The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-02
-r,,a Government on Resumption.

,roynAy AUGUST ., 1oao'
r,a Government on Resumption.
nh. washington Republicans 1.-The Admin
sstr.tion organ--has in its issue OF Ff'aay
AN elaborate article upon resumption, WINCH
Is, we suppose, the work OF some 'eaa'ns
anansis, member Of the Cabinet We taSe
It, that It has received the approSai Of 'pe
Federal Executive.
A leading point in this article Is opposition
- e controctioa In any form" 1t is assumed
that any attempt to resume spec'e'paynen.'
a, long a. there is material difference De.
tween the value of greenbacks ana 'na' u
LA ,,,u c.n.e a shock which the country
cannot sustain. -,
T. assnmes that IL there is mems oy
which greenbacks can be put upon . pa,
xr,,h gold II Is the duty OF the doVerhment
On nnon,ov that means; and 1t assumes that
.tho nr;v;lece conferred upon the Govern
mont in the act to provide for the resumpIt
tIon of specie-psyments y. OF supplying
itself with gold by selling Government
bonds at par for gold will do this. But
This authority cannot be exercised until
The time Of resumption-January !, 1853.
The article Ia the Republican states that
is was anticipated that this privilege OF
buying gold with Government bonos
for the purpose of redeeming greenbacks
wonld build up confidence In them. But 10
shis there Is disappointment; and .lt Is
suggested that Congress amend the law &c
as to put this method of accommodating coin
with which to redeem the greenbacks into
,operntion at the earliest possible period; and
It IA further recommended that the Secretary
of the Treasury be authorized, in Issuing
the bonds for accumulatipg the coin Witn
(Which to redeem the greenbacks, to create
sinking fund, so to speak, to be used for the
purpose Of gradually accumulating enough
gold for the purpose sought.
This buying gold with Federal BONDS ior
the purpose OF redeeming greenbaeks IS Inc
Administrators plan for bringing down 'ne
premium upon gold, it being claimed tnat 10
this way the public will be assured that
.,reenbacks will be redeemed. PETER COOPER
in his admirable letter published by us Sat
,,rday. contends that if greeubacks were
made convertible into Government bonds
bearing gold interest that would appreciate
greenbacks and bring them to par with gold.
We have argued that more direct way 70
accomplish the object would be to make du-
ties ON imports payable in greenbacks, leaV'
ing the Government, if necessary, TO buy
xoId with bonds for the purpose of paying
interest on the public debt. That would dis.
pense with the use Of gold in ordinary com.
merce except for the purpose of paying
foreign balances. Gold-gambling would cease,
and the gold premium would hardly hold up.
We are gratiied to see that the Admins.
tration desires to protect the country against
the terrible shock that would be caused by
an attempt to resume specie. payments while
gold is at a premi UNI. It's desire is to bring
down the premium, or, rather, to elevate
greenbacks to par with gold in the manner
described. It's even more gratifying that il
is declared in the Republican, which is be-
lieved to speak for the Administration-that
as q means of resumption contraction is not
to be thought of. That is wise.
This notable article furthermore pro.
nsunces the following striking opinion {:
SO Gold is an article of commerce, and Is
'"therefore not as reliable as the public gen.
;" erally accepts 1t 10 be as a standard OF
"Ualuation." Exactly. The venerable Pc
TER. CcoPER regards the credit of the Gov
ernment--wh:eh in republic is the same
with the people as more reliable and stable
thun gold as measure Of value, gold be-
ing an article of commerce not under Gov
ernment control, and the public bonds being
entirely under that control, and the interest
they bear settling their value.
1t isl healthy idea that seems thus to have
found It's way to the Cabnet-that gold Is
not after all SO reliable, and that we may
have a standard of value that We may trust
with entire confidence and faith.
. The writer 10 the Republican assumes that
the moment greenbacks are ut par with
gold "practical specie payments would be
effected" 1t adds: "National. bank notes
.swould under every circumstance be AS good
seas at their ultimate redemption, because
'"' iegal-tenders, into which they are transfer
.'able. would be us good as gold' 10 such
state Of things resumption will have taken
place.
1t is gratifying to feel assured that so far
as the Administration Is concerned there Is
NO idea of forcing resumption-that there
must be no contraction, and no sttempt at
any resumption Which, by puttisg together
the differing standards OF gold and paper, may
cause great shock 10 fall upon the country.
A Touch Of Nature.
Our entertaining correspondent D." in
the Dispatch of Saturday draws very lively
picture of the scenes 10 Massachusetts at the