The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-11-05

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FsussarsIIsg slsfsrsctation 5fen fss1 al xee1
Isiye Increase In oluma. a cliffencg assnso
.iu stsict ohe6 ienre 10 tzIs law ossfanptDlin 9
would be Infinitely more stable 10 vaiislnau
ii currency pu. out and taken 10 by tnes1py |,
Fernmene tIi,op afntesconSertible Don as.'
So much for the Currency pTa,sctpte OF issu'
ing circulation.
II, On tfe other hand, the Goycrnmea1
alongside or the currency issued ~ JUST az
scribed. sioritf come into the vicinity of-spe
bank whichissuedi II, and,With its own pspeI'
notes should buy up at double prices proper.
to In that community to, the amount OF
hundred thousand dollars, there Woulo t %
mt In circulation notes OF both KINDS 10 tne
amount OF two hundred thousand ooilaLs
While there would be. q counter sdemanret iol
witt,fira wal from circulation for only one rs.
hundred Thousand dollars OF notes 10 meel
The negotiable paper maturing 10 the oank'
tn er,ch case q greater or less depreclatlon
or this pausr currency, made up OF TWO
k;nde of notes, is sooner or later ineYisaple,
Here side by side are two methods Oh
isaninp paper and two sorts OF currency.
One hundred thousand Is issued on the cur
rency principle of;the demand for tha re,
turn Of the notes being equal to the demango 4,
for the issuing of it, and quick, liked, ano
certaip: whereas, In res ect TO the sqtne!
hundred thousand dollars Of notes issued
ON the imitation primo pie, there is 20 certain
tixed and, early demand for the Return roi
the paperto the issuing source. : u. s.ao.
! Ali The vast volume of currency that ha'
been put out by the Government bas Deen
issued on this imitation principle. Indeed,
nnless the Government becomes banker y
cannot issue paper in any, other way than q
.that of imitation. It cannot provide IN Is.
suiago It q, fixed, certain, and early demand
for It's return to the issuing s5urces Eng,
land has always avoided this great blundeli
ia finance. So has France, since ythe2Bisera'
Bile assigndts went to grief. So have all tne
great Governments of1Europe. They issue
Temporary 3exchequer bills only in time o.
war. or TO meet some tenporaryseme
of sufficient gravity to call for the expedient
but the measure is early abandoned In every
instance s}-~sittt @-iIE =! 'Hfft a$r /,
For the very reason that Government
paper money must Of necessity be issued ~
the iuflation method the natural and afmos'
inevitable condition of thai paper money
must be one of greater or less depreciation.
There is no sound methodof issuing paper
circulation except In such way that there
shall be an early, certain, and fixed demand
for its return to the issuing source and
that can never be appliedto Government
paper currency unless the Government itself
becomes O. banker, which, in the spirit OF Oid
Hickory and Tom Benlon, cry, GOD fof'
bid ,.s. ,ussa
But worse measure Is proposed. 1t, Is
that the Government shall issue its notes to
the full amount Of all the currency needed
in the country; and shall by its fiat declare,
without first rendering it fnterconvertible
with gold, that its paper dollar, although
1uctuating in value every day, shall be the
measure Of value In the land +; shall be the
dollar Of business and commerce. 1cannot
imsginea proposition so irrational or fraught
with SO much mischief. public and private.
In the-frst place, the Government is
pledged not to issue greater. amount OF
greenbacks than four hundred millions OF
dollars and the proposition calls for re.
quotation of the national faith n.y.. . !;
+ In the nextplace, the greenback dollar is
not worth dollar: can't be worth dollar
if put out on Initiation principles will inev'
itably fuctuate in value from eighty SIX
cents dowa-and up according to The state of
the market every day in the year--andthere.
fore the proposition is,that the Government
shall both isglsiate palpable falsehood and
legalize stupendous fraud. ''t','s Z.
10 the third place, the consequences would
be little short Of revolutionary. The, an
Courcemsnt- that Government was about
to putout four, orfye, or six, or eight bum
dred millions of new currency would bean
invitation for the presentation to Congress
Of every imaginable scheme of internal i'm.
provementss as conduits for the transmission
of this. money to- an army of jobbers and
contractors. The, present doctrine on the
subject of internal improvement is that the
nation should not engage in or assist them
except, in cases ,ofjgreat " orks not merely
national, but continental in value, impor-
lance, and necessity and that as to such
works the nation shouldh have no direct part
in their construction or management, but
may only give to them the aid OF its credit
in collateral way, In which its liability
shall be amply secured. 81 $50 81.
Any doctrine beyon this would be repug-
nant to every idea which has been taught in
Virginia for three quarters of century. No
one could foretell the degree ormagnitude of
open aud fusidious Evil that would result
from a com bined rush upon the Treasury
of the horde Of applicants that would spring
up and organize themselves for sharing
in the hundreds oEmillions OF dollars that
Government would have the opportunity to
dispose Of. The rings that would be formed
would be too strong for the virtue Of Con.
gress toreslst them or for the power ola con-
servative public sentiment to put down. The
very fact OF hundreds of millions of new
greenbacks beisg for disposal would inspire
ravenous hunger and clamor for the booty
which could not be resisted.
But even if every dollar Of the proposed
hundreds Of millions Of the new issue were
put out by the purchase of existing United
States bonds, yet, eyensin that event, they
would be issued on Initiation principles, in q
way that would render their depreciation
inevitable. Business men, seeing this depre-
citation to be certain, and not feeling compe.
tent to estimate how great it would be. or
how frequent and how considerable its! fuc.
tuations would be, could not afford to make
any oftheir contracts with reference to such
a currency, but would base them, from ne
cessity, upon gold and silver values. We
should have q repetition of the imitation oil
the war, without the existence of any great
patriotic necessity impeliing the people to
give credit to the currency. so g "1f
The pressure Of the times cannot be re-
moved by a measure so irrational, danger.
GUS, and Intellectual as imitation. The coun
try cannot afford 10 embark in a policy SO