The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-12

holder into goId-bearing bond ut $3.50 per
cent. interest urdollar is5equal in value TOT
Investments TO begold dollar oil tue "otiu,
and the amount of currency used ID the
country needs no more currency because inc
circulation of the banks is being diminished,
and a. the money.centres money can De nao
on call, or from two to three per cent. \ nat
Is true II the borrower has certain klbdS Oh
collateral ~securi.y-to wit, Government
bouds-to pledge for bis loan; but lot any
length of time upon any other security lno'
pey cannot be had OF any rate at Wnlcn ous'-
ness enterprise can be carried Oh. IL IS oo-
yious that the reason why money Is 80 plenty
now is that nobody wants 1t.
By policy which seems almost 10 ooroer
on insanity we have entered upon contras-
ton of values with view, 10 cersain iiuiie
ed space OF time, to enforce "spec'e-Pay-
meuts." as they arc called, but when every
one who remembers the state OF things Deiofe
fine war knows to be delusion and snare
Therefore, houses, lands, manuiactules'
ships, goods, produce, and labor have all
within two years, been deprecated lrom
twenty five to thirty-tbree per cent, untIl
all business Is crippled, all enterprise
stoned, and to-day more than mliiioh VI
men and women who are willing 10 VOTE
are without employment in the onlteo
States. OF course, while this policy OF cou-
traction continues 60 man Will Degln any
new ENTERPRISE or make any new proouclion
who is not obliged SO to do by the neeessij
ties of his business relations. VINO oesires3
TO build a ship or manufactory "hen his
knows that before it is completed IL may oes
preciate twenty per cent!
A certain class of men are loudly cryin
ont that this depreciation is necessary IN
der to bring down vllues OF all properly
snecie basis. However hurtful this opera1
tion NAV he to the individual, however detri-
mental to the national industry, yet 1T mlght
no tolerable if all values are brought down !;
Int the fact is land this may account Tor III
on,crv of the class to which we have al
ludpd> that only two.tnirds of the properly
IN tho country is being deprecated 10 quit
,hirtv.three Der cent. in its value, Whlie an
other third, at least, is being appreclaseu
lsast ion ner cent. There is at least oneE
third Of the wealth OF the country lnVes!eo "
;ndehlment-naLiopal, municipal, or private
All this appreciates all other properly ue,
nraciatrs. TO illustrate: a mans mousse nas
within the last two years deprecated tnirtS-
,hrec ner cent. in its exchangeable value
that Is. he can sell it for that sum only as
compared with two years ago; OUT tne
marriage for greenbacks borro wed upon IL
has annreciated ten per cent. in comparison
with gold. The property grows continually
smaller, while the bond and mortgage gro"
continually larger. So with all property and
all debts. And the business. man sees all MS
property and hopes swept away in favor OF
the money-lcnder. How loog the business
norton of the country will submit to this,
for the benefit of those who hold bonds,
notes and mortgages, is question which
must be solved apparently by the Democratic
party, and upon this question Ohio has given
no uncertain sound.
It seems evident to every thinking man
that the financial problem is to be the leading
question in The future election of President
and Congress. BENJAMIN +. BUTLER.