The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-05-11
The Paper. Money System.

Tberc is no subject so much discussed q
This. More people believe themselves espe'
cially wise with regard to 1t than co"'
cerning any other. Men are especm's VIC
rosca to believe they are good farmers
but we suspect thss more people oe"s,. 49, -,
they could bui'd up bank ana supply u"
public with a good paper currency. lhei.
is something delightful 10 Tue dreams %
manufacturing money and furnishing every
hodv with enough of it. The occupation i
aopbly blessed, since it blesses him that re-
,e;yas and him that gives. But 1t Is 100
ofte, the case that it is too happy to lsss' and
ends in misery.
the business IS so captivating that, with
all our selfcomplacency, We m'ssrust our
selves and hesitate to exploit our views on
The subject. Still We think we may venture
q little and express view or TWO mat may
SAVIOR Of common sense.
First. then We have to say that paper
money schemes must meet with the greatest
difficulties In finding their way 10 pnolic
favor. 1t is tie hardest thing in politics 10
mite a m4jority Of the people on suc)ec'
with regard to which every man almost has
2 scheme. When we remember this We le
licitate the country upon the fact that we are
now in an admirable condition 10 talk ana
wait, since we have the very best currency
that ever was in circulation In this country,
and will not probably suffer while we con-
slider whether We shall adopt new one.
Our conuiry is immense in territory, and
the variety Of interests it embraces Is great.
The natural cluses to disagreement among
the people in taste, sentiment, and haoit, are
numerous; yet by wise laws and gooo al
ministration these disagreements OF pnysl
cal and moral nature may become the means
of harmony and union through mutual ex-
change of benefits and advantages. Ana In
the process of such an interchange OF bless
ings the paper.money medium is the grand
agent. In proportion as it is in good credit
and acceptable to the people will be its efh-
cheney as 40 invaluable agent 10 this oeauti-
f1linterchange between the sections which
promotes the harmony and the happiness Of
the nation.
As We said we have now currency which
meets this great want Of the nation fully and
contributes more than we can tell to the
unity and contentment Of the sections, which.
without proper media Of commercial and So
cial intercourse, would be unfortunately in
conflict and discord. The currency is the
best we ever had. Whatever may be done
in the way of changing the system it would
be national calamity 10 Danish this curren-
cy. We have thought some things might De
done with regard to the financial system
For instance, the interconyerLbllity measure,
the interchange of national bonds and green
backs-would be good. But We certainly
never desire to see so good Il currency as we
have abolished. 1t is thoroughly satistacto-
~. Let any gentleman compare it with the
issues OF the numerous State backs Of for
mer times, which were so troublesome to
commerce, and by which so many millions
were lost. This comparison would be edify.
ing.
Some political economists areever quoting
the premium on gold as proof OF the defect
in the paper money Of the day. That pre-
MUM is tue result of combination Ct cir
cumstances. The Government itself lowers
the value Of the currency in comparison with
gold by requiring that all duties on imports
shall be paid in gold, while it keeps on de-.
post in its vaults nesrly o. hundred millions
in gold. The importers are driven 10 buy
gold to pay duties with while the Govern
ment keeps gold scarce by boarding it.
This does not 10 the public estimation i'm.
pair the solvency of bank notes that are Sc
cured By Government bonds. Gold is at u
premium on account of a special demand, tu:
the people have no occasion to buy gold.
The universally satisfactory currency is not at
all affected by the fact.
Specie payments can as easily be resumed
under our present system "a they could be
under any other. Suspension of specie pay
ments would be inevitable after such war
as ours under any system Of currency. 1t is
no argument against the present. system that
suspension has occurred now in this coun.
try.
We repent that we have the best paper
money we ever had, and we can with un-
usual serenity listen to the talk. about new
schemes. a long time will elapse before any
of them succeed. - 49,.
"The law says that every merchant shall