Government must retrench its expendi-
lures. It's equally settled that It cannot
undertake to curtail the amount of paper
currency afoat. The nation cannot stand
curtailment Of credit, and, must be re-
ieved by a diminution of the enormous
burthens now imposed upon taxpayers.
The numerous propositions introduced
with such rapidity into the present Con-
gress can but end in these policies.
The idea of any step with view to the
early resumption of specie payments is
the maddest of all suggestions. We have
been familiar with numerous suspensions
and assumptions. However varied were
the causes of different suspensions, we
never knew successful resumption that
was not based upon condition Of perfect
quiet, prosperous industry, and universal
confidence amongst men and in the Go
vernment. The day of resumption found
everybody prepared for it, and everything
went on smoothly and without the least
disturbance. Nobody drew gold, because
everybody had faith-a faith inspired by
the healthy condition, financial and poll
tical, of the country. The banks were not
molested, and the day was generally
amongst the most quiet of the year.
When are we to have such a state Of
things? Nothing could be more delight
full and happy for the country; but with
half the Union in state of utter prostra-
ton and poverty, its political status un-
settled aud threatening, and its industry
utterly disorganized, how can any one
dream of specie payments? 1t is impossi-
BILE that this sad state Of public affairs and
general industry in the South shall not
affect the welfare and pecuuiary order Of
the whole nation. At no time while this state
of things prevails, with the added cause of
peril and alarm Of a probable war of races,
induced by an attempt to place servile
population in possession of the govern
ing power over a people as en-
lightened and heroic as any that
ever lived-at no time, we say; while this
state of things lasts, can there be a re-
sumption of specie payment. Until these
disturbances are quieted, until these seri-
Gus causes Of apprehension are eradicated,
there can be no settled confidence in the
public mind and the disposition to self
ishness and desperate measures for per-
sonal security will occasion that sort OF
eagerness for conversion Of paper, that pro-
pensitS to realize and hoard, which cannot
be successfully resisted in any country
where there is any considerable amount of
paper currency afoat.
The country is very sick-sick nigh unto
death. And it is mockery to suggest
that it should undertake what can only be
done in condition Of perfect health and
vigor. If the wretched politicians who are
scheming for the qualification of their own
ambition and greed will forget themselves
for awhile to think of their country, and
the heartless disciples of Mammon will
temporarily subdue their insatiate passion
for gain, and all unite to restore quiet to
the land by reconstructing the Govern
ments, State and Federal, upon the basis
of dignity, equality; justice, and wisdom,
then we can do anything becoming great
nation. We may pay specie, We may pay
debts, national, State, and individual, and
we may with swelling pride and bounding
delight behold people once more pros
porous and happy, and nation growing
more rapidly than any other on the globe
in wealth, power, and grandeur.