The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-10-14
Allspatth,
..OCToBER IA. 1s7s.
rro,+ Ont for Free Banking.

Grant Out iOT Z rec boinAAAS'
When we stated last week that the Ne"
YORK Times was ont in favor OF iree p'""s
it occurred to Us that General GRANT was
nrohablv tho man whose views had sus-
ccs:cd the article i'll the Times. Ills ""sh'
ipc;on ORGAN removes all doubt upon Ihe
subject. Yesterdays Rcpubhcd" gives re-
por; Of a conversation between the fIes''
6cn, and a reporter. which discloscs the
f,rc,cr's financial opinions III full. These
are important not ~ coming from "ehei''
Gs.x7. bu, "a coming from the president
If the United States, and a. indicating W'at
the official action Of the Administration Is
likely to he in the present monetary '''S'S'
The President pointed out a contrast De-
tw,en the Inst and former .panics. Inc 'as'
ba,rered in a time of prosperity. our en-
,or,s since the fiscal year commenced have
exceeded our imports. our paper money IS
-, GOOD that people hoard it. lie sees sign
OF sp,cic payments coming near. IL false
,~o,bct. "a to this.l he really believed the
focc, vas going to be beneficial IN many
,,avs "a the country at large, though tue
rot 20 some individuals deserving OF a oct-
ter A.c may be severe.
..>rcturn 10 a specie bssiS can never be
rCtt,,d except by II shrlnkaSc oil vaiucs.
Tins ALWAYS works hard 10 i large class OF
r,,nr.c. who keep all they are worth III mar
lin. This shriukigc has now taken place.
Disasters 10 individuals have already over.
-,lrn them, and il is to be sincerely hoped
We advantage nay bc retained in order to
r.,,, = solid iinlncial basis. Already the
Iu,r,Ecr has appreciated to about par with
silver. TIE wonder is that silver Is not now
pDu..in@ uGl.
This talk Is ali stuff. But what he tells Us
tc ,-Gi ia i important. Hear him:
=" ave thought much upon this subject,
1rl were now engaged in writing my
au.l,' message to Congress | should recon-
,u,ra r4.i,ive authority to reissue the forty
t,:T millions of irgal-tendcr reserve Il Tree
iaiIfg law, with the same protection to bill
ha!dr,> - nuw II repeal OF the clause re-
Iuirirg Il reserve for the protection OF de'
yr~!t,r-: Il percentage OF the other reserve
;u.e in ."id. and that increased in 4 regular
ratio uliit the whole reserve would be III
,n,J, his could bc solely effected by re-
Clii..IG- SIGH iDSjlttt6'ii' " '''o Wv
whole or : largo percentage OF the gold
interest paid 10 banks OH their bonds
hid Is the Treasurer OF the Unite
~r,I,, ;o- tie protection of bili-ilolders.'
III. President further said that he favored
an a ,>oim,c prohibition 10 The payment OF
interest On deposits. He did not contend
that he wouIu be right in these
da,:on>. hut they embodied the views which
his unIidcd reflections mad brought to him.
There was no question but TINT much de-
liberalization and injurious speculation and
-ain cling Was caused by the accumulation of
>l,i1ai in large centres during a portion OF
tie wear, when money is not required for the
moving of products, by the payment OF III.
tcrcst 0~ndeposits. This leads country bank
crS, merchants, and others to deposit in city
banks. principally in New York, to make
this money earn something during the pc
Rod when they do not wish TO use ii. Banks
paving interest on deposits cannot afford to
noId The money idle hence gambling in fancy
stocks, millions of which, as an investment,
would not support a family even in the most
economical manner; the building Of rail-
roads that are not wanted, and which cannot
for years pay running expenses, NC. "Such
gambling and speculation" continued the
President, L" trust has received a blow from
which it will never recover"
In conclusion, the President said that I'M
less his mind should undergo a change he
would recommend a post-ofice bank. This
would give US an institution, in which every
body would have great confidence, within
the reach Of every one who can approach a
moncy.order post.otice. He should recon-
mend the payment of four per cent. to de-
posters, and the conversion of deposits
either into outstanding United States bonds
or into new four and q half per cent. bonds,
and the taking up of a corresponding amount
OF those outstanding.