The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-10-18
\ Remedy for the Troubles

----~--~-----
\ Remedy for the IroUHes. ..
-. author OF the following open letter to
e....,,..ry R,rr,pnsox j. u man who has often
,',,-,,..,r;>,.J =, bov;,, :, :. lcyrl head y
l>..,.., ~ 49,. l,,.,,
" nv" '"i. "c''''" 'i"'''''i' " o"' y" "
&. 10 QGc.ti"ns discussed IN THIS letter. but
= :. l..ii.,tcd to advance .lcm under exist
,,,,, ,o,., ,.o,,,on,oa o,,r-
- -''' "'I>''''|.'' "N0 D''
- -, "i;h quoting from distinguished MAN
ca and political economists. In giving
nj. 70 The letter We will cndcayor to FORT
=. 49,. ,.-o,,p5 o,,unicd Ly lis author by 4
r,a,, nr p.cyuor v,i,or who
iN".''i''' 'i'''' -'
h. r"com" famous inc "ortd over. IL VII.
EsuzEo- had written his book since the COM
,,g,... .,ran. Of The recent financial troubles,
,,,,.l;, :, th;s ,.ou,,.,. no co,.Id
AZ" .l"" i'"'''" II - ,",' ">
n":n.y nave 50 "oloeu IL - ~ H''Ae It's
l<4:t!incs more applicable than they arc TO
s.,.- condition. We avail ourselves of the
\, y,,.,. 7,.,y,oc.s clear statements of Mr.
.,,,a,.;a. ,,uo,,,i,;,,, ho,,o,.o. ,,,,t
hASEHoI ''ieo''eS' II en''9''5' "0"''''' 'n''
tl">. theories seem raIher 70 DC the results
~ gr.,.al cyporiencc than simply Of the pro-
,,ol;,;oo- ooonom;,,I st,d;os.
s''''' -
l. n" efli daS Shollio suodehiv come,
ana financial circles are struck WIN panic,
Nj. Ra-chot undertakes 10 snow mat Tree
G;-rGr>cmcnt Is the best pohcy. \ pane,
L. afiirm>, IS Il species oi neul'isla, ana nc
c'."inc u Tue iuies ol science uit,sU hot NC
>;"-N"N. ne hoioer> ei tnc casn reserve
m"'! L. Gcaus no. onis 10 weep IL tol Lhclr
own i:anilitles, pus ~ "u ,r, !. .itcl! lol
10 iA'4H'Ne" , u.n. ~. 't ,to ~
49, nan '''i" .I."O liza "n ,,arias. - ' 49,,
Gu. - 80. ,,,",, t,Tho hos.t ,,.a". ~
OF '''!'"r ''ian:s 'c,;,,,nn - ""y ~
!7'N'H: t't ori ;,a''. h;'.l ~ 49,,
I' !.''' ' ,;. 80" '|on,, '.:S I,;,d 1''n ~
y ''!'" ~ ,,,, ntI ,,o ~,
'%%": cYhN q >'t,oli: ~. ~ ne'iuleu peUl.o 'as
;JncI "tont. onil'n a. soou a. ne useu
10 -: hl: 10. plo",. ,oo, i,.y" Enn IN 1n,,
q y, H. ~, ~ aro,.s This tioatino snsn;c;on
~ nc :F'h" Sfoms, .n', ,S"., IL. l ,,,a
GO ~ Eioio i",ei,., "n. n".'' ..
"'H"E. II a.,aoss ,tiu,o i an ma,, , nf o
me- '.F'!s". .nan q. 49,, .ronoth .n u,sn
sF't'H.'' ','' 49,. ~ - 1u'a,
StI''> IL wv c.ias III So a,, irIox. onn.
bo:toM A?!'o, .',,h =, co,,,,o,; ,.ir,,n,.
no. ''' 80 ,,,n',,a not barn of,arnd e,r
Ia 't 1rtbs marrh,,t i . reo,1l.r
W.. w 10 h,,,s doc. not ike to refuse
!. m,.v he said IA me in want Of
o,,d - may attract the manic 70 itself.
n'''n % ;.nr 1sn3 was stonncd Inv the }be-
~ i'''. ~, tLo PAM ot Enoland W.
~. r"". so,s ono IF its officer.
-. ~ nIs.;bjr means, and in modes never
'.i,,,.,i .sf,r,. we took in stock Oh sccuri- |
,w 49,. purchased Excheql,er ,bilIs: we
~ ~, ,ayanreS on Eycheoucr bills; we not |
on'y discounted outright, but we made adj |
,%r,.., on the deposit OF bills Of exchange to
nv immense amount; in short, by every
,,o,,jhl, means consistent with the :tety OF
In. hank and we were not on some occa-
Kan. ny,r MIC, Seeing the dreadful state
:, .ich thr nublic were. we rendered every
-, ,.;.t'.rrc in orr power,' This treatment |
rro ,nrn6 ,hn desired effect. After day or !
u.s., t' entire manic subsidized, and the city |
,ya> mite calm,
VIC nrohlcm of managing unic, Mr.
,.,..,ho. ~ costs. must not be Thought of * |
ma;,!y banking problem. 1t is primarily |
n,rrcan;iIs one. All merchants are under
ii,hj)tie-: ,hcv have notes which will soon
l;yl due and they can only pay them bv |
di>coun,jn. the paper Of lgher merchants. |
In other words, ali merchants arc dependent |
on Zorro wing money, and large merchants |
are d.rpnd,nt on borrowing much money. |
~. ne SLIGHTEST symntnm of rs,;,. NAN,
80 -. HAM,, r,nt 20 Lorrow more than nlnaI
- ~. h,nr.rs crafty Them thev mn"t
laval, l.uG ,rhcn thcv least ike i :. r. thav
' ~, n|: .sr.1.if.,. fIrn t6crc i :, n,n,
~ ''''
~ hr>' -!slse lhefe seems here 10 oe
GFtN, ih'"hs.s'en'S nSt' you establish |
reserve II! 'ouc oaEh. lou MAKE OF IL |
hulu o4 uEiuAtc lIc,teulS III Which Llc last |
Sil!'hS y! '.'c COUNT! - hcft' lou theh |
tie la.t clearinghouse, by which immense |
advances a:c 10 be made when no one else |
lends. Ihs' seems IKE aging, hrst, that tie |
reserve should DC Kept, and then that it !
should ,st be kept. But there is no puzzle |
in the matter. lAe ultimate bankingreserve
OF Il country l. not Kept Tor show but for |
certain t.S,.ntipl p,Irnoses Zinc =, these