The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-01
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TNas In1iansIDssls journsss b not Inst tsl
Judge Kelley md TO othek advocates OF 1ns:
Observation-Disclosures wHeg It says that thegss
taypT an q indeRnate oil. ufiifmt ed ncreaseo f
the currency" II we understand the aim OF
hose Who desire to promote The gfeenoack
currency, they wish free currepcr.-to use
that phrase-which will expand or contraes'
10 obedience to the demands of business; and
/ currency limited By metallic bssls, or By
IN arbitrary laR, cannot do this. They hold
that no man Is wise enough to tell just the
amount OF currency that people re.
auIre, and that The amount must be
,egullted by the laws of trade; and
they propose system which they believe Will
make money the adjunct and not the master
of trade. The man who believes that our
present volume Of currency Is too large
could as logically believe 10 the; interconsert-
ible.bond theory of finance as the man who
,,elieyes the volume TO be too small. Un-
doubleday Judge Kelley and bis colIeas ues
Sould adopt system which would permit
The currency 10 expaDd IL such were sts ten
delcy. Blu. the Journal should not forge!
that the law Under which we are now work.
ipg--the Sherman france bill-admits OF an
EXPANSION of the currency to the extent OF
all the bonded debt Of tue country-that 1t
would permit every bond Of the nation to
be deposited for the bans-curreucy. The
sherman bill admits the extreme Of expan.
sion that can ever be asked by the adyG.
Gates of the intercorVertible bond and yet
we do not observe any crazy or wild results
If the s1;Gi n,a1 .1Dessire Of inaItion. The
differences between the Sherman bill and
rbe Kelley plan are these The Sherman bill
Sadmits of unlimited expansion of national
rank mo, es-that il, of currency which the
Government pays the banksto issue; and
The Kelley plan admits Of unlimited expaD.
sion OF greenbacks-tbat Is, OF currency
that costs the Government nothing. Then
The Kelley plan is much simpler, making
greenbacks always good for bonds, ana Donds
for greenbacks; : giving facilities for the 'eA-
change to all the people, and not alone 10
corporatiops of large capital. 1t is believed
that by becoming the banker of the people
the Government. would save half of the 10
terest now paid on the publiG debt. 1t is
claimed that the greatest advantage Of all
would be the fact that the working of the
system would be so simple and free that the
volume of the currency would ADJUST ltseil
datly 10 the wants Of legitimate trade.
The advocates of the interchangeable bond
do not want "unlimited increase :" of the cur
reucy. Theirs is no more 8 measure OF
Imitless expansion than the Sherman bill
They advocate what they believe to be
simpler, cheaper, and better currency pan
than the one now in use, and under the
working Of which the premium on gold has
increased steadily and largely. They hold
also that the result of making the, green.
back convertible with bonds will increase us
value. Every new pl,n that is proposed 10
this world Is called a crazy plan, but the
new ways frequently turn out 10 be the BET
Ter ones. The friends Of the greehback ask
for fair treatment, and refuse to be battisd
by sneers.