The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-08-27
THURSDAY MORNING, AUGUST ~, 1874.

!, AUGUST q, 1874.
4 Another OF the great questions demand
ling immediate solution is. the finaucial pro-
blem. Look over this great country to-day,
and everywhere 1t appears as though our
whole business Interests had been stricken
with paralysis. The forge aud the furnace,
the workshop and the factory, are compare
lively silent, and thousands of poor artisans
and laborers, who are dependent upon their
daily labor for their daily bread. are, and
have been for many months, out of employ
ment; prosperous enterprises have been
crippled and new ones ruined altogether,
and the universal dsartb of money is felt In
every household. Confidence 10 monetary
and business transactions seems to have de-
parted, and the money of the land gathered
lin few great centres. Financial ruin and
utter bankruptcy are staring full one.half Of
the business men of the country in the face,
with no prospect of relief in the immediate
future.
I Now. the causes of this abnormal condi-
tion OF affairs are not difficult to trace, but
it is unnecessary to do so on this OCCASION.
Suffice it to say that the Republican party,
having had supreme controlof the Govern
!ment Tor the past fourteen years, Is solely re-
sponsible for it, and upon it should be visit.
ed the condemnation it so richly deserves.
Its acts of omission and commission have
produced the widespread distress which
Dow so slarmingy prevails; and 1t has ut
terly failed, and ever will fail, 10 remedy
these evils of its own iDflictiop. During
nearly the whole of seyen.month>' session
the present Congress, entirely under the
control of this party, discussed this ques-
tion without reschiug any beneficial results.
1t will require years of wise statesman
ship to rectify the wrongs wrought upon
our affIirs by the Republican party. But
the great question OF present moment is,
What remedy is possible for the ills
which af11ict us? The first step to be taken
is to put honest and capable men in office.
Of course I understand what a sweeping
change this would necessitate-from the
White House to the lighthouse nearly all
would have to go. But lei them depart, aud
that speedily, and may the places which have
known them know them no more forever.
And next, the country must be brought
back to sound fnancial basis. But how is
this to be accomplished | answer that it
,fultilment Of it's own promises to psy. 1t
has flooded the country with an irredeema-
BILE paper currency. The greenback is q le-
gal-tender for all 'debts public and private
except duties on imports and interest on the
public debt" Now why should the Gov
ernment thus discriminate and thus depre.
,ciate its own promises TO pay? Why
should not the greenback be legal
tn, for oil nl, no
Government as well as to individuals ?
If this were done-and it can be done with
out embarrassment to the Government and
without serious shock to business general
ly-the greeuback would rapidly appreciate
in value to gold and silver, the only univer-
sally recognized medium of exchange or
money, and thus we should be placed on the
high road and rapidly approaching that
much talked Of and much to be desired goal,
"spece payments" which, when reached,
would render the paper dollar equivalent to
the gold dollar, because readily and easily
convertible into it. Then, also, would end
that, to me, absurd system of weekly sales of
one or two millions Of gold for the purpose of
paying the unmatured obligations of the Co.
vernment. These sales comprise the surplus
gold collected by the Government Chiefly
from duties on imports) over and above what
is necessary to meet its current obligations. /
confess my inability to understand the wis
dom of the policy Of Wrnging taxes from
an impoverished and financially depressed
people for the purpose of paying the debt Of
the nation before its maturity; and yet this
is the policy which has been pursued ever
since the close Of the war, and these weekly
sales of surplus gold and the annual reduc-
tions of the public debt are the evidences Of
it. Now the public creditor is satisfied with
the payment of bis debt at maturity, and
these payments by the Government in ad.
vance Of maturity do not tend to enhance
our credit, especially when it is at the ex-
pease of the industries of the country.
If the ninety or one hundred millions of
dollars which has been annually applied to
the liquidation of the unmatured principal of
the public debt had been left in the hands Of
the people, where it belonged and whence it
came, what an increase in wealth and re-
sources and taxable valuations it would have
produced, and how much lighter and more
easily borne would have been the burthens OF
necessary taxation. Nor have ever been
able to understand why, with all our national
youth and yigor, and our rapid increase in
wealth and population and resources, we
should be paying upon our public debt
from one and half to two per centum
interest per annum greater than that of the
British Government. Our bonds are certain
ly better security, and with wise financial
management the rate Of interest, it would
seem, ought to be reduced certainly as low
as that of the English conso and others.
We should not only save millions to our peo.
pie annually, but it woud also greatly tend
to reduce the rate of interest generally in
this country, which, like canker, is eating
out the substance Of the people. So long as
the Government is borrower upon the
market at a high rate of interest just so long
will other securities command rate Of in.
terest as much higher as they are considered
inferior.
What we need is a reduction Of the rate
of interest upon the public debt; reduc.
tion of taxation to as low degree as is con-
sistent to pay the interest on That debt and
the current expenses Of the Government,
economically and honestly administered, and
the appreciation of the greenback to the
value Of gold and silver, and its redemption
in them. These are all attainable by wise
and judicious legislation and management
in the immediate future. Let it be known
that this is TO be the settled and perma.
nent policy Of the Government, and con'
fidence would be gradually restored, the
breath of life would be breathed into our
now dormant industries, and we should
once more stand erect upon solid and sub
stantial basis. do not suppose that this ac.
tion would accomplish all that is required
bnt 1t would be a move In the right direc
tiop, and I am confident would go far to.
wards solving our difficulties. We need bet,