The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-10

1t certainly ought to be done. TO say that
IL is expensive to obey the Constitution is 10
present an argument that shouldnot be con-
sidercd. Yet we never have been able to
see that it need cost the State any, more for
the Legislature to meet in December than IN
January.
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For our own part, we do not think we
shall be likely 10 have imitation from IDS
Congress, and we trust that this is the very
last Congress from which it can ever pe
feared Ne,c York Times. =,
What is imitation: In the financial "ol'u
II has generally been understood 10 mean Tue
putting afloat of a larger amount OF paper;
money than is necessary for legitimate b'l;'-l
Moss or LARGER amount of such paper than
can have firm basis.
Tried by this definition. Is there a sum
clcnt supply of paper money now atloat IN,
the country, and may it not be considerably
increased without being looked uponas an
inflated currency: eggs .,. /
Is 1t settled that the amount in circulation
is sufficiently Who has the right to decide
that question :; or how is it to be. decldedf
We take it that the state Of the business
of the country is the only guide in This mai
ter. That is dreadfully DISTRACTED, and
simply on the ground that there is not
enough money atloat to conduct the ordi-
nary industry and enterprises of the nation.
There is no danger of what is called 81 in
fation" as long as the conduits through
which paper money gets into circulation are
well guarded. Our currency now is Ma
tional Government paper, based on the
credit of the Government. That currency
can only get into the hands of the people by
Il deposit with the Government of Govern
meut obligations equal in value to the notes
that are put in circulation. Therefore every
dollar in circulation is based upon real wealth
1t is not printed by an individual or cor.
poration that may be considered dollar
richer and the people a dollar poorer for
every dollar that is issued; but 1t is repre-
sentative Of the debt Of the Government,
for which the nation is bound, and TO OBJ
tain which the citizen has put in the Gov
erumeut's vaults the Government obliSa-
tions TO pay the same. That dollar so issued
is rs reliable and solid as it is possible for
any promise to pay on this earth to be. 1t
commands the universal confidence Of the
whole country, and will answer all the pur-
poses OF trade and intercourse amongst the
people from one end Of the Union to the
other.
Now, we think it is miSapplication Of
language to style the issuing Of paper money
in this manner "anfatiom." We cannot we'll
see how that sort of money can get out TO an
amount in excess of the wants Of trade, or
in excess of the po,cer gf the nation to re.
DEEM ii.
1t may serve the purpose Of the stock
iobbcrs in New York TO indulge freely III
the slang about Imitation" While they sup
press .al distinction as to the character OF
our present currency and that which -four
ished when the term "intlatiOn was 50
common and 50 just. But we trust that
Congress and the people will not allow
themselves to be deluded by it. 1t is The
mercSt financial slang.
We all know that New York wants to
keep the nation in all matters Of finance un-
der its thumb. 1t would like TO abSorb all
the slack of money at two periods Of the
year whcrcwith TO shave railway and other
corporations; and it would like to have
the continued power to establish "corners
and make the whole Union tributary to
the selfish schemes Of the stock obbers
and money.spec,llators for gain and opu
lencc. SO they are dreadfully afraid Of
first, any measure that may take up the
slack of the currency in the rural districts
and keep it away from New York, and,
second, of elasticity in the currency which
may expand it in proportion to the demands
of trade, and thus Illustrate the schemes Of
unprincipled capitalists to establish "cor.
ncrs," whereby they may profit upon the
diStresses of society.
If Congress will adopt measures to accom-
pish the important object Of regulating the
currency by its absorption when in excess,
aud its expansion when scarce, the country
will he safe from tue tcrrorS and terrible
effects Of future panics.
Let it be remembered that there is great
difference between expansion and imitation.
The expansion" of the present currency
through the ouly conduit by which it can
reach the public could only take place to the
extent of the absolute wants of business.
" Initiation" supposes the Injection Of an
excessive amount of currency into the chan
nels of trade-cXcessiye because in excess OF
the wants of the trade, and vicious because
of not being based upon solid foundation.
Like forcing more gas into balloon than it
had the power to hold, it would end in
"blow-up." I......
Weneed not fear too much currency under
the present system. It cannot he issued save
upon the solid foundation of wealth. 1t
cannot exceed the security for its redemp-
ton, and that makes it safe.
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