The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-12-08
limit cannot be exceeded, no matter how

limit cannot be exceeded, no matter how
urgently more may be required.
There are two kinds Of currency In use
one issued directly by the Government, the
other issued by the banks. One kind would
seem to be enough. The best should be
preserved and, perfected, the other with
lra"n, AS to the comparative merits Of
the two kinds of currency, an impartial
consideration would probably decide In
favor OF bank circulation, principally be-
cause it would possess the power Of adapt
ing itself to the eXigencics of trade. II
Government issues could he made to possess
the same power of adaptation the verdict
would be In their favor. Only sound cur
rency will promote the material prosperity
Of the people; and the Government can
realize no profit from anything detrimental
to their interests. If, however, 1t Is impos-
sible for the Government to comply with
the conditions necessary in order to furnish
sound currency, it can at least provide for
the withdrawal of its own notes, and pre-
scribe conditions upon which, and the agen-
cies through which, better currency may
be provided.
The present banking system may have
imperfections, the Comptroller says, but
most of them can be traced to the evils of
an ilredecmablo currency aud as observa-
| ton and experience bring to light defects,
they may be corrected by judicious legisla-
ton. Any radical changes now would affect
so many and such great interests that it
would be safer and wiser to build upon and
improve the present system so as to bring it
| fully up to the requirements Of the age and
the country than to undertake to build up
new one. 1t may be made the means OF
supplying q safe, convertible, and elastic
currency in any'volume that may be re-
CURED by the business of the country. No
| hmm iy,fn ha frt
currency that is really needed; for it is
continually varying, and is never fixed. II
Congress limits the amount, there will
always be those who will be dissatis-
fed, and who will seek legislation either
for the purposes Of contraction or eXpan-
sion. And so long as the volume Of cur
Tency depends upon legislative enactment,
uncertainty and instability will pcrvade all
financial operations. A self-adjusting sys-
tenn of currency is the only one that is
adapted to the eXigencies OF trade and to
the wants Of the country and it is vital
question at this time whether this result can
be reached before the return of specie pay
ments. If possible at all, it is only possible
through the agency Of national banks and
upon the adoption Of Il policy which will
tend gradually but surely to resumption
of specie payments by the increase OF bank
notes and absorption of the legal tenders.
AS lawful money became scarce, its value
would be enhanced, and would gradually
approximate to par with gold. Thus
specie payments may be reached
through the agency Of the national
banks, and by the operation Of natural
causes. The process will not be rapid
or spasmUdic, because it will, in all its stages
and in all it's details. be governed by sound
principles and conform to established laws.
With details properly adjusted, banks may
he established with authority TO issue and
put in circulation gold notes-limiting the
amount only by the ability of the banks to
comply with the necessary conditions and
to redeem their issues. Some provision OF
this kind is probably necessary in order to
supply the Pacific and producing States
with paper currency. a circulating me-
dunn, cheaper and more convenient than
coin, has long been necessity in those
States, and would undoubtedly do
much to promote activity, enterprise,
and development. Experience has de-
monstrated to them that currency
composed exclusively Of specie is not
| exempt from the fluctuations TO which
money and trade everywhere are subject,
and has awakened an anxiety on the subject
which may lead to the introduction Of paper
money if the opportunity is afforded. by
the establishment Of banks OH aspecie basis,
! the resumption OF specie payments Is only
anticipated, and familiarity with gold values
will do much to relieve the subject OF the
mystery with which it is associated III the
MINDS of many. Looking forward to the day
when uniform values shall again prevail, il
may be that by wise legislation now bank:
ing system can be established, truly national
in its character and scope, which will furnish
Il sound currency Of uniform value in every
| State Of the Union.