The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-05-24
Mr. noutwell's Cod Sales

The policy pursued by DIR. BourwELh, OF
so1,;nc C;ovcrncmnt gold for Government
hords ;s one which should have been pur-
sncd over since the war. Some object to it
that it will produce stringency IN the
money market. We cannot see how. ON
the contrary, it ought to promote ease and
stcadincss in finance.
The boarding Of from $50 ,O0o,Oo0 to Sloo,-
600, 600 In gold in Government Golfers has
been the most absurd and improvident po-
licv that could be imagined. The Govern
mcnt was losing interest when the burthcn
of taxation upon the people was such as to
make it more important than ever that in
terest should be saved and economy prevail
in every way.
When the Secretary Of the Treasury eX-
changes the gold for public debt ne does not
diminish the circulation, but he diminishes
interest to be paid by Government, and abb
solutelv increases the resources OF trade.
Besides, he inaugurates, ut 4 time most OPP
perfume, the process of reduction OF the
public outstanding debt. which has become
medium of gambling, whose dcmorallzlng
influence is in proportion to its bulk. AS 1t
is diminished will the opportunities ana
agencies of the gamblers be proportionally
cut off, At the same time, gold is liberated,
and takes the proper place assigned it by
the regular course of commerce.
In short, there is no diminution of credit
or of capital amongst the peoplc-no dimi-
mutton, indeed, of circulation-but the
! bonds of the Government are substituted
/ by gold, which, as basis Of credit and cir
cuIation, is quite equal TO Government
| securities.
! The true view Of the matter is that the
capitalist is, to the extent of the bonds re-
tired, obliged to invest in something else,
and that something else will be in the direc-
ton of promoting the general welfare, i'll
manufacturing or public improvements of
some sort, eXcrting much better influence
for the good of man than if it were invested
in Government securities.
Mr.. boutwell, began by letting out mil
lion a week of gold, taking in that amount,
with the addition of the gold premium in
bonds. He has JUST enlarged the operation
to two millions per week; which is all the
better.
When the Government withdraws from
the till of the capitalist the interest-bearing
bonds, which he can hoard, and gives him
in lieu the misunderstanding gold, which
he will not hoard. it absolutely increases the
means for commerce and ordinary enter
prise, and gives stimulus to the ordinary pur-
suits of men.
The process must reduce gradually the
premium on gold, and bring us towards the
resumption Of specie payments, which will
put 4 sharp check upon the infamous stock
gambling and insane rage for speculation of
these times, that are doing more than any
other cause to depr;Ne public morals and
afflict society. ..s
The increase of gold in the market will
diminish the means of speculation in the
public burthens, and the temptation to dis
tllrb the equilibrium Of finance by every
sort Of sensational rumor for raising or inn
pairing the public confidence. Nothing
could have better effect; and the only re-
greet is that the means in the Treasury are
not larger, that this wise policy might be
made more efficient. But the beauty of it
is that by it the means Of the Government
will increase in geometricul progression. 1t
should be heartily approved by the the coun-
try, and the Secretary should he sustained
in his course,