The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-27
Repeal the Specie. Resumption Act.
[Piusburgh Telegraph, 21st1

=
We present to. day number Of communi-
cations from representative businessmen Of
Pittsburgh endorsing the suggestions of the
Evenins Telegraph that the Quixotic re.
sumption aet passed last January be repealed
at the next session Of Congress. This ia no
imitation idea. 1t is not intended as the inf-
tlal step toward demanding larger issues Of
paper money. 1t is simply to relieve enter
prise from the cramping caution induced by
q set policy of further and speedy coDtrac-
ton, and encourage it to draw idle money
from the banks and use 1t boldly and hope
fully. This Is the right kind Of tnflltIon. II,
means the restoration Of confidence aud
courage. 1t means that people who can
borrow. but who are afraid to do SO
owing to the menace of forced con-
traction policy. will. go soon as that policy is
abandoned, shake off their gingerly caution,
throw of their coats, so to speak, and "pitch
in - again with real American pluck. With
this contraction and additional taxation mea-
sure hanging over their heads, these men are
not going to contract fresh obligations.
with thousands of others they will wait to
see how the cat jumps in 1879. Thus tue
country will continue weighted down Wild
distrust and excessive prudence, enterprises
be conducted on the most limited ana tenta-
tive scale. and the wholesale destruction of
those who are embarrassed TO 90 on. TO
start the wheels in motion the slim.
ulus OF hope must be applied, and
the obstruc,ions in the road must be
removed. In fact, remove the obstructlons
and confidence will again revive. This hXed
noIicy of contraction is not one Of The lions
in the path that disappears as you approach
il. 1t is not an imagnary evil. IL IS posi-
lively baIeflll Influence felt mischleVously by
every interest except gold, bonds, ana bank
stocks. Those who oppose this attempt TO
resume in 1879 are not hostile TO oondhold-
ers. They do not employ such phrases as
" bloated bondholders." They are lot the
Government fulfilling its obligations TO the
letter. They scorn everything even Squlnt-
ing at reputation. But they do not relish the
idea of additional taxation to carry out SUI
den resumption while there Is a non'taH-
paving class in the land. There is such
thing as crowding the mourners. Times are
hard enough and business is enough Grip
pIed, and people who took risks under differ
ept tinapcial conditions are sufficiently press
ed without being informed that in order TO
bring about speedy resumption the taxation
screw is to have another turn. The compa-
cent investors in Government securities,
mortgages, and other persons who are we'll
heeled," may presume too far on the patience
Of those who are struggling, and give repu'
diation demagogues pretext and capital for
doing much mischief. Let the country hnd
its way to Specie-basis by slow and
easy stages. Don't derange atfAirs by
hasty experiments. Repeal the il.considered
act of January, and thus notify all classes
that no more tinkeriug or interference with
the currency will be attempted. Tue green.
backs will then come out of the stccGlngsand
hiding-places. The accumulated money in
the banks will flow out. Confidence will
revive. Investments in Industrial, agricul.
tural, mining, manufacturing, and mercantile
operations will be renewed. Hope will take
the place of apprehension, aud the nation
will take fresh and buoyant start. Ira'te
the country with hope and energy and no
other Initiation will be needed. The first sig
nal step that way is to recede from the para
living enactment rushed through without
debate in the Capitol last January.