The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-24
AlrI,upnd llspatth.
TUESDAY ........... ~ u
The Currency Compromise.


Tho currency compromise of United s'a,e'
.,n.,ors ,s rather q one-sided affair. IL in'
snod nronoscs to settle the question Oh 'ne
,..,,r - ,be issue Of the twenty-iour m''-
80 - rho reserve; but it undertakes 10
nrohih,t an increase OF cnrreuc! "'u u wv.
n ordering the withdrawal OF eFeeno'."
49, amount of every addition 10 Ii"
N.,;or., Rank currency whenever "
mode, The grccubacks represent oc't u"N
.,o Federal government, when Is pay
inc no interest; and the COMPROMISE ~
-os.s instead Of those notes 10 au'no'iAe 'H'
pn - ;ssue others based on bonds on
~n;oh Tho Government will have to pay I'VE
..r ron, interest. That arrangement wou'o
h. Simply beneficial to the banks and 'nl"rl,
ons 70 the people. Withdraw $685., ooo,ooo
~ preenbacks, and the annual taxation o.
the people must be increased by nearly
twenty millions per annum.
The good of the people would demahu
that the Government should first redeem It,
interest. paying debt, leaving the nol'''n-
forest. having obligations TO be paid last. "A
regard to the profits of the national panAs
ron,d induce them to advocate the redemp'
ZION Of the Notwithstanding part OF It's
debt first. in order that those banks ma! sup
n,v its place in the circulation based upon
the interest-paying bonds of the Govern
ment. Congress, representing the people
one would logically contend should hshtei
their burthcns whenever it is possible. l.
thew pass this compromise they Will appear
10 mt themselves to trouble to increase th'
burthen Of taxation.
The privilege of issuing bank notes upoi
.hc teuosit of national bonds is one ina
vii! regulate itself. 1t needs no check. II
il projected by the interests OF The Dahhs
and will be limited to the demands o'
healthy ard legitimate commerce. but such
limit as that of this abominable compromise
which requires the peoples money Vhe
yreenbacks) to be Withdrawn just AS 'hat u
the banks is increased, is betrayal OF Tue
people for the good Of the banks, ana shouio
be generally denounced both as un"iSe anu
treacberous. We cannot see how any meni'
Der of Congress who properly understands
his obligations to his constituents can vote
for 1t.
We repeat that in the very nature OF the
present system Of currency it protects itself
againss oyer-issues. It will not be loaned
by the bankers, whose national bonds are
pledged for its redemption, to speculative
purposes. Look at the recent panic. IL
was not occasioned by excessive issues OF
paper currency. 1t was caused by the foIIles
Of Jay Cooke g. Co. and their disciples
amongst brokers. The pressure which fol-
lowed was caused by the scarcity Of paper.
PEOPLE boarded it as they would gold. Had
there been any authority for the issue OF
paper money to supply the vacuum in the
circulation thus produced, there would
have been no serious pressure at all. The
end would have been in the failure of JAY
COOKE and few catter-brained gamblers IN
stocks. The banks stood firm, and the country
would have gone on in the even tenor OF It's
way. But for the want of moro currency to
meet the immediate emergency, the people
aud the Government lost millions upon mil
lions by the stoppage Of business and the
shrinkage of values.
And yet the Congress is talking about
putting bar to the increase OF currency,
and should there be another panic caused by
future JAY COOKIES, We shall havea repetition
Of the sad scenes through which we have
not yet clearly pasSed-the prostration of
business, the sacrifice of property, the cur
tailmeut Of Government revenue, the want
Of employment, the increase of paupers, and
starvation.
Are We never to learn anything from ez-
perience!