davidaulloa/AmericanStories huggingface dataset:
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10

FRANKLIN COAL.
Il will deliver this celebfa.ed COAL, direct from
vessels ut very low figures. these Wishing TO sup,
ply temsely es for the winter Sll please call and
leave their orders. o,rnn,
Jy1I corner Seventeenth and Dock streets.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
Zen Sadi's Quest.

AFTER GITTERMASSD
Ron SacI wandered many weary year,
From Youth 70 age. In search of Happiness:
In the Kings house d~elt l'riue anu Sho" auo
And i'm Ihr poor mans howell cannt Distress,
nd turning irnm he hOvcl and Inc throne,
VII, re should he wander! In what dlsta nj zone
The secret g., oGdrsS hnd? The oi.tcr pain
or disappointment ,Oured Ken Sadls mlhd,
Filled him with sul"n temper ano d,scaln,
A nd unlJclief In what he could not hno.
" II CHANGED, one day. he wandered through WOOD,
Dark ard foriidirg. like his own il-Inooo,
When suddenly between the tangled oouens,
He saw huari temple ages old,
Where clrth's trst children Went TO nay thcIr vows
Thick Ivy chung, In many sonbre toid,
Arounn It's coiu RUS and Its silent door.
Through which The winds had passed Tor centuries.
Ben Sadi rrod its damp, unechoing floor.
A nd, fearing wizard work, was Ill 1T ease;
Hut, lookiI x rriad Il liiiIe door lie Sp'ed
Standing haif Open st the farther Slde,
And just above HE door these ~ords were VIII
LerefuU no tears. here all are 6tesfi
Enter TO Happiness, ana rest.
With Joy he wept. though scarce believing It.
$40 bless hour" he cried, "thtt ends nay pain
ye weary, wandering years. not spent In vain
He pushed the ao0r; IL opened with all case,
And pCeriDg in, and seeing by degrees,
The temple still Its secret keeps,
And there. In neriect peace. Ben Sadt sleeps.
IS. S. C0nant, in HarperS Magyar tae for august.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10

NEW MOURNING GOODS.
BLACK GRENADINES, BOMBAZINRS,
TAMESE. MOHAIRS, ALPACAS,
BoMBAZISE CLOTHS, VILoUR DIE NICE,
AUSTRALIAN CREPES,
ENGLISH CREpES, GRAPE WILLS,
BLACK CAsnMEREs, CREPE DE ALMI,
BLACK DE LANES, sc &C.,
on hand and expected by
ana T. r. PRICE & co.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10

BUFFALO SPRINGS. MECkLENBURG
d COUNTY. YA.-RECENT DISCOVERY OF
AN ADDITIONAL SPRING, dccl 5edly tmpregna.
ted with the celebrated Salts Of Ltthia." These
Springs open for the reception Oh visitors Oh the
FIRST Of JUNE. 1874.
In most of the chronic forms or disease regarded
rs remedial by mineral waters these Springs enjo!
a deseryedly high reputation. .
In general adaptation and curative power In dis
eases of women, in dyspepsia In It's protcan forms
In chronic Intermittent tererS. and in all diseases
generated by nlalarial poisons, they are without
rival among the medicinal waters OF America. The
proprietor Is that this Is very strong claim
The public will Judge if 1t be sustained by the test
moniuls submitted.
Since the last Spring season several valuable
springs have beer discovered at this place. One oil
them, according to an analysis made 5S Professor
Tonry, of Baltimore, Is decidedly impregnaled with
the ''Sats OF Lithia," which has given such cele-
brity to the Gettysburg spring In our own country
and to the AK Ia Chappee and Vichy waters OF
the continent Of Europe, and which Is 30 highly
esteemed in the medical world remedy iu
youL, rheumatism. and in kidney and bladder atfec-
lions.
Professor George 3. Wood, OF the University OF
PENNSYLVANIA, says: "'rhcre Is PERHAPS no other
remedy from which equal efficacy may be expected
In the removal OF the deposits OF the urae OF soda
In the joints and ligameutous tissues In equity pa
TENTS and in preventing the deposits In the kid
neys aud urinary passages"
1t may be worthy OF note that this Is the only
Spring In Virginia IN which this salt is founc
otherwise Than the interest trace.
Pamphlets containing nAlysts. testimonials, &c,
can be had on application TO Messrs PURCELL,
LADD L CO., druggists or Mes:rs. WEST JOHN
SToN & Co., booksellers, Main street, Richmond
Va, or by addressing the undersigned al Boydton
Va Zap 24-d&w4ml THOMAS GOODE.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
BvJ. Thompson Brown,
Real Estate Agent and Au:tionecr'

Rv j. Thompson Brown,
Real Estate Agent and Auctionecr'
M. 1115 Main street, opposite Dispdfch ONCE
For RENT. ...,.. % o
pptcK HOUSE, seven rooms and kitchen, NO.
oils east Broad siresi. S3oo.
Ne" 't 40. lis west Cary. seven rooms.
No IA west Main, ten rooms
No. ass ", st Main eight o,m'.
West Main and Linden Streets 'e'en
NEARLY INV BRICK HOUSES:
No. 407 west Main. eight rooms cn.
Foushee and Clay streets SIX I"Gms street,
:, three rooms j. o5TrHToS: af 1Ge;'B brown.
NOR RENT, THE UPPER PART OF Oh
thcNEW BUILDING situa ed at the corner 81
If Eroad and Fifth streets viii be ready ior occu
nar cy about September 1st 1t Is one OF Inc i o
ccnyenien nc r aGrnssSa and Being
over The well known dry Soods esta9snniiIIt co. ~
Breeder & Fox, makes 1t esnecialiy . ,"r
i;obt hnsIpcss purposes. such as mliilnefS au'l
aEEss.Hakjng. Parties wishing rent for the above
nurnoSe win have the preference. and rent wiil DC
made mod Fate. Apply to 1873 Main Street
TOR RENT, that desirable BRICK Dr.:
l. DWELLING, No. 500, on the west siae n.l
or Fourth street, between Clay aud Leigh streets,
confirming five rooms. and brick kitchen with I'VE
rooms and stable--all in good order. POSSESSION
given in afew days ySM AEpsHS e Taylor SON,
au 7-3t Real Estate Agents and Auclioneers.
TOR RENT. that small, comfortabeM:as
BRICK DWELLING, Containing three ELL
rooms. and brick kitchen with two rooms, at tle
southeast corner OF Catharine and Gilmef sdcclS.
hi'''' JAMES NJ. TAYLOR & son,
nv 7-3t Real Estate Agents anu Auclloneers.
TOR RENT, BRICK DWELLING All;
II No 9O2 west Marshall street between Gil HI
mer and Shafer 81 reefs with basement TWO stores
and attic containing eight rooms. kitchen, &c
BRICK DWELLING, west Main street oct~een
Henry aud Bevdere streets, with three stories,
containing six ROOMS and kitchen with four
BkICk STORE with DWELLING above, on
Brook avenue near Baker street. fine business
Stan0. ,,.a
Jackson and Duval streets. containing SIX rooms,
Including Kitchen and servants room.
STUHr. and DWELLING on Main street be-
tween First and Foushee. ,,-,,,r ,.,
Handsome succeed BRICK DWELLING with
twelve or more TO ms. kitchen, stable. ana large
enclosure. on Broad street corner Twentieth:
desirable BUSINESS STAND ana w AXE,
HOUSE. on Cary street between Ih'rteehth ana
TWo-siory FRAME DWELLING on Twenty
seventh street between Leigh and NJ streets, Church
Hill. c,,
street between Williamsburg avenue ana Fniloh
Two-story FRAME DWELLING on State street
between Williamsburg avenue and Fulton streets
Apply to Rl1HAKDSOS ~ ~.
all Cat LILO MAI" ''iee''
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
an1TIo1 eALps-Tisis nay.
BY II. Mccormick, Auctioneer,
1914 Main street.

~ BY II. Bic Cormick, Austaoneefi
! 1914 Main street.
HENTEEL HOUSEHOLD FUsRNl-
VI TURE. &C., At AUCTION:-Qn MoNDhIs
9th issant. at O'clock VIII sell sI ny s.Srs
a uenteel assortment OF HOUSEhOLD rOnH'
/ handsome BLACK WALNUT CHAMBEksu ii'
/, set eP Fancy COTTAGE FURNITURE, COM
MARR if i.E-ToP WALNUT and MAHOGANY
BUREAUS:
CANE and WOOD-SEAT CHAIRS,
sOFAS. LOUNGES,
WARDRO
CHINA-PRES5.
CRIBS, MATTRESSES,
CROCKERY.
GLASS WARE. &C.,
together with lot OF miscellaneous artcles MOI ne
cessary to mention. Come and see
II. MCCORMICK, Auctioneer.
f Consrn1uents solicited Quick sales and prompt
returns H. hSS na,ionnar
au 10 L.uE.-0D 1--.--
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
STOVES, TTNwARE, de.

ANINERAL WATERS.
WHITE SULPHUR, Greenbrier;
GOCkeRIDGE ALUM,
HE. ALING SPRINGS,
.ALLEGHANY SPRINGS,
CAPoA SPRINGS.
ALSO,
waters from various springs. SARATOGA, New
York. and the genuine FR BIT
TER w AFTER. All recs.' we'd direct. For sale at
wholesale aud retail by
PURCELL. LADD q CO., Druggists,
my Agent Virgins Springs Waters.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
. E WIS III % t L l.

n
WEST POINT, VIRGINIA.
This popular summer Resort Is now open for the
reception of visitors Surrounded 10y delightful
GROVE, where the healthy and pleasant sea-breezc
can be enjoy ed both day and night, 1t offers advan
iagc as u SUMMER RETRFAT cqualled by but few
hotels and e1celled by none In Eastern Virginia.
OYSTERS, FISH, CRABS, and the other luxuries
peculiar to this section. are enjoyed here the year
round. Terms rs moderate as The Times will allow.
There is an ENCELLENT BAR lii connection
with the Hotel
Excursion parties can use the Dancing Platform
and Grounds free OF charge
WILLIAM T. RICH ARDS0N,
al 1-eo0ht ProprletOr.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
AUCrfeH sAIra.r-,,,,.,......I..

NEUTRALITY-SUSPICIOUS. H.. =
s(sOMPLETE LfTHOGRdpu =,
signed. eoymittee apDofnteh by lie NJ. snde1.
recisrs Of The Southern Litbosraphic east D.,
o6ef for sale privately the entire .Sonpes,,
for is puIehlse. 'ise pfopos@k
Tf not sold privately before TUEspAy g..
the same Will be offered Tor sale At pubi,c lfh
the cfdee OF the company, corner Of pIsssSesha q.
Cary streets, that day at O'Clock A. 81 'en'h isa
JESSE s, HUT,Hrso,.
PEYrOy Wfss.
VIC. CARRIS,Toy
Au oa C0Rm,hs
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
I1EW WOOD AND COAL YARD.

WOOD, COKE, AND COAL.-1 would
w respectfully inform my frients and the pub
lie generally that have taken the yard formerly oc-
cupied by hr. j. r. Burroushs, but more recently
by Messrs. Staples s Son' AND haTing purchased
at summer prices can afford 10 sell on rs good, Ii
not better. terms than can be had In the city.
ANTHRACITE COAL, nicely screened aud sold
by weight. Orders solicited and promptly filled.
Offices: Seventh and Main. and Broad near First.
ty 25-lm W. j. MCDOWELL.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
WOOD AND COAL.

A NTHRACITE, all sizes, the best;
n COKE Of most superior qualify;
T. K. CARRlNGTON.
au1O 1925 Cary street
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
FURNITURE.

TN ORDER TO MAKE ROOM FORA
Z FALL STOCK L si Il sell for thcDcIt thirty IL
DAYS 1T sIe atty reduced prices snG reason Gyai
able terms. aty present stock is ltsge and irIed,
consisting ofPAkLpk. CHAMBER, and DINING
ROOM fURklIURt- latvst styles, aa1d all Prices.
TkESSES, FEATHER BEDS, PILLOWS aAds
BOOSTERS. &c.
Uphostering alG repairing; caue eli Lies reseated.
Call aud see for Yourselves. Fnsnilun. carefully
packed for shipment. j. ID. G aTrWOUD,
$40 Broad street,
AL 6-3m between Tnird and Fourth.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10
anUass ARD MEDICINES.

D1ErET1css:. cAnour DIES ArApns-rrsn.n
LIEBIG'S FoDD FOE I:7FANTS-Engilsli.
LIEBiG'S FOOD FOR ISFANIS-Boston.
IACTEOCS FARINA-SwisS
PREPARED BARLEY-Lnglish.
PAPoMA. from Wheat.
bermuda ARROW ROOT,
PREPARED SCoTCu OAr MEAL, PEARL SAGo,
GRANULAR TAPIOCA, PhEPARED CORN STARCH
VALENTINES MEAT JUICE,
LIEBIG'S FXTRhCr NEAT,
PULyERIZED RAW BEEF,
PREPARED RICE FLOUR, AROMATIC LIQUID
PEPSINE, and ali valuable remedies for sale It
MEADE & BAKElt's Drug store.
jy4 9l9 Main street.
FLORIDA AGUE PILLS.
certain cure for CnILLs and FEVER, DUMB
CIIILLS and AGUE. without any Of the Injurious
effects of quinine, mercury. or arsenic.
Numerous testimonials of thcil spt clfc effect In
all cases of ChIIls and Fever, after quinine and
other remedies had completely failed, are in u c
hands of the proprietor.
cure is guaranteed in every case.
Price, 5Oc. box. Sent by mal free.
For sale by ROBERT LECKY, Proprietor, and
Messrs Bodtker Brothers. Berrian & Mcphail, aud
s. Z. Dove, Druggists, Richmond, Va.
jy 2s-eod1m
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10

A NDERSON & KING, DEALERS IN
IA WOOD AND COAL, Basin Bank, between
ishth and Ninth streets, Richmond, Va. Clover
m u and West Virginia Coal, all grades; Anthra-
cit., Coal. al grades, sold by weight; Soft Coke,
hail nd ln.ap. Oak and Plne Wood, long, sawed
Orders eft at King 6 Todd's, corner Broad and
'''' o. Co HI. r. ANDERSON,
ir1som JOHN j.. KING.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10

rHEEsE, Els II, BACON, FLOUR, AND
~ LIoUORS-H fly boxes prime CHEESE tcon-
200 S Sarns No. j North Carolina CUT HER
so barrels No. l Ma rth Carolina GROSS HER
100 barrels Nos. l, q, and MACKEREL new
20 hogsheadS CLEAt hlB-SlDEs, SHOUL-
DERS, and HAM,;
10 tons ROCK SALT Nv instant supply on haDdl
so packages OSBORNE, . JAVA ana RIO PRE-
PACED COFFEE, Tor which we are sole
agents for Virginia
80 boxes CANDLES;
25 barrels DEMEREkA Nj GLASSES;
200 boxes SOAP, all grades.
Also. Sugars, Teas, lob acco. Cigars, Snuff,
Soda, Flour, Buckets, TABS irvine, Paper, &c.
so barrels HANGER & oO,s and w. A. ABB
EEYS PURE AUGUSTA COUNTY WAL
Rye WHISKEI. for which we are agents.
full supply OF other LlQU ORS at 'noieSale only
= N29 ROGELS ; 'SSAN0E.
The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-10

GRupBs & WILLIAMS, Auctioneers.
Is l3-law3w&ta
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20

So, we believe, that banking institution.
national in its dignity, capital and controls
in its responsibilities, powers, and func.
tions in the representation, character and
intelligence of its managers; and in the
confidence of the government with which
1T should be endowed is becoming gfeat
public necessity, and a popular idea, not
only with the mercantile and financial
classes, but withthe whole population Of the
country.
But prompt, permanent and effective
relief, in some form, is indispensable The
present system taxes and depresses the
industrial interests Of the country too
severely. We need system of banking
and currency more uniformly and univer-
sally beneficial, more popular in its scope,
more catholic in its fostering aim. A twelve
per cent. system of finance will ruin any
country, sooner or later. 1t is sure to
paralyze the industries of the working mil
lion. 1t must inevitably impoverish and
crush the yeomanry Of the country. 1t
slowly and surely steals away the wealth
of the land from the many to the few.
Under its pernicious influence the two ex-
tremes of pampered opulence and homeless
poverty are daily recruiting their swelling
ranks, while the staunch middle classes
are steadily losing from their dwindling
numbers. The tendency Of the system is
in the two directions most to be depre-
cated-to splendor and squallor. Under a
government of free institutions this ten
dency ought to be arrested, and no future
GOLDSMITH should be able to pronounce
upon our land the splendid requiem:
we statesmen who survey,
| The rich mans lows increase. the Door decay,
IT'S yours to judge how wide the limits stand,
Between splendid and a happy land.
Hoards even beyond the miser's wish, abound,
And q rich men flock from all the world
| around.
| Yet count our gains. The man
| of wealth and pride,
Takes up space that many poor supplied;
Space for his lake, his parks extended bounds
Space for his horses equippage and hounds
While scourged by famine from the smiling
land,
The mournful peasant leads his humble band
And while he sinks without one arm TO save,
The country blooms, garden and grave.
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20
GENERAL ITEMS.

The Gothamites drink so little water
that the Hudson has had three freshets this
season.
u. S. Grant and Horace Greeley died
last week of infantile complaints in the
Children's Home, Of Montgomery county,
Ohio.
June LIST, if we may believe " Perley''
of the Boston Journal, will find Congress
adjourned and the country lonely and
unfortinit orphan.
The Chicago Times says: Sour peo-
pie are making ample preparations for the
Inevitable demands of the future. F" Have
they all repented?
Colonel Sweet, editor of the San
Antonio Texas Herald, recently received
two Indian scalps as a present from an ad-
mirer of his paper.
| Andrew j. Foley went from HART
ford, Conn, to Italy, and he has just re.
turned as Signor Foil. He is a singer, and
very naturally takes to himself airs.
Train writes, "My speech-making
days are over. These who have never heard
me never will" Alas, poor Ireland, poor
Cuba, poor United States, poor world +!
Alas! for the down-hill tendency Of
American youth. A single company at
Montpelier, Vermont, sold eleven thousand
sleds for children last winter. F'dcihs
desceasaS, nc.
Grand Duke Alexis gives a wholly
superfuous puff to pork-and-beans and adj
vises the introduction of that dish into Rus
sian bills of fare, and New England is elated
accordingly.
"A London genius has invented the
acknowledgements lux, warranted
to fade entirely away in a month. A
supply oft should be included among the
Congressional stationery.
1 Mr.. Mayall, of Boston, has invented a
press capable. he says, of printing both
sides of a newspaper at onceat the rate OF
10000 impressions an hour. Which may all
be SC, and then again it mayn't.
Germantown Croncle: I" We have
printed DR.. Livingstone's obituary so
often, only to learn by the next mail from
Africa that he was alive and well, that we
feel indisposed to say much about him
this time, until we get an account OF his
death over his own signature, properly
attested before a notary public or alderman
of UjijijJi.
| Wrestling Scripture from its original
connection sometimes works badly. "A
Chicago clergyman replied to liberal call
from Louisville church, None ofthese
things move me-. To which the Louis
Williams telegraphed back, "We have voted
$500 to move you and your furniture. -
But the parson wouldn't move worth a
cent, after all.
The Philadelphia Press beautifully
says of the lamented Parepa-Rosa :: An
ornament to the stage-whose followers
the ungenerous always doubt and never
forgiye-she has died after life so blame
less that even suspicion never touched
her. - And let that life so blameess
put to shame and silence the doubts and
{ unforgiveness of $" the ungenerous. y
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20
AssIGNEE's SALE.

As assignee of John W. Harwell, bankrupt
will sell at public auction on MARCH Q, 1874,
at 3 p M, on his premises, his HOUSE in
Blandford, opposite the brick Church. in Peters
burg.
TERMS.-Oash a
JOSEPH JoRaENsoN,
fe l4-2awsw Assignee.
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20

Rd~ SEINE THREAD. NMGEss
My second supply of SEINE
THREAD has arrived. recommend the same
to all FISHERMEN and DEALERS IN SEINE
THREAD as the best and finest ever imported.
A call from all those IN want is solicited, and
satisfaction in PRICE and QUALITY guaran.
teed. ~ fT
PATENT AND SOFT SEINE TWINF,
SEINE LINES, SEINE CORKS, CORK
WOOD, ROPES, COTTON YARN for sale
cheaper than ever.
L. NORTHEASTERN,
Importer of Seine Thread, Nos. 1905 and 1907
Franklin street
ia 2-3m
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20

,ua1 SPECIAL NOTICES.
B6s- w. G. FREEMAN'S PAINT SHOP
at No ID, Thirteenth street, between Main
and Gary street, up stairs. ia6-tf
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20


REGULATING THE CURRENCY NOT A
PROPER FUNCTION OF GOVERNMENT.
Il Our currency has not been issued,
nor is its circulation regulated in the man
ner described by Mr.. Fullerton and Mr..
Calhoun. The government may fix the
amount Of greenbacks in circulation at
any arbitrary figure whatever; and as long
as they are not brought within the inAu.
ence Of such a law as these two great autho-
rites describe, their value will have no
healthful basis, and will be likely to re-
main deprecated under any degree of con-
traction or imitation. There was orce
great cry in this country for divorce of
the government and the banks. If that
demand was founded in good reason, then
there is stronger reason for divorce Of the
government from the currency. st
THE GREENBACKs NOT SUBJECT no
THE LAW OFEFFLUX AND REFLUx.
The leading items in the banking reports
Of the United States. taken for any date,
will show that the greenback circulation
does not come within the influence of the
law of efflux and reaux which should con-
troll all paper currency. The figures for
the I'd of October, 1871, for example, are
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20

the country, curaDle by contraction. 1t
you apply remedy effective only for a
disease which does not exist, you are apt
to do precisely what contraction has been
doing for the country you are apt to kill
the patient.
THE PRESENT DISEASE OF THE CUR
RENCY is NOT INITIATION.
No fine-spun argument needs to be adj
duced on the subject. 1t suffices to. rely
upon two homely, practical facts. First,
the people are boarding our paper money,
and in all the history Of demand and sup
ply, the phenomena was never known of
an article being boarded which was too
abundant. Second, the currency has COM
manded, all over the Union, for several
years, an average interest of one per cent. a
month on first class bankable paper, which
is double its proper value on loan. If these
facts do not prove that the currency is not
inflated there can be no such thing as
demonstrating a commercial problem.
There are theorists, it is true, who insist
that inflated currencies command high in
terest but it is insisted, per contra, that
such currencies are 1e0er boarded. High
prices may, indeed, sometimes occur in
glutted markets; but the cases are ex-
ceptional, and do not impair the general
truth, that high prices result from limited
supply. Facts confirm the assertion.
Exclusive of bank reserves and treasury
balances, we have only about 5000, 900, 900
of paper currency in circulation. Is that
too much, is it enough, for the bust
The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-20

THE EXPERIENCE OF ENGLAND ON
THIS SUBJECT.
Mr.. Fullerton, in his work on the Regu-
latiOn of CugTencies, has the following Re-
Elections on the subject: a- y
"Ihe case which | have supposed is pre-
cisely that of every government which
attempts to defray the national expendi-
ture by compulsory issue of inconvertible
paper. The paper so issued is exchanged
in the purchase of naval and military
stores, in building ships, in constructing
edifices, and in the payment of services
performed to the state. and no precaution
is usually taken to ensure its ever being
returned again into the exchequer. In the
case of the Bank of England, ON the other
hand, the refux of the notes was at no
period interrupted. Perfect convertibility
is no doubt one essential condition of every
sound and efficient system Of currency.
1t is the only effectual protec-
ton against internal discredit, and the
best preventive of any violent alterations
of the exchange with foreign countries
But it is not so much by convertibility
into gold as by the regularity of the retaar
that in the ordinary course of things any
redundance cf'Me bank.note issues Is rem
dered impossible. = ~ 1t is the
retfur that is the great regulating principle
OF the internal currency; and it was By
the preservation Of the ref,tr, throughoutall
the perils and temptations of the period of
the restriction, that the monetary system
of these kingdoms was saved from the
utter wreck and degradation which over
whelmed every paper.issuing state on
the continent, and which, in all
human probability must have been likewise
our fate, had our currency at that epoch
been administered by a Government Board,
instead of by the Bank Of England. have