The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-17
The National Finances.

The National Finances. t"
II we arc not altogether mistaken the
Congress, SO fresh from the people, VIII not,
FRY Secretary RueHARusoSs qaacSer! % Al
tempting relief by imposing new 'o''"e"S
upon the people.
The nholc difficulty at this time is tue
currency famine. That could be rcl'eVco .!
,,oncr,ss 10 week. Let that body resort
70 the only wise practice at such time. Let
them feed the patient, not deplete him. iha'
is the policy Of one Of the wisest men Of inc
day upon the subject of finance. Mr.. bAGE-
NOT saws that when ina panic The business o'
,ac country is stopped for the want oil mcans
q c.,,ry it on moro mor"y must De issued
pnbiic confidence must be restored by re-
viyai of business. In other words, the pa
ficnt mus; be resuscitatcd br generous food
and prudent stimulation.
70 talk Of increased taxes and Of clrtaii-
ing the paper medium at such time IS mad-
ness. Tao patient must Git under such
practice. We are not surprised that Sccrc-
ta.v RIcuARpsoS should recommend surh
tt,acx treatment. The mau that hoped 70
engineer resumption Of specie payments pE
pavinc five dollars in silver on cach chcch
naid bv the Government is capable OF any
folly in lpancc. IIc would do big business
kcepius store at crossroads, selling Of
yius, needles, and Barlo" knives.
Wo trust that Congress will concur ID ~
s,,r,, narrow aud impraCticablc views. lie
vast trade Of this country cannot Win JUS
.,cs 10 the patton be brought down TO rest
,l1on monetary system based upon gold
basis which is good enough as long as no.
body wants gold; but the moment that al
alarm causes an inordinate demand TOR II, II
is ~ longer OF practice! Use as basis OF d
l4r,r medium. But the condition OF things
excludes the possibility at this time of br'uS'
ine the circulation TO gold basis without
The most serious and disastrous consequences
to the people aud the Government. " hat
ever, therefore, may he the true financial
policy of the nation under other circ'im-
stances, il is impossible now to adopt with
p:olpp,ness any measure looking to an early
resumption Of specie payments.
The true policy now is to let out more OF
that excellent currency, In which the people
o!thc country have SO much confidence that
they are cberishing it and clinging to it Is
Though il were gold Does not this simple
fac, tell our national lawmakers what to dol
General GRANT expressed MS fesrs the other
tily that any measure that might require the
national banks to increase their reserves OF
gold might embarrass the Government by re-
duciu. the amount Of gold in the country sc
much that it would bc difficult to fud enough
for the merchants to p3y the duties on I'LL
ports. But if we have representative u
value which the people think as good rs
gold, why trouble ourselves AZ al! Oh the sub
ect: We have only 10 supply commerce
with little more Of that in order TO relax
The pressure. rcinspire confidence, and induce
the neople who now hoard paper money t.
deposit it, or, rather, return it to tue circula
ton Of the country. This would start al
commerce, all enterprise again inlo active
operation, and relieve both the people and
the Government.
WHY cannot this be done? Why cannot
Congress give lis labors periodically to the
good Of the country, and forgetting the naiser'
ale personal ambitions which 80 wickcdly
yey aud impair the value of their delbcra.
lions, promptly pass a measure that will enti-
Tie them to the gratitude Of the country. and
that " III cause the whole land to be bright
again with the coutcnt and JOY that spring
from occupation and well.rewarded in-
ri;,rtrN