The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-05
r,,,,o.-The Administration.

r,ranc.-The Administration.
wo noticed on Monday the plan OF the
,sr,;,is,raton to effect resumption without
.nr,ract;on or imitation. The Washington
Pe,ublicon of yesterday has further ex-
nlsna,ion OF this plan. and makes more clear
the process by which it Is hoped to bring
about resumption. 1t is contended that oy
accommodating gold to redeem grccnoacKs pS
selling Government bonds for gold, only an
expensc of SEQ, 0o0, 900 for three years IN IN
terest would be incurred, while the country
would thus avoid loss equal to the amount
of the public debt from the shrinhase III
values that would follow the attempt 10 re-
sumo By contraction. So,
The placing Of grecnbackss on a par VIII
gold By buying gold would not. 1t Is con-
tended, cause any shrinksge at all aoo then
resumn,ion would follow without puoiic
embarrassment. 1t is better that some sacrl"
fee Temporary should be made by the
Government to bring about resumption than
that there should be widespread ruin
through contraction and through that in-
rocnse shrinkase of values that would follow
il gold ard greenbacks were butted against
each other and large per cent. knocked oh
creenbacks in the collision.
We are satisfied that the Government must
itself obtain gold for the eNigenc7. II has
mower to command it, and should do so; but
try it when The Government may, it will
find that it can hoard no large amount OF
gold without pressure. We invite attention
TO the Republicans evidently authoritative
article
From the National Republican,
RESUMPTION WITHOUT INFLAT1ON OR Con-
TRACrroS.-So far IA the Presidents recon-.
,nendations to Congress are concerned, tAe
effort has been repeatedly made TO accom-
nlish MISREPRESENTATION without Initiation or
contraction. The frce-banking recommends.
lions of the President have been Intended
ia proyide for the accommodation Of the
bubble, and at the same time TO assure the
country that the national currency snail re-
main upon q lasting and encouraging basis
OF ultimate specie.resunpticn. The sug-
ocstiop recently advanced b. the Ndh0nd1
Eep,tJiican that greenbacks or lcgat-tenders
Stall be made more tangibly solid by
nroyidipe that the Treasury shall ac-
rruc gold for their redemption Is in
tended 10 obViate contraction, because 1t IS
believed that such a policy would bring
them up TO par, and that, in consequence,
there would be no shrinkage in values. On
this platform any party may 80 to the coln-
try without fear of opposition from the nom
est and thoughtful classes. In some respects
il may be regarded Us simple endorsement
OF the resumption bill adopted by Inc last
t,,t trin
asan improyement on that measure, Us IL
provides against the necessity of retiring 'e'
ral.tcndcrS and the temptation to Increase
uatlonaI.bank currency asa speculation. ltls
based upou the safe assumption that the only
defect in our present financial system resides
in the Warranlable lack Of confidence IN the
direct currcncy-isSuc OF the government.
Values OF all kinds arc now estimated upon
the basis of that issue, because it is the le-
BARTENDER. \ policy that would contract
that issue to bring it TO par with gold
would also contract values. 1t is eSlIrna-
ted that such contraction would efe9t
shrinkage in real estate, corporation
stock, ana all kinds of permanent invest.
ments, amounting to three times the total
sum Of the national debt. This would bc
accompanied by unheard-Of fiuaucal dis
tress, including the bankruptcy OF two
thlruS, IL mol more, vi Tue cIcultOI ChSs- IL
this distress can be avoided by preventing
That shrinkage it is manifestly the duty of
the Government to do it. We believe it can
be avoided by raising the value of legal
tenders up to par in gold. The expense in
CURED in this effort will be less than sixty
millions Of dollars TO be paid rs interest upon
less than four hundred millions Of five per
cent. bonds that would be required to form
the basis upon which to estimate the new
value Of lcgal-tenders. This done, rs we
lave said before, national bank-notcs
would be as good now as ut the date OF
their ultimate redemption, because the legal
tenders into which they are now convertible
would be accepted as the representatives OF
their face.vauc in gold. Spccic-rcsumptio
would then be an accomplished fact, and
while the Government would be called upon
10 pay something less than sixty millions OF
additional interest on legal-tcnder securities
the people at large would be rescued from the
danger of shriuklgc in values amounting,
"a we have said to three times the natoDai
debt. We have no doubt that THIS happy
compromise, which not only preserves bul
enhances the credit Of our currency and the
integrity Of our Government, will serve TO
lally all the sound.thinking and clear-reasoll-
ing people of the country to its support.
TOO much prominence cannot be giveu.to 1t,
however, by frequent discussions OF It's merits
before Congress meets.