The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-05
Nc. Fear of Cnrtailm ent.

~
The advocates Of q, system OF contraction
as the way TO resumption are beaten already.
There is no reason to fear that the contraction
policy will be successful. Indeed, we expect
to see its supporters give up IN despair Ahe
Journal of Commerce., Of New York, one Of
the most sagacious as well as honest papers
of the day--a paper, too, which has iaVoEeo
the views generally of the resumptioni5ts7-
frankly asserts that the country will not SUP
NIT to . resumption by contraction" IL can.
not, and should not, If 1t could. h.rg, 3. -
We last week quoted the New York 7'''
baae as dselrsng That It desp,irsd OF re.
sumption in 1879, the time fixed upon oy
Congress. Well may 1t despair. Cohs'ess
will be compelled to back oof, ana II Nv "oul -,
do wisely to fix no day OF all. resumption tt
will come of itself at the .rlgnt u me- anu Con-
rress cannot force H.,e.E sas aasa&Sz
The ahard-poney people have assumed
that It was srapossibie for the paper money
to be gooi withoutbeing redeemable in gold
They rsccgnize no other test Of solyeucy but
tbs. Well, they will have, to put up With
4, as it 10 for some titne yet. But how silly
they are in assuming that the money cannot
be good unless it is so redeemabie. II is
based on the wealth of the land, Including
the gold In the Government vaults, and it
has limit put upon the amount In circula'
ton. It is not Ike the old currency Of the
State banks, susceptible Of being Increased
almost without limit by the creation of new
banks aud by the power Of the banks to Is
sue notes under sort of apology for q re-
striction that was easily and frequently eva
ded. It commands the confidence Of the
whole country, and is current all over the
land. Can 1t be made any better? Is it not
absurd for the fipanciers to talk about I'm.
proving such currency-the very best we
over had: .......,. s.. ......
They say that it is below par and why !!
Bv the &C, of the Government itself, which
demands of the people gold, and yet itself
pays them paper. 1t forces the people to
buy gold and thus puts premium upon it.
Now let the Government cease to discrcdt
its own paper by putting this higher value
upon gold. ....-. s.H ...: a.-
There will be no "contraction In order
to force resumption, rely upon that. AS to
increasing the amount Of currency, that may
or msy not DC. We see no very strong de-
,pous,ration in behalf OF "inflation," as the
..bards" style it.. We have no idea what
ever that liberal addition to green
back currency would have bad ef.
relief; but the great point now Is that
the country should be informed that the
financiers are not to be allowed to tinker the
currency-that there shall be no "contrac-
ton" That will give the people rest from
apprehension and take away the opportuni-
ties for ring. making and "corners" in view
of resumption. This quiet and rest from
the instruments Of torture, in the hands of
the most INSCRIPTIONS and sordid set Of
spectators the world ever saw, will put the
country on the high road to resumpton-a
resumption that wall come naturally and
when the country is entirely prepared for it.
We can well understand the reason why
the mcpeyed men are for resumption so
hurriedy. 1t will give them the power to
fleece the land. Money will, bg reason Of
the distress for the want of it, have imme-
diately purchasing power that will put pro-
perty at the mercy of the capitalist, and com.
pei society to d condition of subsection not
before known in this land. But the people
are the rulers, and if they part with their
liberty in this way it will be their own fault.
Bot t:'ey will not.
BY rational and gradual approach to-
wards resumption it will be reached without
violence and without shock to the pursuits
of the country, and without that revolution
in values which always causes immense tIans
fers of property, making wel.to-do people
paupers and enrichipg the more astute and
by no means the better class Of society.
This is what makes nation miserable. We
have had enough of'this. Let the nation be-
ware of the measures which threaten it anew
with this sort Of social and financial revolu.
.tiOn. .. ....