The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-31
The Currency Question.

The Currency 2SuesIlon.
The organs OF the millionaires, stock spec
ula,crs. aud gold gamblers Of New York are
quite viglant in watching the opinions OF
the neople-iu denouncing what they choose
70 cal! ipflationists," and praising TO tue
skies all who favor hard msney.
The Tribune, Times, and World. OF ne"
York, arc all hard-mopey papers. The 17'-
5une. drifting away altogether from .he
prac,ica! and sensible currency views OF Inc
late Mr.. GREELEY. bss placed itself upon the
ubars moneys platform. the exact naturc
Of which we cannot understand. The 1smes
has made a sort of concession to the inter-
conyeribility scheme, whose real author we
do not know. although the late Mr.. GREE
LEY was one Of its principal advocates. Ihat
scheme, if worked out according to its de-
sign. would prove to be very near the great
desideraium in u paper currency. That
most enlightened financial economist OF the
ace. Mr.. BAGEHoT, Of London, urged with
GREAT force and clearness that paper-mopey
system, 70 answer the purposes OF It's cstao-
lishment. must have the capacity of elasticity
in order that it may be prudently expanded
If times OF excitement to till up The gap
caused by panic and the consequent Wild
drawai of large amount OF the paper repre-
scnl;ur the values of the country. tie
saws that craftsmanship must provide Tor
the vacuum that must be occasioned al
such time in the currency OF the
country, or a sErinkage in the faiuc
of property. for the want OF means To buy
i. m,,s, occur hich will be disastrous. This
i wisdom. The opposite theory pressed on
the county by the gold gamblers and large
bolders OF money is that at such time OF
excitement there must be curtallment Oh
circulation TO force the country back to spP.
c.e ,aymest>. This the Tribune. World, and
Times favor. This is what Mr.. BAGEHoT,
with wisdom and humanity in his soul,
would avoid Us disastrous to the country.
GRssIEY wanted TO avoid this by the ln-
terconyertib,lity scheme: the issue of M
tional bonds bearing 3 Gj per cent, pur-
cha>eatle by anybody for currency, and
reconYcrtible into currency at the will oil the
holder. This was scheme full of good
practical sense. Congress did not favor 1t.
We think it would have operated well and
answered the want Mr.. BAGEHoT pointed
out-thc necessity of relieving the country
when under the distressing disease OF
p3nic by more fcod, more stimulus, until the
uatipnt was past the critical moment and the
chance cf recovery propitiouS by a marked
change in his condition. At that time the
proposed curtaillncnt of the charatanS was
certain death.
Here, then, is the point, and the organs Of
the >ordid mouey-kinss would destroy the
country by cuItailment. They look at pub
lie sentiment with anxiety. They look at
the Ohio Democracy in favor OF infation";
at tie Michigan Republicans, "who have
little 10 say; at the Missouri Democrats.
who are irhationists," like their brothers
OF Indiana and Ohio; at the Missouri Dem.
o,rats, who are disposed TO help the dis
honest inflalioasts at Pennsylvania
Democrats aud New Jersey Republicans,
who are sui ordnatcd to Philadelphia and
New IoIk. and against what they persist in
calling "iutlatioDists"; ut Illinois Demo-
ciats not much against irfltlopiSls, &c.
Well, do the money Gradgriuds extract
much comfort from what they see: We do
not understand how they c5n. 1t is impOs-
siblc 10 unite any party on the currency
question. The "GraGgrinds" of the east
eIn cities are eager to enhance the value OF
their money, and without turning wheel
10 put ten PER cent. in their pockets! The
country wants relief. Intelligent statesmen
sec that it is no time to curtail the paper me-
dum. BAGEHoT has put forth the true prin-
ciple, and the great body of the country
takes position upon his true theory.
No party at this time can fix up the tnan-
ciaI .rt siion. he public necessity demands
gentle treatment and I: prudent enlargement
Q; means. The moacy-!cpdcrs want con-
s'riclion and grinding and ruiGous c,ntail-
merit. The "Gradgrnds" and their or
cans will be beaten. The next triumph will
be that of the liberals in money and every
thing else