The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-11-27
THIS Currency-Let's Have Rest.


We abominate your hard-money Grad
rrinds. They are always urging mario"
vie WIS and grinding policies. They are gen.
orally men who have the vantage ground III
case Of forced resort to resumption or
real specie basis. They could get the better
OF the people In case of reduction OF values
by forced payments. They Wouid inahe
money hand over hand. and the people oe
ruined. Let things move slowly ana nato'
rally. Give us all chance. whole ma
ton should not be plunged into distress ana
trouble for the good of few wealthy peo-
ME who watch the changes with the eager
ness that a terrier watches ra1hole."
This gold basis is very iallacous. 1t never
stands the test in a crisis. 1t is only solid
when the country is quiet and confidence
is healthy and general The moment there
is any anxiety, and trouble is anticipated,
like a thief or coward, it runs of and hides
itself, and the currency Of which it is claimed
TO be the basis is left 10 take care OF itself. In
no country has it ever proved substantial
supporter Of currency and credit.
The world has never yet found out the
true and satisfactory basis of paper money
or credit, aud it is, we imagine, because
there can be none. The credit OF power.
full Government whose population is homo
geneouS, industrious, prosperous, ana con-
tent, is unquestionably rs good rs possible
10 this world; yet what Government credit
n hp
In the respect Of Government credit our
own is now excellent, and for the present
we have the best paper money we ever had
but time may bring upon US change Which
will deprive even this currency Of its great
usefulness. Nevertheless it is the best po.
licy of the people and Government to use
the excellent public credit and paper money
We now have to the best advantage. III
would be the supremest policy for us TO
show want Of faith in the public credit
now by a hurried re.ort to specie payments
and the substitution for the public credit OF
gold-a basis which has ever failed when the
public most needed lis support.
Try what We may in civilized country,
the only true reliance is faith and trust IN
men. These are the great foundation stones
of civilized commerce. We must rest upon
them. The highest phase Of social trust is
that in the GoverGment-the government
that represents the combined wisdom, IN
dustry, and virtue of the nation. When
that is gone, we must be at sea, and are left
TO the last sheet-anchor OF mankind, Hope IN
the future.
Fortunately, now we have the best sort OF
public credit, and arc in no wise urged to
employ any eXpedient for its Improvement.
We may rest where we are, at least Until
there is a restoration from panic and pres.
surc-that panic which grew out of reckless
dealing in railroad securities, and the pres.
sure which has followed it. The people
have not TO blame themselves. They did
not do the evil from which they suffer. A
wise administration of our Government will
leave them time and utford them means to re-
cover from their embarrassment before sny
new expedient is thought of.
Nations cannot have immunity from the
consequences Of wasttfulness and eNtrava.
gance. They, too, suffer like individuals.
A nation may have mania; nation, like
an individual, has conflicts and suffers losses,
iucurs debts and troubles that involve clti-
gems and produce panics and extensive ruin.
In such times what stands against the Storm
Nothing. Specie basis is the first to break
down. Nothing but time and the patient,
hopeful industry and Self-denial Of a devoted
people can triumph over such disasters and
bring order and ease out of disorder and dis
aSter.'
The nation should now scout The resump-
tionisls as public enemies, and, felicitatpg
themselves that they have an undoubted
public credit and an unimpcached paper
currency, 20 on steadily to reconstruct the
general confidence and enterprises Of the
land.