The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-10-18
The Louisville Convention.

met in Louisville on the l2th di>cusSeo
o,,oost eyerv sort of question. As to immi-
grafton. they resolved to appoint genera
agent OF immigration, and recommended
Commodore MAURY for the position on ac-
connt Of his great learning and deserVediy
b;cb reputation at home and abroad. They
requested the several States to appropriate
\ sum, to be placed, in tho hands OF the
general agent. to be used in preparing, pub
fishing. translating. and circulating gratn-
;tously among the cmigratinS classes, q re-
mort showing the physical geography OF the
States adopting this plan, their industrial
resources. the special advantages when
they offer the immigrant. and other neces-
sary information.
They resolved that coolie labor could be
imported by separate State and private or
canizations. We want no coolies. Let us
use orr own labor. RI coolies may be inn
portcd from China, why not negroes from
Africa: The negroes are better laboring
class.
The convention also discussed the cur
rency question. The following very scnsi-
bic conclusions were arrived ut by the Com
mistce on Banking and Finance. They are
lust such as mus: penetrate the skulls OF onr
legislators at Washington before we can
have a stable currency:
"First, The wealth of a country consists
in the net value Of its productions, and all
financial measures must be determined III
the light Of this fact. Second, Currency Is
:. not product Of 4 country, ana Is moi pro
Dnrtv. but only medium TO facilitate the
exchange of property. Third, Currency
values Of property and al irrcdecmable cur
rencv regulate themselves bv each other. so
that, except temporarily, the amount OF IT.
rcdeemablc currency in circulation in no
manner regulates the ease Of the money
market or influences the rate of interest.
An irrcdcemablc currency rctardS prodlc-
ton bv the fact that it measures the value
Of property so unsteadilv as to destroy con-
!idcnce. II proStrateS industry, unscttleS
society. and should be, and can be, baniShed
from the nations exchanges
These are sound premises. Unfortunate
", the conclusions dcduced from them are
not those which might have been eN-
pccted. Questions Of this kind addle the
brains of most men. Here are what the
committee recommended Us remedies for
the evils now existing:
" Rcsolccd, That Congress be requested
nj once to enact free banking law. with
efficient and certain measures for prompt
redemption Of the currency, with prov-
sion that currency is to be issued only as
FIST aS the lc@al-tender notes are redeemed
and destroyed, until specie payments are
restored.
" Second. That Congress direct the Secrc-
tarv of the Treasury to cancel and destroy
all lecal-tendcr notes that come into his pos
session as fHSt as the net means OF tn" Go
vcrnment will allow. Tn case the national
hank currency is applied for faster than 1t
can be furnished under the conditions here
stated, preference to be given first to the
South, and second to the West, until the
whole currency in circulation be equallZcd
upon the basis Of population.
" Third. That Congress direct the Secrc-
tarv of the Treasury to regulate all hiS
actions by the wants and necessities Of tne
Government. and leave the people to man.
~" their money markets and business in
thGir own way
Most lame and impotcnt conclusions. A
free banking law, the withdrawal of the
legaltendcr notes, and this will do) the
distribution Of the currcncyi in proportion to
population. Also, a request that Mr.. BOUT
WE'LL shall let the gold gamblers alone, and
allow them. If they can. TO run the price Of
gold up to double its present value. Since
"currency values Of property and an ire
"dccmablc currency regulate themselves by
leach other" the isSuin" Of large number
Of Crcenbacks would appreciate the price Of
gold and unSettic the value Of all other
property. The committee, therefore. gave
the cold shoulder to Mr.. PENDLEToN's pet
plan of making the country prosperous.
But the committee, in their first reso-
luton, hint that contraction" will
bring about specie payments. If con-
tration will do ii, the remedy is
available. Let the Government give notice
that it will redeem its greenbackS in gold.
rs it can easily redeem all that would be
presented. and let the banks refuse, rs they
must refuse. 10 redeem their notes, and the
greenbacks will forthwith disappear, and
the currency be at once contracted by three
hundred and fifty-sx millions Of dollars.
GreeDbacks will become Immediately, like
gold and silver, only an article OF merchan-
disc. The country might be ruined, it is
true: but the contractioniStS would have
the satisfaction Of seeing their theory tested
IN Il short space of time, and future genera
tions might profit by our folly. Or, per-
haps, Mr.. Boutwell,. not leaving Wall street
to manage the money market in its own
way" might try the experiment, satisfy the
contractionists of their stupidity, and still
save the country by refusing, after trial OF
day or two, to redeem any more green
backs Though this part of his programme
would have to be kept to himself.
This banking committees report had not
been adopted by the Convention ut the date
Ufour latest advices as to its action on the cur
rency question. Perhaps it was not adopted
at ali, though the reports Of such committees
ire usually adopted. If these resolutions
were passed, the Convention has committed
the folly of declaring i'll substance as fol-
lows:
'Resoloed, That the contraction Of the
amount of the currency By the Withdrawal
Of all the @recnbacks now in circulation
would enable the banks to resume specie
payments
Who believes that?
2. s. The telegraph tells US that the Con-
yention indefinitely postponed the report Of
the Finance Committee. We are glad to
hear it. Such ideas as their resolutions set
forth will never beget a plan for resuming
specie payments.