The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-10-28
m,,a rraaeri,.k.hure Herald says:
The Norfolk Yirginidn says:
[uere followed our article.]
The Currency.

the slow and difficult exchange OF common
ties-the old semi.sarage custom OF barter.
Bv The employment Of representative OF
value that is light, portable. and current III
wide districts Of country mea sell "hefe
they can get the best prices, and buy where
they can buy chespcst what they want ior
their own consumption. Neither buyer nor
seller is compelled to hunt for the man woo
Inns what he wants aud who wants what he
has. The first step made by society was 10
employ the precious metals as representa-
lives Of value: but they were too scarce, 100
troublesome TO move, too much in peril, and
TOO stimulating to crime, to answer the pur-
roses of rapid commerce and transactions
of great amount.
Then came paper money, based on the
precious metals and occasionally on puolic
securities. But this paper money was often
liable to discredit and doubt, so that its en-
poyment was attended with disadvantages
but, nevertheless, with the aid of the paper
medium OF exchange, society was enabl-d
to carry on commerce with so much greater
facility than was ever the case without it
that it was in the aggregate one OF the
greatest blessings to mar, ard became one
of the concomitants of civilization itself.
But the interest Of society required that
this paper money should be so secured, if
possible, as to be safe and command coEf.
dence and credit everywhere. With the
gold basis it was found that it was not safe
from dstrusl; that 4 currency 50 secured
was not protected from the disastrous effects
Of pan:c. 1t was found that even the pre-
cols metals vibrated in value and trust, and
that their employment was no protection
against speculation, monetary revulsions,
destruction OF confidence, slrinkASe OF
values, and general ruin.
The civil war Of this country led TO the
issue Of currency based upon our public
debt, and we all agree that it is the best we
ever had.
The trouble with it is that it wants the
attributes of contraction and expansion as
trade and enterprise, increasing or dilnn'
ishing, may require. This point divided the
last Congress, and was decided by General
GRANTS power against the people.
The scheme which has been urged for
several years upon Congress of making the
national currency convertible into United
States bonds and cice rcrsa ut the will of
the tolder promised to promote this object
of contraction and expansion of currency
according t. the wants of commerce.
This practical and promising scheme fell
before the unwse crusade of the disciples OF
MAaMoS ofthe big cities, especially ofthose of
that section Of gradsriDds New England.
The generous and powerful West takes up
the cause of the people, and, CALAMITY de.
Tending our present currency, fayors tie
ipterconvertlbility scheme which E,vors the
wants of tie people through their commerce.
The recent political revolution there is
caused III part by the indignant resentment
excited by the vicious acts and theories OF
the moncy-dealcrs' rings and robbers Of the
East. And so will this indignation con-
tinue to rise and spread against the rich few
who are eSsaying to heap up their gains at
the expense of the many, and especially of
the producing classes.
Recently move has been gotten up in be-
half of "legal-tender notes" or "green'
bucks" and the interccnyertibIily national
bond bearing an interest Of 3.G5-100. This
movement is under the auspices of the "Na-
tional Currency League" Whether the o.
ject of excluding nationalbank paper and
making the whole currency Of glecnbackS
can be carried out we very much doubt.
But the "interconyertih!lity scheme is
sound and practical, and We trust it will
triumph. II certainly should.
We have, as We said, the best currency we
have ever bad. If it is made no better by
the substitution for it of the "grcenback )"
currency it is good enough. The intercon-
yertbility bond would be great auxiliary
in the means for regulating the amount OF
currency.
Let the people stand by their currency,
and by no means let the money-changers at.
flict the country with THEIR peculiar schemes
for enriching themselves and impoVerlShing
the land,