The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-11-26
4nEhIa;o~l 9ispztca.
FRIDAY NOVEMBER 90, 1869.



,bn country, are advocating the adoption
by Congress Of measures looking to IN earl!
resumption of specie payments, we nave II"
fears that that body can be induced 10 oo
ANYTHING that viii have tendency TO as
tnrh the present business arrangements OF
the country. Indeed, If the gentlemen VINO
,re 50 clamorous for speedy return 10
specle payments were clothed with fuil
power to do whatever might be neceSsar!
70 the accomplishment Of that object.
thnv would soon find themselves NJ
their wits end. Whether the contrac-
lion OF the volume o. the currency "o'.lo
bove tho desired effect might soon DC uc-
-or-n;re3. for, rs we have heretofore sala'
Tho o,oonut of specie in the hands OF inc
Secretary of the Treasury Is 50 large 'ha'
ne might, If he chose, ut once commence ~
,csccm the c,reenbacks, and continue 10 a."
80 without any apprehension that thc!
wonId he returned upon his hands laslcI
,ban he could take them up. The announce
,yeni that the greenbacks were to DC re-
lcomed would at once withdraw every one
Of them from circulation. and leave 10 INV
country no currency except the irredccma-
mo Issues of the national banks. And thus
,,.c .houli have the amount Of the circ'ia-
ting medium contracted by the "hof
urnount OF greenbacks now out. specie
docs not now circulate, and OF course WIZ
NAT so LONG rs there is Il difference between
;,s vo,ue and that of paper. Greenback>
would be governed by the same law. lh'
moment they were made redeemaDlc, aio
therefore OF equal value with specie. thcy
also would disappear. They Wouio De
boarded as specie is now boarded. we com
mend this simple and casiiy-icsted cNpcf'-
m4nt 10 the attention Of the advocates %
contraction. Before the war the bank,
could, and did As rule, redeem all OF
,h2;r own notes which were presented lol
redemption. although they Kept on haho
only one dollar in specie for every three o.
four dollars Of their own issues. me pup
lie had confidence in the ability Of the banks
:, redeem their issues. and, having no
real use for specie, seldom troubled
them by demanding it. The pubic no"
has the same sort Of confidence III the ahlHtl
of the Government to redeem the green
hacks. and has no more use Tor specie IMAM
i, then had. Specie is heavy, inconVcnlch
- handle. entirely unnecessary III moS'
business transactions, and really needed by
roono. The Government has on hand more
than one dollar in specie for every four dol
lars Of greenbackS in circulation. A"t'
then, is the difficulty: Why do not the ao-
yocatcs Of contraction propose this remedy:
because they cannot but see that the reliFe-
Yrcnt Of every grccnback now in circulation
would not enable the banks to redeem t.e"
notes. THUS il appears clear that The con-
traction Of the volume Of the currency ny
three hundred millions Of dollars would no.
bring about resumption OF specie pay
ucuts.
This theory that contraction Il neccSsar!
to resumption is based upon the false no'ton
that it requires 4 hundred millions OF DOL
l.rs in specie to redeem 4 hundred mllion'
Of dollars in paper, or, what is but Viila-
ton Of the same notion, that 1t requ'r IS
liked proportion Of specie rs compared WIFI
rarer. Yet what this proportion is, neither
1.r. HoAR. nor Dir. SUMNER, nor any other
man, can tell Us. This notion is Oh piece
with that other false notion that the pubic
debt can never be paid III specie, or II
equivalent, because Whilst the public dcbl
amounts TO some twenty-five hundred mil
lions OF dollars, there is not half that much
specie in the country. Yet Mr.. SUMNER l.
ready to dcuounce as traitor any man we
proposes to pay oil our debt with anything
else than specie. If, however, his theory IL
regard TO what is necessary to the resump-
ten Of specie payments be the true one, the
other and kindred theory is also true. Il
some one will demonstrate to q certainty
what proportion of specie is necessary &c
enable the Government and the banks tt
redeem their outstanding notes, we shall;
know exactly what we have to do.
Suppose, however, we admit that contrac'
ton viii produce resumption: How snail we
contract the volume Of the currency 1t l.
conceded on all hands that the West and the
South have not currency enough now and
when last winter it was proposed in Con-
yIc~S 10 equalize the circulation by with
drawing from the North and the East part
al that which they have, and transferring
ii 10 those sections which have not their
Just proportion of ii, the New York and
New England members strcnuousiy OBJ
ioctctl. VIII these members he more liberal
next winter: VIII they consent to sur
reHdera portion Of the bank notes now held
by them that these may he turned over to
The South and the West? OF course
this would be necessary, since the
notes are all in effect endorsed by the
National Government, and the amount
Of them Is limited. But If the cur
rcncy is to be contracted the favored
sections must not only turn over part OF
their present currency to the other sections,
hut they must also surrender so much OF it
IN addition as must be withdrawn from cir
cuIation in order 10 enable the banks TO
resume specie payments. Will this be done:
Never. Will the southern and western
members Of Congress agree to "contract"
that beggarly portion Of the currency which
their States now have? Certainly not. TO
do 50 would be to bankrupt their constitu-
emts. Think Of Virginia congressman
voting to reduce the amount of currency
llOH III thiS IlilS' uC lICti
is absurd. We thus reach the conclusion
that there is no sort Of probability that Mr..
SUMNER, or Mr.. MAYNARD. or Mr.. HoAR,
can induce Congress to take up with their
ideas on the question Of resumption.
We do not know whence General GRANT
gets his ideas as to the best method Of bring
ing abouta resumption of specie payments /;
but if they are what they are represented
10 be by the Washington correspondent of