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

\
TIVE necessities two great neccssi'icS-in
the currency and business of life are: ~
l>t That the holder Of the bdnk-note OF
circulation shall be secured.
Cd. That the deposition Of money shall DC
secured
Governments have slways justly ielt casieo
u,,on frs, of all 20 attempt 10 secure the
notc-hoidcr, and have uniformly i'll BANK
charters rendered The banks assets first liza
bile 10 the note.holder. This was to fu'ht
the Obligation incurred by the Government -
ir granting tho privilege Of making ana isSu-
Ing rape: money--to protect the Pun"o
AGAINST failure to redeem the same, ana also
10 give the paper money the highest credit
for the good Of commerce. This safeguard
WAS no. always sufficient, however; for In
times p.st millions Of paper issued under
law were never redeemed. and were thus
lost to the public.
A, las, however, tie Federal Govern
mont, under the necessities Of war, has
given The country paper currency which Is
uudoub,td, and which circu!ates every
where. so the note-nolder has now that ln'
portant security which was always SO de.
sirablc. but not until now perfected.
The deposition IS still unpTotccted. Against
banks ht has oaly the remedy As second-class
creditor, that merchants or others bave
against one another. Aud yet it Is oil the
liz, Importance that he should be protected.
The moment he il alarmed h. demands his
money. and no depository OF money Yet de-
yi-cd car stand Up against his demand ioi
pgompt p-ymen: uader The alarm. - tie
safety Of property. the steadncsS and pros
;c.itv ci industry, the very life OF commerc".
ana .he peace Of society DEFEND upon the se.
ci,:;;y Of sAc d.7ositor. The amount o: De-
POSTS n Tic country largely exceed, thc
whole amount OF currency III the country.
IL Virginia ,hc n;;ion,.l ranAs have II
,aui'a! c. %&,535 ,000, while the indiTjdHa!
cv;,..,t- il tAci3, exclusive Of stat" &&G
Lgurlu. dv posts, amount = 2G.VCS, 22-j..V.
And !. ulI,t Ii remembered that their maxi
1aum circulation is ten per cent. less tEtn
tjcir clpitll. This exhibit is certainly not
rad,r the average. 50 tha, SIC may assume
Tia, :hc deposits are more than twice rs
great - inc amouut Of the currency III The
Country.
We may sec at once how great disaster
m;l>l AL upon the country the moment The
ucpu>tors are alarmed aid seek to withdraw
thiir money.
Now, then, If il be possible to Scclre The
ocposi,o--to make him sure Of the prcser-
.itior Of his gains in busincss-we see what
= gTr,: peril we avoid, and what great
l.lc.>iu: We gain. We protect the whole
country. AID every maD, woman, and child
IN il, from liability TO the evils Of panics and
the shrinkagc in values which ruin thou
sands Of honest people without any reason.
able cause.
There seems to be new light thrown
upon the subject by the recent propositions
thai we have noticed, aud there is reason to
hope that we may yet have the security for
the dcpoStoT which is Indispensable for the
security Of commerce, and the security Of all
iroilc and institutions, including the banks
tiicli>tiNtS. lDsIIhs always iiOSt
when there il peaceful ant reasonably
profitable course Of commerce and industry.
When they are making immense profits,
cwin: 70 an irregular and speculative cond-
ton OF things, they may look forward to Il
...yul~on--neHr at hand-in which they
must suffer. Ear better is steady and
u2al!,r stat" OF commerce for them. The
iNeidir4tr swelling ana cur;aiiing of dis
coUnt> uron the chanSc!ul basis Of deposits,
o. borrowed, money are sure ID inj,Nc both
tie iai.,:s and the community.
Til" security OF tic d2pooitor, will check
ire uAr!'t, aud protect banks and people
aiE. :ioIn Tic !un OF 81 panic.
!.~ ~ horc t"at this second @re,t tnan-
rial !,"c"--ity l3ay &c soon accomplished.