The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-01-13

chin was as good as feJecAeu. LUG AtA'.si.N.
NOW efyars them man who is competent
m,o il venerable, ard who will honor the
h,,b position he Is named to fill. They care
not reject him. II they do, then there VIII
be war, and the Senate vii! get the worst OF
il. General GRANT is a firm man. lie never
will surrender.
We honor him for nominating CUSHING
his favorite-notwithsta the we'll
known prejudices it would encounter.
Mr.. Calhoun and National Currency
One Mr. MELLlsH, a New Yorker OF small
caljbre. who somehow got to Congress, has
uuearthed some remarks of the illustrlous
Calhoun upon credit and currency when
will astouish the readers Of this day. They
remind us Of precious jewel turned up by
the roofing nose of 4 porker. In speech
in the House of Representatives Mr. MEL
L1su read the extracts which in part we copy.
Mr.. CAEHoUE had submitted proposition
to seoarate the Government from the banks !;
and on October 5, 1887, he made speech,
from which these extracts are taken. he
said:
"It is, then, my impression that, in the
present condition of the world, paper cur
rance. in some form. if not necessary, Is
almost indispensable in financial and com
mercial operations Of civilized and extensive
communities. In many respects it has vast
superiority overa metallic currency, especially
in great and extended transactions, by its
great cheapness, lightness, and the facility OF
determining the amount. Ii APP
nears TO me, after bestowiag the bost rcfec-
ton | can give the subject. that no converti-
BILE paper-tbut is, no plpcf whose credit
rests On promise to PAYS suitable for
currency. II is the form of credit proper
in private transactions between man and
man, but not for 4 standard of value to per-
form exchanges generally, which constitutes
the appropriate functions OF money or cur
rency.
Ono one can doubt but that the Govern.
mcnt credit is better than that ofany bank
more stable, more safe. Why, then, should
it mix it up with the less perfect credit OF
those institutions? Why not use its own
credit to the amount of its own transactions:
Why should it not be safe in its own hands,
while it shall be considered safe in The bands
of eight hundred private institutions, scat
tered all over the country, and when na.e
no other object but their oWn private pIou.'
to increase which they almost constantly eA-
tend their business to the most dangerous
extremes: And why Should the communl'
ty be compelled to give per cent. discount
for the Government credit blended with that |
~ fine hanks when the superior credit of the |
Government could be furnished separately, |
wi,hont discount, to the mutual adyan-
tare of the Government and the commune |
ty9 Why, let me ask. should the Govern |
neut be exposed to such difficulties as the |
present by mingling its credit with the banks
when it could lie exempt from all such by
lsing, BY itself, Its own safer credit! 1t is !
lme the community, which has so deep an
interest in a sound and cheap currency, aud
he equality Of the laws between one portion
# the country and another, should reflect
eriously on these things, not for the pur-
pose of depressing any interest, but to correct
gradually disorders Of dangerous charac-
er which have insensibiy, in the long course
If years, without being perceived by any
,ne, crcpt into the State. The question is
lot between credit and no credit, as some
would have us believe, but in what form
,redit can best perform tue functions of a
sound and safe currency"
In the same speech he declared
"It has another and striking advantage
over bunk circulation, ia its superior cheap
1ess, as we'll as greater stablLssJ and safety.
but dear, very dear, to those who use it, |
little cost of its manufacture, and the dear
10, nh 4 l., 70 ha
lity, which give the great profit to those
who have a monopoly Of the article. Some
dea may be formed of the extent of the profit
~ the splendid palaces which we see under
he name of bankipg-houses, and the vast
ortunes which have been accumulated in
his branch of business all of which must
be derived from the productive
powers of the community, and, of course,
adds so much to the cost OF production. On
he other hand, the credit Of the Govern
ncnt, while it would greatly facilitate its
financial operations, would cost nothing, or
leXt to nothing, both to it and the people,
md, of course, would add nothing to the
lost Of production, which would give every
branch of our industry, agriculture, COM
nerce, and manufactures, as far as IFS circu-
alton might extend, great advantages, both
It home and abroad"
On the 22d of March, 1888, following up
lis ideas, he said:
81 now undertake to affirm positively,
nd without the least fear that can be an.
wered, what heretofore I have but suggest
ID, that paper issued by Government with
he simple promise to receive it in all its
lues, leaving its creditors to take it or gold
md silver, at their option, would, to the ex-
ent that it would circulate, form perfect
,aper circulation, which could not be abused
~ the Government; that it would be as
teady and uniform in value US the metals
and that if by possibility it
hould depreciate, the loss would fall { on
he people, but on the Government itself;
or the only effect of depreciation would be
virtually to reduce the taxes, to prevent
which the interest Of the Government would
&c sufficient guarantee. shall not go into
he discussion now, but on suitable oeca.
ion l shall be able to make good every word
[ have uttered. I would be able to do more:
20 prove that it is within the constitutional
power Of Congress to use such a paper in
he management of its finances. according to
;he most rigid rule of constituting the Con-
,titution."
Thus we see that the great South Caro-
Ina statesman foreshadowed the present ma
:ional currency, which has proved to be one
Of the greatest of national blessings. But
'or that currency this country upon coming
put of the late civil war would have been
reduced to a degree of helpless ruin the
bare idea of which is painful.
Mr.. CALHOUN did not then dream of so
arge national debt ss We now have. He,
however, suggested the Government credit
as the best basis for paper currency. He
seemed not clearly to see how enough of that
for the WanfS OF ,n,.,aosal, xrror be,