The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-11-18
SUSPENSION and Resumption.

depends upon TIC Testokaeioh W S.NfAt> - 4
until this Is restored. AS long as fears
and apprehensions are spread over. the land
there can be no successful and durable re.
Sumption. y ...,....g &, ~ !.
The vehemence aud impetuous urgency OF
some politicians and Journalists for resump-
ton would impress one net acquainted with
the history Of this country that there had
never before been a suspension of specie
payments on this continent, whereas we have
had many. Every war. has brought Its sus-
pension, and. we have had them without q
war to produce them. England, the great
example Of this country IN finance, has had
herfull proportion Of suspensious-on OF
which lasted twenty.seven years. The civil
ized world seems to have agreed that suspen-
sions are in certain political conditions in
evitable--just as inevitable as are those con.
ditions themselves-and they are inseparaple
from civilization.
Indeed, suspensions of the payment OIL
coin are at times unavoidable in every land
where paper money and those bits OF pa
per-eheeks, drafts, &c.,-which represent
credit enter into commerce and constitute
the chief media of exchange. Credit Is one
of the highest proofs, as it is vital feature
of civilization. 1t is engendered by the IN
tellipence as well as the dependence OF men
upon one another, and that faith and honor
which gro " out of education and the moral
sense of the just idea of practical good that
is secured by the mutual performance Of OBJ
legations amongst men-the one with ~an'
other, and each with all.
The socio-political and financial disturb
auces which startle mems minds and set
them TO taking care of themselves, and cause
them to 6istrust the securities and deposita-
ries Of the land, come often mysteriously and
unaccountably; yet they sweep over the
land with violence that no device oil man
has vet been able to check. They end by ex-
haustion together with that restored sound
Judgment which time brings about. Re-
covery cannot be forced upon the people.
Peace and confidence come almost as mystic
riously as they GO.
The latest aud best English authority on
finance-Mr. BAGEHoT- clearly diagnoses
this disease of panic, and conclusiyely proves
that it is uncomfortable. He argues that it
must be treated forbearingly and patiently.
AS in the treatment Of typhoid patient, the
public measures should look to gradual re-
storation BY gentle means-by nourishing
and stimulating the patient-even to the
length of paying out more currency to afford
relief and help to restore that confidence
the want of which is the root of the dis
ease.
But the hards" have theories different
from Mr.. BAeEHor's. They think law may
force resumption and compel people to have
faith. So they are always calling for the law
and for compulslon. They demand that peo
pie shall pay gold whether they have it OF
not, and would commence paying out gold
to IA dlstrustful community when hanks
with circulation of S5OO,0O0,0OO have only
SS,oO0,O00 to redeem it with. They would
bleed the country where BAGEHoT would feed
and stimulate.
Who are they who are the most conspic-
uous of all in demanding gold' They oc'
,cupy those localities where the greatest
frauds ever known in the way Of stretching
credit to monstrous lengths have been often
perpetrated; the localities where, stock
watering, we believe, originated, and every
one knows, or should know, the nature OF
that description of swindle. They are Of
the community Of stock and gold.gamblers
and the '.eorner ".makers, whose huge vii
lalnies have involved the whole nation In en-.
barrassment and loss. What right have such
communities to undertake the teaching OF
that political economy that is to preserve vir-
tue and honesty in the land? What right
have they to sneer at men as
dishonest who advocate prudence and
caution in finance, and who would avoid
measure for premature resumption by ruiz.
Gus contraction? 1t is of piece with the
schemes OF these persons who nave inflicted
so much distress upon the country that they
should desire to add yet another calamity, by
which they may further enrich themselves
at the expense Of innocent persons-of the
people.
They speak, we say, as if there never had
been suspension of specie-payments in this
county. Yet we have had them, and we
have survived them, and the people have
been happy and prosperous; aye, and there
was less dishonesty then than there is now,
since they have astonished the world with
their unexampled Villainies.
Yes, there have been suspensions in the
United States because of panics, and extern
.sive disasters have followed them; but quiet
came in time, and confidence was again
established, and people forgot them. Indeed,
suspension came of fever and delirium In
the body polite which were allayed by sus.
pension. The banks we then had-we have
far better now-issued their notes and gave
relief; men renewed their business com.
merce flowed smoothly, and in time financial
peace was completely established, and re.
Sumption came without q ripple in the
course OF commerce.
This ss what we want now. We want nc
shoek-no shock by contraction and che
suddes equalization of paper and gold; but
that Is exactly what the money dealers want
The country does not require tilt Is mo-
necessary-and as sure as there isa forced,
premature resumption It Will be soon fol