The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-10-18
R,cnuoxp. VA, October Is, 1873.

Hon. Secretary Of the Treasury;
Dear Sir,-Thc impending clash thfeateneo
BIZ the operations of boarding coin on the me-
morablc " Black Friday was aycrtcd by the
nromn, action of your predecessor in throw
inc upon the market millions Of gold. III
price of gold declined, and the panic was
arrested. Now, the same crisis is threatened
bv the operations Of a ring. who have
withdrawn currency from the banks, assisted
nv the fears of innocent men, who have IN
the panic made a run upon savings ano
other banks, and other recipients of deposits
This currency consists Of about F13o,0o0,.
000-a sum not adequate for the incrcasco
population and for the enlarged commerce ano
productions of this great country, now tnat
prices are enhanced more than double, esti'
mated not by currency, but Specie
yalues-aS, for instance, the cotton crop
And this insufficient supply Is amin,
i,hed by the operations Of ring. ana oi
tjmid men who have withdrawn and 'ocKeu
up the currency. Anact of Congress passed
at the last session provides for this case ID
allowing the issue OF forty-four millions re-
serve notes Of additional currency by your
Department. BY doing this at once, and IN
the aggregate the evil viii be arrested anu
money will be provided to move the specie
valued productions of the country,
the cotton and shipstufis Of the South,
the tobacco OF the Middle States, ana
the grain and provisions OF the Norm
and West. These will bring specie values
in Europe, there being 81 unusual demand
for them in foreign countries. This cur
rcncy can he issued by the purchase OF GOV
ernment bonds. and at the same time pay
rscn;, also, of corresponding amount OF
gold from the Tre1sury-say 10,OOO,000. III
done simultaneously, IA inordinate rise III
gold will 5c prevented. Then the crops OF
the country will he moved, and the money
receipts oi these crops will come forward TO
add 10 the currency in the country ana arrest
the further evils OF this panic Otherwise
The panic Will continue, the shipments IRON
this country will DC stopped as cl1ec'ua'iy d.
br hostile blockade, for no cotton-phitel
viii send forward his cotton to be sacrliicec
when he knows that its European value j
50 much higher than the price in American
ports. In other ways, this DlocHade ptil,s
etrcctually preserved. the strange spcctaci'
will be presented OF Il country fiiancialiy
ruined at the very moment that ne'ialo
| croans under tie weight of immense crops
| that cannot be moved to markets where they
are 80 much needed.
lhe South Las had the experience of
blockade during The late war, and the world
| in our financial embarrassment, saw the eflec
OF blockade upon the Frances and the cur
rcncv Of the South al the moment when The
south WAS full OF products that commanded
specie abroad. Tate care that such an cfrc
| be not produced by htS artificial biochode n
destroying the currency and dcPreTat"3 M
| J0qRs Of The Government.
You have Il duty TO the whole country t
perform, and will rise above the obtrldet
advice of interested capitalists, whose for
tunes are to he made upon the ruin Of th'
country; above the obvious suggestions o
those spawned brokers reduced to bank
| ruptcy by their dealings in valuclcss fancy
stocks and bonds, and who now seek at leas
conplacency to themselves by involving IL
common wreck all that is good and SOUND
in the land: and also above the threats and
opportunities of so-calIcd politicians who
are struggling to maintain themselves il
ephemeral positions regardless of their coun
try's veal.
The Government has assumed to regulate
the currency OF the coustry. Let it do it
duty by supplying an amount adequate tt
the country'S wants.
Very respectfully, --t