The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-13
The Currency Question I'm Richmond,
Virginia..
ft,orrcsrordence Of the Baltimore Ga

The Currency Question i'm Richmond,
Virginia.
Correspondence Of the Baltimore Gazette.I
RICHMOND, VA, August 10.-On reaching
this city your correspondent at once took
means 70 place himself ia communication
with such men as would fairly represent the
sentiment of the business interests, and has
been favored with the views Of some Of the
most influential merchants, bankers. aud
manufacturers. There is, as might have
been foretold. diversity or views in regard to
resumption of specie -payments@ With many
who desire that end there is Isfa disposition
to Notwithstanding ,,G sat another
time. perhaps. may hear you," order; but
the prevailing sentiment is against any intia-
ton, and there is strong representation OF
bard-monev men. The Kelley 3.G5 scheme
has its advocates. who are deceived by its
puusitility. aud see in it a short road to spe-
cir.paymentS. The demand is also made By
many that the United States Government
SHALL receive its notes in payment OF Gus
TONS ard all dues to it from citizens, or, as it
is expressed here, recognize the real value Of
Il. currepcS The following conversation
will show.9he drift Of sentiment:
The vipws Of Mr. 4. l.. Elicit, senior part
ner in one of the largest wholesale dry-goods
HOUSES on Main street, is as follows:
What is your opinion Of the currency
question as it stands ut prcsent!"
81 think that the speediest way to the re-
sumption OF specie. payments is that the
United States Government shall take its
note. for customs dues, and debts to it
Of every description. If this were done it
would be but a small step 10 specic.pay-
mcn,s. as it would do away with all gold
competition and leave the Government the
ouy buyer in the market for such sums as
it would need to pay the interest on its gold
| bearing bonds.'
ain regard to the process of resump.
| tom
81 am opposed to either iuhalon or con.
traction OF the volume Of the currency, but
desire to see 1t made good Tor its tace-value
in gold. Businessmen want no sudden in
crease Of values but would attain the desired
result gradually from the Developments of
the Industry of the nation. An expansive
credit, beyond the needs Of the country, is
particularly 10 be avoided. as that would lead
10 ruinous speculation. Even il based on
gold, the use Of paper money cannot be
avoided. and so long US that, with the credit
system, exists, panics must come to greater
or lesser extent. People should live more
prudcutlv. in order that the exports Of the
country should equal the imports, which
would prove Il valuable safeguard
1--WE bat DO you think of Mr.. keley's $50
convertible bond Scheme?"
lam totally opposed TO Mr.. Kelley. The
whole thipg is only a question Of interest.
Under its operation capitalists would invest
largely whenever interest becomes low. thus
con nIactiug the currency; and by reverse
process the currency would be increased
wncn Il high rate of interest prevails. This
would be greatly to the detriment OF the
| mercantile community. In fact, the law
| would enable capitalists to initiate or contract
| At will, and 10 make interest Oh money as
| high or low aS they desire
Mr. j. l.. Williams, OF the firm of VIII
| lianS X Gibson, real estate brokers and
blnkcl>, in reply to a request, made the fol-
| 10 Vii" clear exposition Of his views on the
! general questions OF currency and redemp-
! ton:
"Whut is most needed in the country at
present i. honesty aud fair dealing-giving
and receiving equivalent in place of ire.
>ponsible obligations On bascless currency
and now that wc are so near specie basis.
| the true measure OF values, We had better
come 10 it at once. The only argument in
| favor of il II alton Is that large proportion
OF the debts men owe have been contracted
under au irllited currency, and it seems hard
| that men who have run in debt Should have
TO pay in a more valuable one. We can
bring down values TO true standard. but
debts remain the same. lu reply, we say
that if the country could be relied on ut once
| 10 enter upon course OF economy, 10 zeal
pr,ldeu,lv, to pay OFT old debts, and be con.
( -, y;,h ein apI honest nprrptinnS II
might be we'll 10 enlarge the currency
for general relief, but it is almost certain, if
| it is enlarged, the people generally will have
as little respect for it as ever, and will con.
linue in the same reckleSsueSS us within the
last ten years. so that at the end OF two or
three wears our condition will be as bad. II
not worse. than it has ever been. The Surest
way TO redemption is 10 convince the pubic
mind that no iutlatiou will be made and that
the oulv wav to get the country back into Il
healthy condition is by honest dealings and
slow accretions. The Government should
receive its notes for all dues, and Tree banking
should be allowed"
The president OF one ofthc most important
and ably.managed banks in The city was qtles-
toned, with the following result:
"What are your views Oh the SUBJECT OF
specie.paymentS:
"Thr most intelligent bankers and mer-
chants are in favor of hard money and the
earliest return TO Specie.p payments"
What would be the effect Of any iut1l-
tion.'
..Iullation would only aggravate The pre-
sent evil OF an already too-Srea,y infhed
currency.* 80.
.sIiow would you return to hard money =
"To return to specie might be done by de-
cree of Congress fixing date-say, july l,
lS16.-ampie time to bring out all boarded
coin, and to enable the country TO prepare
for the change. The present shrlnhage IN
the value of real and personal property seems
10 indicate u national care Tor the evil WHICH,
if aided 10y he business Of the country,
would soog effect the Object, for there Gao De
no real pros perity until We do reach specie
payments. The people Of the United States
should not be willing for any reason TO live
Longer with currency interior to that OF any
other civilized country. Ii they do, credit
must saier. The whole country, and espe-
caHy poor men, who constitute the great
mass Of population. are paying Too &nucn ioF
what they coDeume. Above all, would
state that ritiated currency Ip]ures deeply
the morals of the whole country. ..
"What do you think of the proposition 10
declare customs dues payable in currency
"When the Government agrees to take
its paper as duty it will only iasten ihe
ellains of deprecated currency and give
honor TO that which should no IofSer be
hoDored." ..,.
sis immediate resumption posslhle!
sTbere is sufficient amount OF golo IN
the country now, while values are low, ana