The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-11-19
General Toombs and the Currency.

General ROBERT TooMBs is one Of the most
independent and outspokcn of public men
H has ability, but he lacks Judgment. HI
employs much Of his time in "cusSiny :
over lost opportunities and at present ire
mcdiatic wrongs. He has recently made 4
speech-hc will speak, and we like him moi
the less for it. yet what good does it do
lie has recently made speech, a, we say
III addition to his hundreds of speeches
III which he devoted n considerable part o
liz time t. the currency.
He denounced the present currency and
banking system as rotten and full Of evil. In
this he INDUCED rather his preiudces than /
dl>lrtSsiona'c exercise of good Judgment. Ii
declared that IN the banking system and prl
yicgcs Of the country Government officials
"havc il in their power TO manipulate the
"currcncy as often rs the speculative i'm
"pul>cs Of their base hearts may prompt
",hcm to conSpire with the pluudering
moncy-changcrs of the land in creating
"1i0ancial panics for the purpose Of involv-
eng all in one common disaster that they
may build up colossal fortunes upon the
ruins of commerce and the misfortuncs of
1.-THE people"
II would be fair to move for a division of
the question. First. Let us have the mere
Question OF The currency. That is the best
We have ever had, and it is no wise con-
Hccted with politics or parties. II iSa paper
circulation based upon national credit. The
Government gives ninety dollars of paper
currency for every hundred dollars Of Gov
ernmcnt bonds that are deposited with it, and
the bonds remain rs Il security for the notes
80 issued. The people have entire faith in
the currency so issued, aud it is everywhere
received ut par, and affords unprecedented
facility in the transaction of business of all
descriptions.
Second. There is the question of the "ma-
liquidation of the currency" for speculative
purposes. Mr.. TooMBs himself confcsScs
that this manipulation is conducted by "the
plundcring m0nev.changers OF the land"
He makes the' officials" their colleagues i'm
>ascaiity. But we cannot see how. What
ever may be charged to these not very much
admired persons, who arc always, under the
best administrations, liable to criticism and
suspicion, they are, from no Evidence We have
seen, chargcabe with the CORNERS " of the
unprlncipled gamblers in money. 1t is this
very evil Of the present system that the adj
mlmsilrtion itself is now endeayoring to
remedy. And we trust their effort will be
Successful. The interconvertibility scheme
VIII 20 far to correct the evil.
Certainly We have the best currency VIC
ever had. 1t must be made elastic, and de-
posltor$, rs corollary of the control now
exercised by the Government over the cur
rcncy, should he better secured against in
sOyency and iaithlessness.
We do not see in Mr.. TooMBs's invective
on the currency anything Of practical good
sense. He proposes no remedy for evil.
which he lays at the wrong door, and sug-
geSts no way TO check the wrongdoers-
the plundering money-changers." Mr.
TooMES is ina "cussing" humor, and it is no
wonderful but would he not better now
begin the work Of improving rather than
railing at things?