The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-22
S1nc;e PAYMENTS.

The Boston Board Of Trade (Wc helicFe
this is the name Of til" body discussed -hF'
s,,vyyg's uIan for bringing about iolcear'-
sumption Of specie payments IoE io''s
tir,-3erAap, for more than moiiti---:'ii"
finally passed. Il few days ago, Il resolution
arproyiG. it. There were many "pie !HN
in.,.nio,,s speeches delivered upon the SUD
;.rt and moi 4 few iut"rcStn; "talk5.' The
business men Of the Hub have no reason 10
l,c ashamed Of the reports OF tier fc;h:'EA>
wi,,ri have appeared in the papers. we
think TIA. the majority finally arrived al
,yron,, conclusion. but we cannot deny that
tlc, fave ,,rrScntcl Il fpr'ntdanl@ array OF
rIau>i!,!e rcu4ou> for the iAiih t'mi Is intuen.
4, WE nave .".i occ. >ioi! to 81 heretofore, we
have No faith in the ability OF The Govern
mrnt TO compel return to specie payments.
';nat IS to be an C1rct following natura!
causes. Il will not come at the bidding ei
CONGRESS. Il is true that Congress might
adopt measures which would retard the re-
st.l, which now seems to lie gradually coming
into view, But il does not follow that Con-
yrcss c!n reverse the process. any more t!&th
Il baker can make -four out Of bread. The
m.!n who jumps II the CONCLUSION tla'
water contracts in freezing because j
expands when heated would not DC
more mistaken than are those Gnan-
civrs Who suppose that because tie cur
rcncy can pc deprecated by expansion 1t can
he made IS good rs gold by contraction.
There are other factors 70 lie considered.
The Confederate Congress tried this eXpcr!-
,nnnt once, but the result was precisely the
r.yc.se' ot the one that h'd been expected.
l. required onc-,lird more Of the contracted
currency to buy gold dollar than it had Ic-
ouircd Of the expanded currency. There
i not too much currency III the country, we
suppose. II there is not, 50 much cmbar-
r,s:ment would follow reduction OF TN,
amount, that business would be dcraligcu
al once. \ panic might not cnsuc; for We
,ldo not believe that panics ever take place
whenth banks are net rcdccminS their note
in specie; but failures would occur. The
channels OF trade would be INSTRUCTED. The
demand for currency would increase. The
country would seek 4 substitute for the cur
SION would follow. The upshot would be
TINT gold, which in this country is peculiarly
sensitive, would 80 up instead Of down, anu
the day for the resumption Of specie pay
mcnts would be indefinitely postponed.
We arc pleased to know that Congress i
not likely to pass Mr.. SUMMERS bill. Tina
body, taking counsel Of some such tinanch
uuack as he is, passed n few years ago 4 law
regulating the sales of gold in Wall street
New FORK. We do not rccs,la at this momen
the precise features of the law !; but we know
that it was passed because the price Of golt
was supposed to be kept up by spectators
and Congress thought the law would hav'
the effect of bringing down its price. y
ny rate the result was directly the reverse
of what had been calculated upon, and tht
same Congress made haste to repeal its owl
unwisc law. Mr.. Boutwell, was inclined Il
side with Mr.. SUMNER last December, but W,
understand that he has somewhat modified
his views. We take it, he lGls been con
WINGED that he was then wrong. Unless h,
urges action on the part of Congress, tina
body will surely not pass any law To con
tract the currency. Indeed, we doubt whe
ther all his influence, great as it is. wouli
induce even the Republican members iron
the South and the West to vote for such
law. Those two sections know that there i
not too much currency. Altogether, tn
prospect is good for determination in Con
grcss to let the resumption of specie pay
ments be brought about by the natural law
which govern such matters. We are doing
well. Let us not initiate the man who's
tombstone contained this inscription 60.
was well; would be better; took medicine
and here am"