The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-08
A BAD ard q Sound Currency

= the curroncr uf Il country becomes VIII.
&:ct,, The people - matte: OF course hccvlne
somewhat indifferent Il to what sor: OF paper
-n.y take in payment o; dc3;S or tor Whit
:ncv sell. When the States chartered banks
when ther number ran up 10 many huu-
,!.eJs. al! issuing paper moncy-whcn the
ylsictv Of notes was cndlcS>-pcoplc became
confused and vcXcd. and alon" with the abi-
tx Ia say which was best they lost AL care
and consideration upon the subject; almost
my sort Of promise 10 pay was taken III
!-aLc. almost anyhody could utter bits OF
amor in tie form and profession of bank
E3!c..
I: was under Ibis condition Of thugs that
an having no claim to credit, and hardly
a.y % rcspcctahility in social life, sent out
TO tie channels of business and trade Mc'r
.-on,;sss 10 puy. Was there ever anything
:1cre prcpostcrou>: And yet thousands OF
cen live who can bear testimony TO the fact
.fa. this thing mas b,"n.
VIC adduce the fact 10 show the nGi>puta-
bic character of TIE financial system OF those
limcS. No man can impugn the high charac-
20 OF many banks of those days, which held
.ncr authority in the net Of Il state Lcgsla-
are. which conferred upon Them ;hc right
. ;.r.nl money and to circulate il. We
should place amongst the institutions with
81. stain and without rcrroacil the banks
Incorporated by the Legislature Of Virginia.
Eat the exceptions prove the rule. The
and was rife with fraudulent larks. They
,v.rc Known is wildcat" banks; and il
ga> III those days that the phrase shinpla>-
.ar" originated The phrase vas applied
. Tie lower denominations Of notes in cir
a..il'ioE, which, both hv their depreciation
I'D their dirty appearance, were reduced to
.1c low consideration that is awarded to Il
s.>t-3fI dressing Of a running sore on the
sh:n-bone. 1t was not only Il stron" phrase,
1G; il was. alas ! too often altogether true.
Now. we say that the system under which
nc PAPER currency aoat in this country
w.s Tor a long time manufactured and III
;n.yi must have been bad when such notes
IS those we speak OF were passed from hand |
. hand.
Now lei Us recur to the present system OF
carer money. It is based OH tie debt OF the |
wnoic milton, and cannot dcprcciatc until the |
..a;:on itself fails to pay and when that hap |
.vus. why, the credit of the paper money |
.fott wilt be one Of the smallest OF all mat
!"rs Of concern.
Wha. private concern of bankers since the |
existence Of the present currency has dared |
20 utter il own promises 10 pay in the form |
9, oanh-noteS: Suppose one were to do |
e. how would its promises be received: |
They would be universally rejected. Their |
G::;ercrs would have to hide from the public
Indignation they would draw down ucou |
themselves.
The fact is conclusive: As long as we
Fave the present currency We do not think |
dare to put forth notes bearing their promise |
20 pay.
This is a point to which public attention |
1cay hc directed with cdiicaton. In the |
days when the States chartered their own
,ranks-when we had so many varieties OF
.ank-notes of such widely different value
there was general confusion with regard to
paper currency. There was an immense
sacrifice In the process Of " collecting" those
promises to pay. Thousands Of men were
supported and enriched in the occupation Of
collecting banknoteS and returning them to
The places were they were made and issued.
An immense tax was thus imposed upon
commerce, and endless trouble given to ira
vel!ers, who had to apply to tue brokers oil
every town to help them on to the next.
None Of these grievances are suffered I'M
Ger the present currency, which is receifa-
bic every where. The merchant, the travel
Fer, and the producer have no question con.
terning the paper money to perplcX their
transactions and their movements. And a
great blessing which it confers upon the ma
lion is that it puts an end to all wildcat"
banks and to all the issues Of private banks
Ind bankers.
This is choice blessing-onc we cannot
oyer-estimate and that we may well feel
grateful for.
IT
The New York Erening Post becomes
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