The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-06-04
The Money Question.

The Money euesuon.
The Ohio Republicans are very sna,p !"
.be financial plank Of their platform. Inc.
...,, ,he government to proceed with It's
financial policy TO the point OF estSo''s''nt
.oua,i,v of purchasing power between paper
.nd po,s "without an unnecessary shoSh W
hus,ncss or trade" Nobody can oplec' "
th;x Under a "shock" to business, papef |
q ,se fros, before the sun, and gold rises 10 |
value 10 comparison with paper until so'os
mo. IN abundance sufficient to meet the oe-
m,nd for it, and suspension becomes I'M
avoidable..
Rut let the Government proceed WITHOUT
Questioning the i" shock," and gold and paper
viii, travel peacefully together: SO will they
continue to travel until there comes q
.sshock." and then all Is wrong, and IN
equality again dis,urbs the public finances.
The "shock" engenders distrust-credit
xysnes-,oans are curtalled-moneyed men
begin to hoard-and pressure becomes gene
raj. No civilized commercial people can dis
pense with credit; nor can any such people
meet their Obligations without indulgence.
Business aud the economy Of life require the
existence Of an amount Of credit-greater OF
less but always for more money than can De
paid in an emergency. 1t Is just the attempt
in a time of panic to cterce the prompt pay
ment of this credited amount that brings
about general failures, the discsediting OF pa
per money, and the suspension Of specie pay
meuts.
Gold cannot by itself meet public wants.
It's scarcity gives it its value. Assoon as Tue
run upon it is greater than its capabilIty TO
meet il, It must withdraw and remsn away
until there is restoration Of confidence 10
the country and Of order and regularity 10
business, when it may again come forth ane
quietly and safely perform its services as an
agent of exchange with paper money and
medium for tbe settlement OF balances be-
tween communities and States where staple
commodities are not available. Aud so gold
will happily subserve its purposes in time OF
peace and Commitment.
If the Government will only go on aud
cause no unnecessary shock" oil will pro-
coed "merry as a marriage bell" So We
are with the Republicans Of Ohio on this
point. But beware of the "sbock."
With regard to the coveted equality be-
tween paper and gold, this country ought to
be happily situated. We baye currency
that everyb body trusts. 1t is unquestIona6ly
the best secured we ever had, and 1t ought
to be placed on par with gold as easily as
any that ever existed, and we believe that 1t
can be. But let not the financier forget that
it is q hard thing TO force resumption OF
specie payments. That is one OF the impos.
sibiltles. Il cannot be done until the condi-
tions have arrived. 1t is mans nature to
hold on to spprehensions that have arisen
from panic until all cause for them
aye, even imaginary cause-is gone.
They cannot be coerced and driven away.
Armies cannot dispel them. They are not
amenable 10 force. Force only increases
them. Time alone can diminish and dis
perse them. They come In tempest and
they disappear slowly, like the scars of war
and effects Of calamilies.
We repeat that our currency affords un-
common advantages in returning to specie
payments. If we but avoid "sbocks" and
let things take their way it cannot be long
before there will be restoration Of the
equality sighed for.
The shripkuye Of values has been terrific,
and the curtanent Of currency at this time
would be. therefore, all the more fatal. Nor
isit wise in the Government now to curtail
that most diguited form Of the national cur
rency "the greenbacks." We can never
deem proposition That suggests the calling
in the green backs to be wise one. The
people think most Of that form Of currency,
and that they oush 10 have. The green
backs represent national debt, and to the eX-
tent CT their circulation relieve the people
from taxation. To keep them sfeat, there
fore, is the best policy. They will help by
their effect in cherishing faith and public con-
tentmentto bring about specie payments.
This, however, is incidental, and not
main question. The Government has only
to proceed steadily, without causing any
"sLock" to business. and specie payments
win come. This is the only way they can
come.