The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-10-02
t'of the Dispatch.I

The idea that specie basis is the bed rock
Of sound business Transactions NAV be true.
The ia'e war in this country made paper
currency necessity, and the increased de-
mand for numerous articles, together with
paper money, inflated prices and values to
an enormous extent. Then followed the
misunderstanding system-a device of the
money kings OF the country--a speculative
m chine 10 build up and consolidate the
m1Eey-nowerr ef the country into vast cor
poratehs chained together by com
mon Interest, until they have formed a
Gordon aroupd the people. who are
constrained to forge bread aud meat out
of the Ere Of money employed in manufac-
turing, agriculture, and otherwise. In other
words. These corporations coralIed the bust.
ness-meR OF the collrtry, and as a sequence
The laO8reEs. Having them at bay, these
classes have been since the war practically
managers and laborefS for the national banks
in all legitimate ondillegitimate business Of
the country. Did an enterpriZing young or
old msn desire to embark Ia bu,iuesS bis aid
must come. as rule, from these banks,
the cash of the country being concen.
trated there, being the most profit
able investment. EasiR-obtained cash, at
rates Legitimate, business could not bear.
For what husiLeSS or trade can afford 20 nav
nine and tWelQe per centMn per anuum for
money 10 conduct it Eyorbitant brices
for everything Eas the result, until the Ia.
0oriug classes tmS to be paid uphearS.o
prices. Otherwise they coulG not live han-
estly. AT these prices houses were buiEt,
lands iMproyed, e., until their values Iere
inflated. The basis of these banks was the
debt OF The United States. aud me moment
the banks had paralgGad the business energy
OF the country, their stockholders raised
the "hue and cry" OF returning to specie
basis, and the President of the Upi&ed States,
closely allied with then, struck down the
Efforts OF Congress by re,oing bikllooking
TO relief of tie people, aud Immediately the
resoundS with sa,ntnrian ssy from
the banking people for im&ediae return to
s0ecie.currency. and Congress yields and
passes the fatal act for resumetion and that
moment business was paisied. with az ahun-
dance of money 10 the banks.
Ybe next move Of the baOk people rs IN
;he tame direction. Out of the mouth ~
heE cha npon, Carl Schulz, comes the state
neat that "tbe business Of the country il
lnequd TO the volume of the currercy.n
Witness the surplus Of the banks. Narrow,
eattless reasoning, Mr.. Schulz. Do you not
now tfat you are advocating the double |
uin OF yGnr countrymep? Do you not see
be g1ule is to reduce the values of our houses, |
nd Lands. AID stocks Of goods. by further |
educil0u Of Tie volume OF setlvely-engaged
'irrebcy, WhW.i i4tltws necessarily on the
egiS Of resuD pl!or, because VIC cannot re.
Ini' Without decrease of voluaie. nor with
Ut reduction o; values, for they are now
i-ed on the value G! paper DoHes as com.
ned with goid2 Proceed with Your re.
!upiion, and who viii be fooIhsldy enough
co'Vark IL business inn declining mlrket?
DO LASH enough 10 engage in legitimate co.
rprise ut high rate OF interest with the oh.
Il Of bis manufactures daily growing less
q legs vai'abir: Strike down the cou airy
you will. palsy Us energy s!il nO.e com.
ytcls, and yo, may hy chance be able 10
5nme il 1873: bit :etween acw and Leu