The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-15
Imitation VS.. Contraction.
rho Petersburg Star Of Tuesday evening

The Petersburg Star Of Tuesday evening
has the following
..As TO the Initiation policy. all our lean
ING that way has been dissipated oy tbe 'h-
telligence that General Butler has oeciareu ~
favor of il. That ends the mauer. 1he
Sou,h furnished this cock.cyed demagogue
the excuse for going from Democracy 10 re-
publicanism. For Gods sake let us not re-
neat orr mistake, and give him the ladder on
which TO climb from another losing TO an
other winning party"
We know not whether the Star IS IN earn.
cs. or not. but as its editor is emlnentsv p'ao'
t;cal, we suppose that it's joking. II means
no more than we did when, speaking OF nUi
LER's letter, we related the old anecdo'e VI
the freshman whose horse got his foot INTO
the s,;rrup. and who thepupon sa'd, III
vou are going to get up I'll get down" But
whether in earnest or not, the Star suggests
q question worthy Of consideration.
We are for no "infl,tion policy" We
had enough of that during the recent war,
when Confederate notes became rs pienthui
as newspapers. We wish to have no Gin
fia.ed" currency. That sword" has been
adopted by the Wall-street brokers to bring
into disrepute the scheme OF those persons
who are not satisfied with the present imam
cial policy Of the Government. we 90 not
admit that il would be "iD6ltion to allow
the volume OF the currency to adjust itself
to the wants Of the business community.
Wall street itself felt the want Of some sucn
system when the panic Of 1873 caused almost
all Of the currency Of the country TO DC
= Withdrawn from circulation. New YORK
city was as glad to avail itself OF
certified checks, and to use them as money, as
was Richmond or st. Louis. The whole
business community with one voice declared
that there was not half enough of sreenh backs
and bank.notcs in circulation. The deposit
ors in the banks had withdrawn their depo-
sits and put them away in places OF sa'e'!'
not because they consisted OF ""oltn'es'
PROMISES To DAY." as Wall street calls tbem,
Inn because these dcpO,tors kaeo that the
currency was good-jnst as good as they
would have it. In previous panics run
had been made upon the banks for the re-
t!cmpton Of their notes in specie, but ID THIS
case the people demanded only "rag'no-
new! There was no demand for specie.
Why: Because the pa2er-moncy was gooG
enough itself; because the Government was
bound 10 save Tue hott'ho'uei9 'a' "''s''' ""N
the people hau confluence III 'ne
mcnt. inc pan'c 'c0S an "teJ mu"t'es'
tat'o" y 'c"m y co"'oe"ce Z" "'e o0"h''
ma n manifestation Of confluence au The
GoceF"mtM. Inc people pie'ciieu W u u''
the HoVerhthen latlei 'u''i 'no o'o"''
Now, VIC ior one "hii' " sce w in''e pan
les. The country has 'oS' huno'eos VI UNI,
lions OF uo'laIs ia CONSEQUENCE VI 'h''' %
1879. we are sui suierihS from lhose con'
sequences. Ii ihefe Is any way 10 Ple'co'
.panlcs, let us ma IL ana iol'o" IL. ine ue-
positors can create Il panic any oas III tue
year. The entire volume OIL DOM Sieenoachs
and banknotcs would not suffice 10 pay
on one.lialf the dcp1>ltors III the
county should they make q stimuli
taueous demand for their money and then
keep it at home, Is they would be sure to do if
they were seized with panic. 1t matters not
whether the Government Shall pay annually
few millions more or less of interest if the
co,,u,rv can cscane an animal loss of hun-
,,r.ds NJ milIions hr nutsnp Mr.. kELLy's in
1ercouycr,ibIity scheme into opcration. And
# BrrLsR can assist rs to 4 plan for prey ent-
iur nnics and their direful consequences, we
are quite read, to adopt It.
We do not believe word of the assertion
that the panic has had on the whole bene.
fetal effect. On the contrary, it has para.
lived every sort of business, and reduced the
aggregate Of the products of industry by
hundred, Of millions annually. Il has i'm.
novcr,.hcd tbousauds and enriched nobody.
We should have been almost free from its eff.
fees by this time but for the insuiferable
stupidity of Congress in passing law to en-.
force specie pavments-a law which can do
harm and nothing but harm and harm con.
tinualk. and which ought to be repealed
within twenly-four hours after the meeting
OF that body next winter. The contraction
OF the volume of the currency VIII prihg
about specie payments When cohuehsaton
OF watery vapor In the'almosphcre sua'l pro-
duce fair weather. Let Inc 'o'ulAc o' sne
currency resua'e hseh. i-e. h'e'pei ccn''
bonds be maze ih'elcnahScao'e WIN ereeh-
Dacks. 1hese ooho' "fe "ol'n ''ieit iace III
solo. II 10 easily ~ " Secn 'Ha' '''iS lncasore
"ou'u at on'' ,n'A' sieeno"'N' - so'o as
so'o' anu 90 III. '''",''o''' ''e ieoeeil"oe