The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-04
: Our secufffs Ag..tnst Isanic.


ARGENT numbersof the Commercial ana
Financial Oironsck informs its Yeaders thai
g the heavy failures in England have pro-
ducetf less anxiety here than might baVe
been expected. One reason for this exemp-
tion from trouble is that our banks are not
Oh specie basis, and. consequently ',thet w
not fee their foundations sinking nnaeI
them from the drain of gold which - 81,
ways started here when there is financial
crisis in England , 'FS
If our banks had been doing business on
specie they would probably have .peen
caught just now. with insufficient reserves,
and, as bus 80 often been seen before. tne
gale would have struck them When tney
were carrying too much sail ana LOU lillie
ballast. They would bave gone 10 ~oik ~
check the export Of specie. Ihey "o" -;
have put UP the rate of interest," caIeu ~
their loans, restricted discounts, .nio"n
business into confusion, ana lnnlc!eu ney
losses, perhaps ruin, on multltuues VI "oi sy
merchant, and manufacturers, because lew
millions of gold held here were o"neu
abroad and were sent for by their owners:
- Great as are the evils OF
manor monev snspensiop has few compen-
sations."
So mich from The metallic organ, par eN'
celIence of Wall street, will serve to lndl-
cate the temper Of the leading editorial from
which we make the extract. Our paper cur
rencv preserves us from participation IN the
Enoii,h nanic! According to this high au'
thority it il a general prevention OF pane
and disaster. Such point once conceded,
that becomes of the argument that return
n soecie will impart additional staoilily W
business by establishing 1t upon nrmer
h,sis? II the statement Of the Chronicle IS
worthy of heed, gold is the most lnhrln OASIS
far Genera, trade it is possible to conceive OF,
because manic is certain to dissipate II, 10 Inc
g ruin of multitudes of worthy merchants
and manufacturers" which is certainly dlS-
astcr to be avoided by any means al COM
maud. If gold is liable 10 invite dlsturo-
apce and calamity, which paper currency
enables us to avoid, why not keep the paper
In preference TO gold and remain content
with circulating medium least provocative
of financial convulslon:
We apprehend the enthusiastic adVocateS
of a specie basis have but limited concep-
ton of what is required to establish the 'do'
of their dreams. They pirate about the re,
establishment of specie in way which Woula
leave the uniformed TO believe that tue Ousl.
ness of this country has at some time been
upon a specie basis, which every Intelligent
observer knows is untrue. We have bad
the mcrcst shadow of coin standard, which
in early DAYS encouraged the deusion that 1t
WAS our ultimate measure Of value, but every
attempt to make 1t really so was productive
of panic and disorder, and no one Is yet
able to tell how it can result otherwise,
in times of universal distrust, when
its entire volume can represent but an neon
siderable percentage Of the general lndeot.
cdness. No satisfactory response has yet
been made when all the debts OF country
we're demanded in coin, and II the Unlteu
States is looking forward TO an appreciation
of her ability to pay toa an extent WHICH
shall make her an exception 10 this rule, she
must look beyond the eNtingulshment OF
der enormous debt to the foreigner, which
nothing short of Il miracle can we llquldate
in the present generation. "Great as are the
evils OF paper money" she will hGd her
only safety IN its employ ment for many years
to come.
The Chrmlicle proceeds to inform US that
"thcrc are not a few of our bank officers
who are alive to the importance OF deVislng
some method Of securing When we resume
the advantages Of an exemption from THESE
dangers of panics." Is not this equivalent
to admitting that We are in no danger OIL
panic until we resumeI Ii so, the evil DAY
should be deferred as long as possible, II not
forever? But exemption from danger
of panic is almost 100 much happl-
ness to hope for. 1t will enable us
TO transcend the most brilliant achleVe.
mepts of fiscal science yet announced
to the world; TO conduct all business enter
prises with profit and make speculation IN.
yariabIy successful; to defy the schemes OF
IT. ii itioDists with their false margins, ana
the intrigues of foreign mcrccnaricS 10 sap
The foundations Of the DatiOiIs credit by
possessing themselves OF our securities at
rate whlch pays them cent per cent. VINO
can nilgine The sum OF good that Will ac-
crue in advance Of the fact
Unless our commercial vocabulary has
fallen into The utmost confusion, from which
ii is Impossible to understand The meaning
of those who use it, the Commercial ana
Financial Chronicle tells us:
"Fllst. That We are exempt from trouble
as the result of the English panic because
we have currency which foreigners canuot
drive into artificial insolvency.
"Second That bad our banks been upon
gold basis it would be impossible tor them
to weather the financial gale.
"Thrd. That Tue result Wouiu DC Tue
heavy loss to, and perhaps ruin of, 'mu't-
tudes of worthy merchants and manulac-
turers.'"
II better arguments in favor of our cur
rcncy can be adduced by. its best friends, we
would be glad TO have them and SO we may
expect TO see the Chronicle lower its golden
cali ere long, and range itself in line with
those who look upon greenbacks as the very
convenient. useful, and reasonably yausble
currency of trade, and quite fit to be en-
ployed until some method is devised to Sc
cure lis "the advantages Of an exemption
from these dangers OF panic.'