The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-29
'Jssc Finances.

!, bic b ,navZ in ComstOck or California mine,
nor 10 be top!ufticaly seated in the Syna-
voolle Of aiamm0n, - understand ana eX-
i,,ain the workings al The financial machine
any more than for driver o. fat oxen h!m-
self 10 be Diuicl LlEhcrt or any other
huge ton Of adipcse mGnstro>ity. Yet there
is u grea, Gea! to b. sai0 III favor OF practical
rXp-ripnce. shreWd, sharp. calculating habits
OF thought, bUsiucss skill, md S,'c1ulatve actl-
men md Intimate daily contact With the subject
mater under discussion. Hence we say that
morc may be learned Of essential Importance
on monetary topics by half: hours collcqny
with say Mr.. ISsa1c Davenport. Jr., Mr.. K.
II. Mlury. Mr.. Ned Cohca. ct III g@IntS, than
by binding ones eyes and obfuscating ones
brains by a whole nights porting over the ab.
siruSe lore of Mccullough, or Patterson, MIR.
London, Or the New York Journal OF Com.
merce.
Dost remember what the ';rag.man said
to the - hig-man," and ricey uarsy? That's
the sort ofsymphonious batt!edore and shut
tlrcock which sp.aycd by aud between lhe
advocates of the ems r0!iOniS OF paper moucy
and the perduriblc Ualp0rcS, who are con-
tent with nothing short OF Il pocket full Of
the hardest kind OF 'srccks." 1t is by no
means 4 new Same-n0t rs ancient, perhaps,
as pope JOAN" but long antedating the
discovery OF Mr.. Minister Schenck'S lavorite
and peculiarly American pastimc, which he
was Enthusiastically commissioned TO make
known TO the "crowned heads Of Europe"
Among the pleasant stories tod, with
rare drollery, by the late d.. Thomas L.
Atkinson was one Of an estimabie old lady, in
or about Dlnvillc, who was confirmed vail
tudenarian, and imagined that she was i'll c.
nj. oilp usn n hnIp
ever did or could have. Iiumorng her
strange whim, be succeeded after awhile in
gaining her entire confidence. aud then had
no trouble in soon bringing Ter around bv
the magical efficacy Of bread pills and warm
ncgus. The moral Of which, the Doctor
added, is that conccit kills more people than
consum ption. Were one 20 take for granted
half tina, is 50 earnestly eXpounded by 4
number OF scribblcls for the public press,
aud by certain itihcrant lecturers OH pc
Iitlcal ana social questions, one would
be apt 10 jump at the warrauab!e Goa.
clllson thai The existing tiDancial troubles
were of a character aud magnitude such rs
had never before brlal!en this or any othc.
civilized c0rGtry. TO rcfutc this faliaciouS
notion it j. only necessary TO rct.r to one or
two familiar examples i'll our own history of
no very remote happening. From careful
diagnosis we are bound TO conclude that the
evils complained OF ut every stage are only
different tl pes of the same distressing mala-
dy. Thus " { iud Mr.. Webster speaking in
the Senate OF Tie United States, March 1884,
A. follows: "In the midst OF ample means
Of national and Individual happiness we
have unexpectedly fallen into severe distress.
Our course has been suddenly arrested. The
general pulse ol life stands still. and the &c
llvity and industry OF the country feel Il
piuSc. l. is like that OF strong
nan chained. In fun health, with strength
unabated and all lis faculties unimpaired, it
is yet incapable OF performing its accus-
toned action. Fcttcrs and mtnacles are on
lis iilubs," 81,
Again he says: "What happens TO the poor
and all the middlnS classes III consequence OF
this warfare! Where are they? Are they
we'll fed, we'll clothed, we'll employed, indie
pendent, happy, aud grateful: They are all
at the feet of The capitalists; they are in the
jtws Of uSury; they are ut the mercy Of
those whC, if there be hearts Of stone in
human boSomS, have such hearts in their
breasts. Look at the rates Of interest,
mounting up to twenty, thirty, and fifty
per cent. And this is called putting down
a moueyed aristocracy =" d..
Turning to tais Wing "steam-engire in
breechcs," let us see what the Democratic
Usage of Whea'land" said to the peoples
representatives in Congress in bis presidential
message, December s, 1857: "In the midst
OF unsurpassed plenty, in al the productions
of agriculture and all the elements Of Ma.
tioual wealth, we fad manufactures suS-
pended, our public works retarded, our phi.
vate enterprises of different kinds abandoned,
and thousands of useful laborers thrown out
Of employment and reduced to want" Z" 1t
is our duty to inquire what has produced
such unfortunate results, and whether their
recurrence can be prevented! In all iormtr
reyulsions the blaue might have been fairly
attributed to var Of Geo Grating CAUSES;
but not so upon the present occasion. 1t is
apparent that our existing mistortunes have
proceeded solely from our eN:ravagant and
vicious system of paper currency and bank
credits, exciting the people to wild spscula-
tons and gambling in Stocks" &c.
1t is needless to multiply authorities on
the subject. Experience demonstrates be-
yond doubt that the present is By no means
an uneXamped state Of thugs. How far it
may be owing to the causes set forth in Mr.
Buchanan's message as having produced the
cTssis OF 100! we Will Fot Gnuerlahe 10 in-
quire; but let it be BONE in mind that our
immense public debt now adds a great
weight to the burdec of our financial Ills by
creating so large and urgent demand for
specie to meet our obligations in Europe.
1t is farthest from our disposition to take
part in the logomachy Of the IL flationists and
bulionis,s; least OF all do We arrogantly
assume TO act the part Of mentor or mOdera.
tor in the debates Of the " fierce democratic.'
Our only object is TO aid the efforts of the
great free press Of the country to awaken
the minds OF intelligent aud rejecting men to