The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-04-01
The Currency and the "dradgrinds'
mr.. ..,,r.r of the United States Senate,

The Currency and the "Gradgrnds,
The temper of the United Slases Senaoe
a. shown in the votes Of that body on tne
currency, is plainly opposed TO eura,anea :
and 70 fixing an early period for the resump
t;on Of specie payments. The House ma
been long known TO be for hmlsea ane
nr,,,er increase of the paper medium OF tht
country. and decidedly opposed to any strin
CON. measures looking to an early resump
ton.
The "Gradgrinds and money rings o.
the large cities, who are afraid that any lioe'
raj financial measures will set the people al
liberty and rob them Of their prey, arc
greatly ssitated at the contemplation OF
the "situation" in Congress. They are
railing bitterly against "inhation," a.
they choose to style the proposed very
limited increase of the green6ack eircula
tlon, and they predict general ruin as
the consequence. 1t is very becoming OF
class of men whose financial strategies have
filed the land with distress and ruined
thousands Of men, to predict ruin if then
financial notions are not adopted! The peo'
pie. have been long enough subjected 10
periodical! calamity by being LETT at The mercy
OF these spectators, and they are willing 10
take their chances for being ruined o. an
act giving something of freedom from their
tolls.
Like all beings that have enjoyed the pri-
viege of preying upon others, the sbavers
and the bulls and bears are in rage at the
prospect of losing their privilege. In their
anger they have the impudence to address
both appeals and threats 10 the President.
They tel! him that he will be obliged 10 veto
any bill for Initiating the currency. They
beg him to do so. They tell him what he
will gain by doing so. They tell him, finally,
that if he signs such bill he will sacrifice
himself now and be damned in all history.
This is the most impudent thing of the
age. 1t shows how reluctant are men to
part with advantages however unfair. In
time, such advantages are looked upon Us
prescriptive rights. and the greater the gains
from them the greater the irritation at part
ing with them.
President GRANT has one great virtue, |
and that is firmness. He can't be excited,
ADD he will look upon the threats of the |
" Gradgrinds" as mere 8 fasco," to quote
this word used by him on memorable occa-
sion. He will do what he chooses iu the
matter, unaffected by the storm of the Grad.
criDds." The bill that will likely be passed
by Congress cannot merit the term "infa-
ION" The amount of increase will be small
compared with the amount of currency
float. The absorption of the increased
will be governed by such healthy regu-
ations that it cannot be strained to the
legree of public injury. The paper system
: too firmly based to be impaired. With
UGH a currency there is no danger
# expanding loans outside of the limit
( solvency and legitimate trade. The
bard-money" men speak of the paper sys-
EN- as though it was the same with the old
tate Bank and wildcat system. The diff
uity with that was to make it good, while
be present paper system cannot be made
adj. This distinction should never be for
often in financial discussions.
If the liberal measure advocated by NOR
on, LOGAN. GORDON, KELLEY, FERRY of
BEck, and others prevails, we
ave no apprehension that General GRANT
rill veto it. lie can have no constitutional
c1uples about it, and he will have too much
cs2ect for the wishes and opinions of three
ourths of the peopleof the United States to
etc measure so much needed, so earnestly
,rayed for by them.
1t is gratifying to see the Gradgrinds and
old and stock gamblers retreating to the
ast hope-that of everything General GRANT
nd forcing him to give them the benefit of
ne veto. 1t is quite impudent in them to
:ndeavor thus TO overawe the President in the
Xercise of q most solemn duty. What he
nay do, we cannot say; but of this we are
certain: he will not be inundated by the
Empty thunder Of the money changers"