The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-04
No Contraction.

undoubtedly auIhoi't'''@'
traction, the organ acknowledged the duty
Of the Government to be to use It's "ho'e
power to prevent it, and at the earliest u'o'
mont when it could be authorized by Con-
rrcss 70 accumulate gold by the sale OF go'a-
interest. bearing Federal bonds Tor 'he pn'
pose of rcdeeming grecnbacks: the Aa'n''''
;s,rs,ioa theory, as cxpeunded by the orSSn'
he;np that the presence OF gold for their ie'
dcmptioa would give such assurance Oh tue
cooyer,ibilty into gold Of the greenoacAS '',,'
they would become at once III l'a' VIII e0'
and would be preferred TO so'o'
HD. thi. is the Administration 'heolS,
which IN view OF the further statement Vi
the organ aforesaid that go!d was asler all
,,o-cb.ntabc article, and not so reila6lc as
n.,,I. had .uoposcd "aa standard OF val
ua,iou,'' shows that the Government Is
First, against contraction !; second, 10 FAVOR
Of converting gold-intercst-5earipS bonus
into gold TO fortify the Government against
the day OF resumption, and for elevating INC
value of sreenbacks to par with gold.
From this we perceive that there Is an &C.
acknowledgement on the part OF the Govern
men, of It's Obligation TO look after the pre-
Servation Of the credit Of the national bonus
and paper issues and, Furthermore, the as
sumption that if the Government stands.ov
its credit it can be preserved, and specie'pay-
mepts may be resumed 'cithout co"tTdct'o".
Some time ago we noticed an article III Tue
New York journal Of Commerce. the real
sponsor for the New York merchants, not
,hc gamblers of the Stock Board-in Whic1
twas plainly conceded that there could DC no
RESUMPTION in 70, and no cOntrGct'o" 't0".
The .Jour,.ui and the New York mcr-
chants we're but recognizing lrrc'is'io'c ~
cic. aud, therefore, for the present lhc Ma
ton should be allowed TO rest; ana IL Is eFr
den, the Administration has come 10 Tue
conclusion tha. the nation must rest.
I'm the line Of these manifestations, admit
tirr things that are unavoidable, Is the de-
aaratlon Of the nominee OF the RepuOllcan
Sarty for Governor of Ohio-Gencral HAYES.
lie made his first speech Of the campaign at
Igontun, Ohio, on Saturday last. lie sald !:
"Thc Republicans Of Ohio are in favor OF
. no sudden or harsh measures. They 40 not
propose TO force sumption by a contraction
Of hc-currcncy. They see that the snip Is
headed in the right direction, and they 40
not wish To lose what has already Dcen
Gained They are satisfied TO leave 10 the III.
t]lcyc..S OF time and the Inherent energy anu
resources Of the country the WORK that YET
remains TO be done to place our currency 1T
Uar. We believe that what our country no"
needs TO revive business ana To give einpio!.
ment 10 labor is 4 restoration OF coDnuehcc.
Very well, then; who is it that is for
crowdny and pressing the people into STU
ations in which they may be gouged aud
ftyed alive to ill the pockets OF the mercc-
nary gamblers of the gold market, whose
whole strategy is to thrive upon the dis
:r,sscs of the nation? Who is it?
Ii seems to Us that the "h ard-money
men are left to their moncy-bass Gf they
have any and the Ingenious machinery Of
their Offices machinery compared with
which the skeleton keys, auger>, braceand-
DIT, colt, and :" brass knuckles of the bur-
gar arc honest and honorable-and to them
alone. Nobody seems to bcfriend the tinan.
cial bandtti.
The Republicans would "rcstorc conf.
dcnce' as the first step towards reyiYiDg
Business and giving employment to labor.
The Republican nominee for Governor OF
ohio says so, and he is not put in hostility
10 the Federal Administration: for that has
declared that the restoration of confidence ls
Necessary, and that in order to cherish con.
icucc there must be" no contraction III any
FORM"
In looking over the political field we see
that communities display something like uni
formi,y of opinion on the currency question.
In Ohio, With some variation of language
;snd some purpose TO emphasize phrases here
and there, the differences between the RGpub-
Leans aud The Democrats on the currency
Question are not very wide. The Democrats
have opposed contraction, and yet have not
proposed an increase of the paper money.
They declare that the amount of paper
money should 0c commensurate with the
wants of commerce, and this Mr.. Senator
THURMAN has said every mpn may interpret for
himself. On the other hand, General HAYES
says the Republicans do not intend to " force
cY." Therefore it is plain that the people OF
Ohio are determined that there shall be no
violent remedy applied at the present time TO
force resumption or to bring paper to par.
Neither party wants to do this, and both
would impress it upon the public tina. conf
deucc must be restored and employment
given as q consequence of the restoration of
confidence and trust amongst the people be-
fore we undertake to enter upon radical mea-
sures concerning banks and banking and
paper money.
The Democrats are exactly upon this line.
The variations in phrascology and empba-
sizing mean not great deal. The declara-
tons all go TO show that the people will not
agree to any hard.money" rigors-any
hurried measure of resumption by" contrac-
tom
Then, what is the use of dilatirg on hard
money! The hard-money advocates can
carry nothing, and they would better retire
from the field, and, seeking to keep them
selves familiar with their gambling ma
chinery, leave the people Of the United!
States to take care of themselves.
In view of the seeming unanimity Of the
several localities, and the occasional differ.
cnces between men on the same side of gene
raj party politics, we have suggested that We
should, in regard to the currency, follow the
GREELEY plan concerning the taritf--leaying
the voters of each congressional distrc. 10
Ia,