The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-05

fIf,nal slim, not exceeding ffi;y millions, nj
NAV befem porssfIy require6Jor reaamptfon
of temporary I0ans." A &a
Bnt The Ohio Irf,tionists, in atiine Of
peace, on grahpdsAo mere expedlency, pro-
nose an incongertible paper currency, With
its volume 1tnite denly by: the discretion
mr. eaprice of its issuers, or their judgment as
to the wants of trade. The most dissIn.
puisbed gentleman whose name IS assocated
WITH the subject once said "the process must
he conducted with skill and caution
t by tnen y hose position WIN enable them 10
guard against any eyiip; and using fayorits
Illustration, he said:.'" The Secretary OF the
| Treasury ought to be able to Judge.
His band is upon the pulse of the coun.
try. He can feel all the throboiDg5 OF
the blood in the arteries. he can tell
when the blood flows too fast ana
strong. and when the expansion should
cease.D This brings us face to face with The
fundamental error of this dangerous polIcy:
The trouble is the pulse of the patient VIII
not so often decide the question as The lu-
terest of the doctor. No man. no govern,
ment. no congress, is wise enough ana
nure enough to be trusted WIN tnis
tremendous power over the business ana
property and labor of the country.
That which concerns so intimately all
business should be decided, if possible, on
business principles, and not be left to depend
on the exigencies of politics, the interests OF
party, or the ambition Of public men. II
will not do for property, for business, or Tor
labor to be at the mercy Of fe" poiltlcal
leaders at Washington, either in or OUT OF
Congress. The best way to prevent it Is TO
apply to paper money the old test sanctioned
by the experience of all natlons-let IL DC
convertible into coin. If it can respond TO
this test 1t will be, as nearly as possible,
sound, safe, and stable.
THE SOUND POLICY. ......s
The Republicans Of Ohio are in favor OF no
sudden or harsh measures. They do not
nropose to force resumption bya contraction
Of the currency. They see that the ship is
headed in the right direction, and they do
not wish to lose what has already been
gained. They are satisfied to leave to the
IL f1uences of time and the Inherent energy
and resources OF the country the work that
vet remains to be done to place our currency
MT par, We believe that what our country
now needs 10 revive business and to give em-
ployment to labor is restoration OF conf
dence. We need confidence in the stability
and souudness OF the financial policy OF the
Government. That confidence has Tor many
months past been slowly but steadily in
creaspg. The Columbus Democratic plat
form comes in as a disturbing element, and
siyes severe shock to reVving confidence.
How great the shock which was given to
returning confidence by the Democratic
action at Columbus abundantly appears by
the manner in which the platform is received
by the Liberal and the English and the Ger.
man Democratic press throughout the United
States. The Liberal press and the German
press, so far as | have observed, ia the
strongest terms condemn the platform. They
speak of it as disturbing confidence, shaking
credit, and threatening reputation. A large
part of the Democratic press OF other States
is hardly less emphatic. 1t would be strange
indeed if this were otherwise. In Ohio, less
than two Years ago, the convention which
nominated Governor Allen resolved, speak
iug of the Democratic purity, that " it recog-
ulzes the evils of an rredeemabie paper cur
renew, but insists TINT in the return to specie.
payment care should be takeu not to serious
IL disturb the business of the country or un-
Justly ipjure the debtor class" There was
40 imitation then. Now come the s0(t.money
leaders of the Democratic party and try to
persuade the people that the promises of the
United States should only be redeemed by
other promises, and that it is sound policy to
increase theme