The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-18
srccio Observation-Disclosures of Few
Work. Finnncicrs.
From tic New York Ti,nca.


The head Of widcly-knoWn financial
house, dealing heavily in Government secu-
rites, thought the bill embodied several good
features, but was opposed IN toto TO tnmper-
Ing with the currency by means Of legisla-
ton. The laws Of supply and demand regl.-
late financial matters in the same way that
they govern the question OF labor. 1t would
be futile, he thought, to attempt to bring
about return 10 specie payments by law
making. Ii the country was not ready for
such q measure it you'd not tie permanent.
We would be obliged to return to the old or
der Of things, and loss WOULD cnsilc. As he
expressed it, there would be i general break
down. He thought it bct!crand more II the
credit Of the country that the paper currency
should approximate to the value Of gold BY
natural causes, as it has been doing for the
past year. rather than tic result should lie
reached by Il forced effort, which would not
tc lasting in its effects. 4 year ago gold was
up to between twenty and thirty; now il
Was down to eight and nine. The constantly
Increasing wealth of the country. the devcl-
opncnt of its resources, and Tie growing
confidence in the ability and trnstworthiness
of the Government, WAS slowly but surely
bringing its paper nearer and nearcr to the
value of gold. II the mater WAS lei to its
IVY IL lliC Jesuit Hbtitlt SnUll
reached WithoU, >trui:!ing and without dan-
ger.
Another pr"itincnC banker thought we
were doing well cnough, and il was useless
to attempt 10 make thing, ally better than
they are. Last year Congress dill nothing in
the way Of t;iurCTn. with lhc'cu!rcncy, ant,
the state oi affair lad steadily Improved, and
he argued from This liz. il hey would do
the same this y,::r the improvement would
continue. lie also was Oh tie opinion that
the matter W.,s un,cr Tie c1Gtlo! OF natural
laws, and siiOi.!.: be lett 10 their action.
Another gentleman, the lt,td of the firm,
when interrog%tti npoM The subject, said he
supposed tiiat il Congress were TO pass bill
| directing TINT there should te high tide at
| s o'clock in New York la!ior, high tide
| would be the result, thereby conveying the
opinion that no legislative ar!jon could affect
| the matter, for Inc laws governing the state
OF financial affairs would take their course i'll
spite Of ANYTHING. : number Of bankers
! had called upon BIN during Tie day express
inc tncir disapprobation Of IL" bin, and Won
dcring who the men were jim; had endorsed
the scheme. lie Thought ii very oblccti0na-
bic beth in its Textures and IN The Influence
! il would have. There YVES 40 possibility, III
said, Of the bill passing.
The president OF orc Of TIC l2G;linr banks
strongly condemned The hill. a@i called ii a.
most hi ini4,tol's measure. In lis opinion
| specie l,aviCnis were sill T.ry t"r OIL, anal
the attempt to force them ui'oH Tie country
al present would hc productive ii tisc most
disastrous results. lie SAID lat II The Till
should pass he would advise c,cty reader OF
The lIHcs to SET his house IN uIdcr, call in
his debts. and prepare 10 pa on; about i!Ali
hi property. >ucl, a lnca>Hro would dis
! arrange everything. make i striii& cent money
market, lc pr@.A'.tiY" q 10 GOOD; Lat OF Il
! vast amount Of cli!.