The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-17

ff5ssratk the8tn IEpm ~ ,sssss .p
f,,safcea during the first tef q. the nse.
.sSt centufyss About THAT intereong erttple
sehsuae. wessfe unablete appreciate lts snp.
D5sed merits Referrisg 70 The Utspaga
platform July % we quote the following
"a. The issue Of national bonds, bearing 10.
tesest at the rate Of .3.85 per annup, lntei,
convertible with greenbacks as ,a prasIica
auxiliary governor that would help 70 re.
Iglt,iiiate the movement OF paper money accoro-
ing to demaHdIand SIMPLY"
Of course, no increase of the nationai oe =.
Is contemplated; therefore the new o.o'
bonds must be- either SUBSTITUTE ZOE si 49,
backs, pro toHto, or else for some otner n,na
aud character of existing denenluFes. ~ W. -
not presumed that the Dispatch ausoci' IS
The funding OF all outstanding oolIsa,'oins ~ y.
This one species Of bonds, eHcnanseuole az
the pleasure OF the holders WIN note' ".
hand of the Government, icsai.tenueis, VI
what not. The effect In this porIom " y,
shaving, and gambling age, Woulo DC 70 n,oI
fbe land with paper money tn.ck as aut uu,na'
leaves that strew The brooksl 10 Fa,lauo.o 80
What a high carnival would De bere loi tue
sharks of usury in this universal ueluse u
R,est paper. credit, last and best supply
That lends corruption lighter Wings 10 u. ,-
r. then. lbey are only to be issued IN lieu OF
tho !" preenback /" circulation, or ratper as an
inferconyertible medium to tnat extent theif
oneration. it seems TO us, would De practl-
caIlr to contract the volume OF the currency
TOR who would not prefer to have hundreo-
dollar bond bearing interest instead OF nun
drrd dollars 10 greenbacks or baok-
notes; provided be had no immediate use LOT
money: What particular Use or oehool
there is in this shopping process at any tlme J
what essential function it may perform 10 Tue
monetary system; and how it VIII elther re-
lieye or mitigate the evils coDpiaineo OF, are
matters which lie beyond tue horizon OF our
financial yision-Dot meaning by tnls
declaration 10 reflect upon the per
sDcacity of its ,ayowed advocates.
The basis of Government credit lies 10 It's
mover of taxation and in the confluence OF
pcople ct home and abroad that tDe power
will be always fully eXertcd 10 meet us IVA
,iii,;cs and Undertakings and redeem its SOL
emn pledges and promises. This assurance,
evidenced ard certified by uniform policy
tending in the one direction of ultimate pay
ment, is what makes its treasury notes, eX.
che uuer bills, interest coupons, &c,, pass cur
rent in the operations OF trade ana ans yer LOT
time all the purposes OF a circulating me
dium; yet all experience iorblds periDa.
ncnt union OF the moneyed and the poIltlcai
powers, or that Government shoula 90 Il
general backing business. Its paper issues
are autborizablc only in great emergencies,
10 furnish the sineWS of ~ar-belng Cneu
what Cicero calls nerUoS 6eHi a'Jlnatdns
n.cuu;o,n. and representing the reserve
Strength OF the nation. The exigcncy which
cave them birth being past, they should be
mir llti0
process Of redemption or conversion, so as
not to prsduce serious disturbances IN the
business machinery Of the country. e.
':urn and twist as you may, to this funda.
mental truth you must come at last-vlz.,
That gold and silver are the only real money
in the universal acceptation of the term
among civilized nations. AL else is mere
,Xpedient and makeshift. What if the pre-
cious metals be Il commodity of commerce,
and themselves fuctuate in value! They
approach nearest to being stable and unyary-
ing of any known article OF price; and for
that rea$ on, and because they are generally
acceptab BILE, minulely divislble, and easily
transferable, they have been adopted as the
measure of other values by The common con.
sent of enlightened patiops. They are not
absolutely fixed; neither is the polar star,
WHICH,, VI o'SA ANN'SA-f wa
liuues to hold its place in the calculations OF
astronomers. ..... -..-... 49,.
The issues of Government, whether bonds
or grcenbacks, are as much commodities as
anything else hat is bought aud sold III the
marts of trade. No legislation can set GER
tain limit on their value and regulate their
market price ss compared with other goods,
wares, and merchandise. Mankind will mea.
sure them by the one approved standard, and
they, will be worth just 80 much money as
they will bring in London, Amsterdam,
Paris, or New York. What their value might
ne were Congress etiectualIy to "demonl-
tlze" gold and silver aud adopt the meta
physical theory Of finance transceuds our
faculty Of computation. A noted poet tells
There is something in flying horse;
There l. something IN huge balloon;
and by like display of Professionalism wit
we may kakilate" that there is something
peculiarly unique and novel, ii nothing more,
i,, 4, pn,t ONT t,icn pippp nj n1Dpr pmDpl.