The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-12-04

their capital and diminish their liabilities.
1t IL not true that this process will disturb
industry. 1t will only check illeeitimate
speculation and If it Is not done, the only
alternatives IRE bankruptcy and repudia-
ton.
Mr.. Kirkland, of Baltimore. said that
what the people lack Is confidence III the
Government. 1T is the duty OF the Govern
ment to restore its credit, and to do that
specie payment must be resumed. No right
thinking man dreams of reputation, for we
have the ability to pay this debt, and it
must he paid. [Applause.l In conclusion,
he moved the reference Of the propositions
to a special committee, to report ut this
meeting.
Mr.. Dore, of Chicago, said the propriety
of returning to specie payment was not de-
MED. The question is how this can be ac-
complshed. He begged leave to indicate
one method that seemed to him at once con-
seryatiye and practicable That Congress
should authorize the Secretary OF the Ifea-
surv to receive certain portion OF duties
on 'imports-say one-third or one-halt-ln
grecnbacka. and also authorize the Score
farv Of the Treasury to advertise, II the
price Of gold is 122, that he would sell gold
on the first Of the next month at one or two
cents less, and on the first OF each succeed
ing month at one or two cents less than on
the month preceding. Then he thought the
difference between gold and currency would
rapidly disappear.
Mr. Opdyke, of New York, was opposed
10 any rapid contraction of the currency.
This plan had been pursued in this country
in 1881 and 1851 with disastrous results. III
there were a rapid contraction now, the re-
vulsion would be three or four times worse
than those Just mentioned. The only path
OF safety is to maintain, with all possible
care. the equilibrium as it exists to-day
neither expanding nor contracting, and let
ting the country grow up to the debt. Mr..
Ropes's plan he considered innoXlous and
inoperative. There should be no doubt Of
the propriety Of more equitable distribu-
ton Of the currency, for if there are any
profits attached to it the South and West
should be allowed to share in them. His
plan to remedy this would be to scale the
circulation, and thus make the distribution
more equitable. His opinion was that the
present currency Of the United States was
as good as we ever had. The national
banking system is much more securely
founded than the State banking system.
The currency is Of uniform value, and there
is no danger Of excessive circulation. In
every point in which the State and national
banking systems differ, the difference is i'll
favor of the latter. He warned this body, rs
commercial interests of the whole country,
to be careful az to what plan they commit
themselves. The course of the Government
had been wise and judicious, and unless
some fresh emergency arises, the existing
laws in relation to the currency are about
the best we can have.
Mr.. Chittenden, of New York, said the
safe method of reSuming specie payments
was Secretary McCulloch's, which had been
abandoned, he thought unwisely. Not
more than one-half of the banks would sur
vive a resumption of specie payments. II
anybody would frame resolution which
would stop speculation in gold for ninety
days it would as quickly rs anything else
pave the way for resumption. There had
not been time within tWenty-tiN years in
business in New York when there was 80
little feeling Of prosperity. Notwithstanding
the show of reserve in the banks, sudden
demand for ten millions would smash them.
The Government ought to go straight for
ward to the establishment of an honest cur
rency.
Nj. Taylor, of st. Paul, in an able speech,
advocated scheme proposed in memorial
to Congress from the st. Paul Chamber of
Commerce.
This memorial represents that the coun-
try is suffering from the evils Of an ire
deemlble currency; that more than half
the amount in circulation consists OF United
States notes payable on demand; that the
obligations to meet those notes in gold and
silver was, il possible, increased by the act
of making them lega-tcnder that mea-
sures to restore the gold standard in all
transactions of the Government are pract-
cable, and can be so framed as to relieve the
commerce and industry Of the country from
a financial crisis. The memorialists there
fore ask
Il. That Government provide at the earl
lest practicable moment for the payment
by the Treasury Of the United States notes
in specie or its equivalent.
80. That in addition to coin in his pos
session the Secretary of the Treasury be
authorized and required to support specie
payments by the sale or hypothecation Of a
special gold loan, payable, with interest, at
four per cent, the proceeds of which shall
be exclusively pledged and applied to the
redemption Of United States notes.
So That provision be made for the reissue
of 500, O00, 900 of greenbacks in exchange
for that amount Of bonds CT the United
States.
a. That the circulation Of all bank
notes less than ten dollars be withdrawn
as. That simultaneously with the re-
sumption by the Treasury of the United
States, the national banks Snould De re-
quired to pay their notes in specie or United
States notes.
&c. That, subject to the foregoing and
such other conditions as Congress may pre-,
scribe, the national banking system should
be free"
General Thomas, of philadelphia, thought
that as specie payments could not at pre-
sent be resumed, the only thing for the
Government to do was to give the world
every reason to believe the debt would be
honestly paid.
Mr.. Wetherill, of Philadelphia, wished it
understood that if the New York banks
could be thrown into panic by sudden
demand for ten millions of dollars, the little
Philadelphia BANKS could not, and he
thought it high time The m9hey-centre OF
the country should lie changed.
The hour of adjournment having arrived,
the Board adjourned until 10 o'clock this
morning, when the consideration Of the
currency question will be resumed.