The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-11-08

rapidly r
In proceeding 10 comment upon the con.-
sequences that hay, flowed from refusing 20
allow the people currency enough 10 make
the daily exchange, of society-amongth
tho enhancing of the rate Of interest and re-
ducing the demand for labor, and increasing
the value and purchasing power OF every
dollar boarded by capitalists-hc adds that
for the want Of The issue Of national bonds
payable, principal and interest. in lawful
money, bearing low rate Of interest (con-
vertibility bondS). but 4 rate equal to that paid
by banks on current deposits, we have " En-
"sl.Avnp ENTERPRISE TO rsURY, and intcn>l'
fled speculation by compelling merchants,
manufacturers. aud mechanics y to submit
to sacrifices of their most reliable securities
to escape the rates of interest " demanded oy
"b0nkcrs ,rhosc capital is borrowed at tor
"ratcs and consists chiefly Of corporate dad
"indiridual balances deposited ON cdH.'
This is unqse>tionab|g true.
To this indictment against the source of
loans under the non-clastic system OF curren-
cy Judge KELLY adds:
Aud while we were denying industry
and productive enterprise sufficient lawful
money with which to make current pay
mcnts. the average dG'ly clearing OF .ChecRS
in The New York clearinghouse for the year
nndnr October /. 1872. The latest report to
which I have access. amounted to no les
than slO5, 9G4.277. This is tAc process by
which the currency is inilltcd. Here Is
where rxnan.ion and contraction are ELECTED
when either will best suit the purposes Of
men like Fisk, Drew, Gould, Vanderbilt,
and tGcir kind. whose moral code would
sta.t!c most inmates Of pcni.cntiarics.
,,,.., ,,,r, ,Jaa u,,t . ,,n,n-
y p'i''"'V l''' >" ' 81. o'"1
Der Of Congress has hoiuiy proci''ie" '"'
uamcs Of tie Ificn who merit iclon'S cell,
| ,;,d v,no have dom. more 80 ,isi. distress
49,. ,.,o,;~,,, ,,coo,c ;f,,, .jltbr (e;ous
"''' ,:'...;<.. ar .,;. oo,,ntr,
how III III, '"' ''''.' ,,roa,
Jnl&c NELLY '''U' "'>c!'''9 Wv '>>'''' -
our ~ stem Ct cGrrcGcy:
..r... no+ior,, ..crcnn|,cks - they
va ,'''' .',.a go" ;cs, c,,rrrnry wc haze
"tc - ,,,I;o,.o ,ro 49, ooad :, c,>-
e'ci '''", """' - ' ,,.;u o,.c, dov;se
t. H., ~ 'nr WV ,',r,n tht. sv,tem Is
iI"', ,n" :, ', ,'.,,,t. nl,st;city ri,hc Inv
no' 'i'I1; :. 49, ;.,i,};.Ind c,nIroccs onr al.
n;o' "I 'a,al nroyi.ion. thnt Which limits the
l.to9' '"',i ,,,, ,,J,,, .,,v circumstance.
Ir is>ucd. The SINE vice tauls the national
hank lt,y, It wa, borrowed from Sir Robert
Peers law OF lSil fer Tic regulation OF lhc
BANK % Enslu. na' Gu. 49, t,, te .h noo
rs W,.i,,J ,,o,, ~. s,,snnn[lcd nv the Gov
ernmrnt. and this provision of the English
law was not meant 10 DC lnneHlDie. lnueed,
| 1t had not been on tue STATUTE poohs 'ntec
years when, IN lS4i, 1t was suspended by IN
| order in council, and has since Teen twice
| suspended. And hazard nothing In afhrm-
Ing that the ultimate basis OF the British
| crcdt-syStcm IS not gold or faleh IN the non
est or JudlciouS management OIL the Dank,
but is found in the knowledge that the Gov
ernmcnt will, under any circumstances ana
at any time, avert the commission OF the lact
of bankruptcy by the bank, 10y ordering 1t
to violate the restraints provided by law,
and issue notes enough to relieve not only
itself, but all who may offer good securities.
The last exercise Of this power was in 1866,
and the next Will, II 10 NOT SFaVeiy mis-
take me Slgfs OF the tiihcS, "ceut III ti'iie "
shed hight upon the uuly OF congress III Tue
preS,nt emergency Thi, is the process by
l',:, p-.I,a .;ro, oi.si;o;tv ~ I,a- our-
"hich EhS'aiiu s'cS :'''',e'ty w p'i .u
rcncy ana avcrtS or mtlgatcS 1uanClat GIL
Sis"
And here the Judge brings in his remedy
u.;. ,nn,h roo.,o5 s.roscrvcs, forc.--hr
..., ,.,. Goa u,o r,,,,,r,.
s'S '''' 'oi '.l' it'>I"'' "''' 'ot '"e ''.,''S
em3ofraSsmeni> Of the country inc'hou
by which their recurrence may pe prevent
..,.,,
,,,' ,'t' U = ~ lsnrn,;-' ',1
~ l'i, ~ ~ ;, -, =, ~ 1S,,
an" '''"n', ~ FAX ~ ~" w ~, w.
'',C' '"T ',i,',,d,. ,",ns n<,,,;,'.Ion, i,
,h.i. ,' ~ n,t ,ny.nr - tJ,n.[. oC tha nank or
l,,nI,nG r,h;rh n,,. hn I,roro,bt into rirs,,.
iai;,,n IN cy,r,ordi,,.rv occasions and re-
t,,rY"d Whom thr.e ors,sions nave DISsn5.
II,;: !. r,gcn,i,l - 4hn sir,dioc.s ana Iir, If
id,.inrs<. Nor j, TIE necessity for s,Ich ire.
sew. i,cr,,i,,. 10 cou1trir, Whose currency
i, IN ,,a,t mr. IN whole Of n.nar Ih;s !.
shown b the crisis il HAMBURG md thc en-.
I1rr,,.,,nnt of fine Bank of Uam,nrr wl.rh
fine currpncy was nurrly s,atalic i:;c,rdn
~.
s"::
oh eAtIav. " "a. o an a ds, , as
OF bosses Ing himself or Inc precious metals Is the
most convenient mode of Iealizins or eonctaling
Die nGrprrE ngan I sue" '''cS oAS nave 10
.rho ,;rSt a u'G', n,in orostion for Concrcss
20 Vii i, ,r', ;,dIrn,nnt n si,n
70 oo aEI WIN, ~ r.errn If nonav
MA mv < anab,e ,ne n , 70 command # when
ut e,'v d .nv t thn Of ~. cssn
ia .nen ,uo g., ' NJ, ~ 80, ~ .uo
!equl.e ltS use: hs isi'S ~ 'nis ques:ion
Is tlia' we eau "nu s.'oulu w ''' anu III sucu
q manner as 10 Ieuuce lIie atelase rate VI III,
tere>'' 10 rccaii IRON ''plo"o auu tA'lhSuEnl