The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-07-25
The tsOSd Question.

TO the Editors Of the Boston Odtty -a"ref'
tser:
Although an entire stranger to you, the
writer infcrs from observations III the DdtJ
Advertiser, quoted In the New York ECe''hJ
Erpress of the 10th instant, disposition &c
deal canddly with the gold question. You
CHIN to have seen long since the dangers be
tween 'fhe market price OF gold and the rea
depreciation of our currency" and point out
the result of our present fnancml system III
having an admitted balance of fifty millions
against us this year of imports over exports,
aud 8 general "adversc balance Of two hun.
{lred millions per year." The Adoertise'
proceeds to show the danger arising from the
sales of gold by the Treasury, leaving in il
so small an amount to meet 50 many and
such large contingencies. But, like Other
Japers, which continually expose the injl-
1ious working Of our financial policy, the
Advertiser avoids presenting the remedy.
All OF the evils incurred, all the dangers
threatened, are clearly, demonstrably, TIC
result Of the Treasury and Of The banks sell
ing gold.
i. 1t is clear that if the gold of the banks
and Treasury had been retained, we should
now have on hand 400 to 600 millions, which
should certainly be better preSerTativc
against the depreciation of the currency
than the small sum how in the Treasury and
the banks.
9. The retaining the gold by the banks
and the Treasury, by raising the market
price Of gold, would have diminished inl'
ports.
3. The retention of gold by the banks and
Treasury, causing a rise i'll the market price
of gold, would have rendered our commodi-
ties cheaper and more profitable remit
,,fc n hnz.n f,nt1
quently increased.
A. The high price of gold caused by this
retention would have curtailcd the list Of
visitors to Europe.
5. With our fixed volume of paper cur
rency the advance OF decline in the price Of
gold Is not a criterion of its depreciation OF
appreciation. The simple fact that rise in
the price of gold, an apparent depreciation
of the currency runs PARE pdSsu with its
actual appreciation; that Is to say, while
the fund for the redemption Of the currency
is augmenting, the price of gold would indi'
cate steady continuous depreciation, and
this apparent depreciation would be greatest
at the Yery moment when the fund for re-
demptton should have reached its maximum
sum possibly double the entire currency.
6. We owe large current or floating debt
to the foreigner. 1t is clear beyond all Qucs
ton that the foreigner can Get home this bah
ance only in two ways-by purchase OF gold
or commodities. II, therefore, the price OF
gold be advanced by the banks and Treasury
holding theirs, remittances will be made b!
the foreigner in our commodities go long "a
they are cheaper than gold
In word, and to sum up IN an impregna
BILE statements The retention Of gold vii
augment our exports, stimulating and givin!
increased employment to our industry. I
will diminish our imports. 1t will diminis
the expenditures of our travellers abroad. l
will diminish our Indebtedness. 1t will ap
preciate our currency by accommodating il
the banks and Treasury gold to the ful
amount Of the currency.
We challenge the ingenuity of man to shoy
that the retention OF gold by the banks an,
by the Treasury can be otherwise than ad
rantageous to American productive industry
The so-miScaled free.traders may have
carte-blanche for revenue tariff, if the bank
and Treasury be made to retain their gol,
and the internal revenue be abolished.
~ WILLIAM PITT.