The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-01-29
rhe cnrrency Question.

We think the signs are ensohfae'"s VIII
reference to the temper of Congress on wy
currency question. The proposl.'ou ~
ehoI;sb tho restriction upon the banks IN the
rno,;red reserves for securing circulation Is
,r;se ena the one to authorize free banking
,.i,, % far towards accomplishing oil that
the couotry needs in the way Of expansion
.,,a contraction of the currency, rs trade
NAV require more or less. II currency Is
50 very sc,rce as to impede the movement OF
crons and put check upon industry, tue
hanks have only to 90 to the proper depart
ment, deposit national bonds and GET cur
yerey for them. When currency IS IN excess
!, is very easy to put it away uhti II Is
wanted again.
The process is entirely safe. It cannot de-
nrecia,e the value OF the currency, as we
have recently, we think, eonclusiyely shown.
Every dollar OF the currency is represented
nv more than its nominal amount in the
wants of the Federal Government. Such
money, so backed and sustained, its owners
cannot afford to lend to irresponsible per-
sons. ], bears the Government stamp and
credit. aud is undoubtedly secured. The
idea tina; such paper is to be deprecisted by
the issue OF few millions more OF IL is an
absrrdi,y. No matter how many millions
NAV be thus added TO the currency, tne
amount Of Government and Individual credlt
is not increased one jot or little.
The money-bags of the great metropolis
and tine New England cities are all interested
ia Gripping the people by reducing the
amount OF currency, fcc that would add
largely TO the wealth of the capitalists, who
thrive by the public distresses.
We are pleased with the signs in Congress,
we repeat, and trust that by combination
between the West and the South the people
are 10 be rescued from the terrible strategy
Of the corrupt rings and gold-samo'ers OF
New York.
We would like to see the iDterconverti-
biity scheme of Dir. KELLEY, of Pennsyl-
vania, adopted; and we think great good
for the people at large would be accom-
plished by the success of Mr.. CREswELL's
postalsavings-bank scheme. The former
proposition, we believe, was first brought to
public notice by the late HORACE GREELEY.
But the writer's who succeed that gifted man
in the Tribune, uncommonly wise in their
Own conceit, have opposed it with an earn
estress which would forbid all idea that its
parcntage was what it was. We trust the
Tribune may invent something as wise and
benefcent in lieu of it. We have seen no
ground, however, for strong hope in this
lire.
The postalsavings-bank system has ope-
rated admirably in England. 1t is measure
in keeping with the rapid improvement in
al! the appliances of government for the ac-
commodation Of the people. ltwould in oil
its operations enter more intimately into
the daily pursuits of the people than any
other financial agent ever did, and would
afford never.endng, eyer-begnning round
OF accommodating, facilitating, and securing
the transactions of the largest class Of peo-
pie who have been the especial victims Of
former systems. We suppose nothing will
be done with the subject this winter. But
il is too good a scheme, too full of public
blessings, to be abandoned.
Whatever Congress does, We hope will be
done soon. The passage Of the bill, which
has met the favor of the House committee,
will give immediate relief to the whole
country.