The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-11-28
co,,+or sner-,o, O. tne Currency.

Senator Sheraa.. on tie Currency
Senator SIBERIAN, OF OHIO, Is yer! ao'e
statesman, and he is chairman OF lhe WIN
ri,tec ou Finauce in the United states Sen
ute. Therefore, there Is 10 man WHOSE
views upon ibis subject ore more Important
thaa bis. BE hss just been interviewed,
and frankly expressed his opinions.
From these opinions, as stated by the IN
reviewer, We gather tina. the senator is tue
advocate Of the very much enlightened shec-
res of the present day. lie is with BAGEuoT
;..;ucr than ADAM SMITH and BIS disciples.
lie lays down these .uconsroverlib!e truths:
oT!c great enterprises of modern times
cou,,i not hc conducted except by Just such
credits IS are furnished by banks ana bans
CTS. IN this way only c.in money he made
10 ci.cuG,c rapidly enough 10 conduct Inc
enormous bu-iccss Of u commercial or Ta-
dug people. You can prevent panics only
Nv Destroying the credit system and resort
Tug 10 barter. ibis would be fetrograde
sep ~ civilization. You might as we'll dis
couiiuue the Use Of locomotives and steam
uHyiucs bccanse they blow up occasionally.
pIyics will occur whether gold or paper
more destructive Win Our ln!!cXlb!c Soia
standard tban with paper money. lie pre-
sent panic is dl>tiagui>naO'c from former
panics chiefly in tie fact that orE PArER
MyEAy BI&AIAS GOOD"
lie continued thus:
lone branch Of the r'pcrmoney problem
has been solved, and that Is lis absolute
saie.y. We haretwo branches yet TO soiye-
one 20 make the paper money rs Koou a.
cC!i, and the other 10 MAKE provision Tor
II enlargement OF thc currency IL case OF
lan!c OF increased Business. don't
kuow better way 10 make tie notes US
good as gold than 10 redeem eIch as arc
c4Itrcd il gold, if We have L; ana II we DO
ut have it, theu to redeem them with Tie
next tes: thing-a bond OF the United States,
..ko 10 rc!- ain q; Par with god. luis
EUiU value OF our paper money bcioS Sc
cured, wc cIu readily have al increase OF ii
n4uu necessary hy authorizing The payment
OF .rccnaackS, par tor par, Tor any out
.ilEuiy- bead, Of the Cplieu States. The
disposition 10 hoard gItcnJacks would DC
t.. eckcd Us ne Knowledge that they could
=. lug VI aDy time il exchange for bonds"
Sir. SuEENAs. said the late panic Vas
caused by extended credits, mainly in the
f,,,, ~ ,lo,,nS;,c ,yith horl,S ri bI X
.r.u ,hae. do,nsi,c consisting NOT only Of
,nn.oy nnt or a, forms of cro0,,s such az
a,o,.c c,,d c.,,,;,..,c 1har.. oere
~ r-,,',s, doh,s NJ Larvs omonn,in, ,o
nsov.,,,I Zines 90 n,rcn * 81, m, gold and
n,n.r ,,,,,s,, re .hr c.,,:,,ry " sors the sena.
toc. PR n mi, he cxcxels the lust cs,l.
na;a, These dcoo,,s ale considered. we
haIiayo hv ,ha ln-t authorities. TO double the
,,no,n, NJ ,ho is,,,r.rotns and rreeulack. Of
;Lc Country. Bu, that is quite suGiclcn: 10
sustain the argument Of the scuatOr; for it
il u.auites,iy Impossible Tor the cus,odiaus
10 iac Tie utposit;- that il 81 sorts OF sccu.
rites glc put Into their Lauds-in money
HhoH the paric aries, under which men ale
made 70 board money. I'VE hNvc,' said the
h>AA:cr, ',VVV,VoO OF laiincis. Ii eacH one
holes Oh to &c ii causes paIalys This,
be declared. was precisely the panic we nave
,,,,,o-,,c I, 81 ,t.. f,,., oT rouor, nros-.ar;tv
''.AI'' N'' - Wv ',~~ " 7t".," - ,a,
WIN !(!e'au 'f%"@ IL Ca. H''i' WIZ '''se
c-GI'5 Il staples that we've IN unG&uai deinauu
...lf Il