The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-09-29
nv currency" Initiation"


r. tho meanest arts of partisanry.
The condition OF the country Is snch tna'
oil mnst see that further contraction must
hiring disaster With It. The preparation LOT
-osrmn,ion must cause " contraction" MOI
on,v the contraction by the Government
hn, ,berc must be contraction BY the bust-
noes world. Every man will feel that he'
too. must get ready for resunpt,oh:
ho must collect what is due hm.l
and he mus. credit as few as possible. mat
an immense contraction there must be 10 tn's
priya,e pr.p4ration FOR resnmrsion" ihen
the banks will pursue more 'han oroI:
,orv canton. Discounts will be limited.
ard made only upon the very Dcst
secur;ty. Does not every one see that
This nuts an end to enterprise and 70
nubl;c improvements? Where. then, Will
he the occupation for the thousands OF ID
borers who aad employment In the WORKS
and enterprises that, In a>conn'ry like oHrs'
must al ways be in progress whe@ there Is q
healthy state Of good faith and confidence
amongst men and fair coriffesce IN exist
ence? Ia preparing, under the imperative
force of law, for resumption, there "''i he
pone or this kind of faith and CONSTRUCTED
commerce. -,
Rencal the resumptioulaw and peor'e VIII
easily and gradually drift into specie pay
ments, That period 'csnnot long re posi-
noned If the Government viii Only be hog
&C, econph to take its own obligations to'psS
in payment Of altdebts due to 1t. ffFutles @e
made payable in ,grcenbscks the gela-ss7aa.
fders are put to death, in Il asncia way, as
effectually as though their beads were ply ST
cally Topped eff.
And as for irritation, whstgroasd' eseTe
for the cry? There is under tie prese1I
law the liberty to put fortb;s larger assoant
~ currency than Is afoat. Banks arc repurn-
ING their issues 10 the Treasury anu WIZ
drawing their securities, 'becacse'.n view OF
resumption some OF them are'rathcr rtaE-
ing than increasing, or epea%cap:uS UP thur
line of discounts. We think if there wee
no curtailment OF the amount ofgreeHoaeSs.
and the banks were aett teissr'e'ai they are
now authorized to issue,-snd which 'Shey
would do il the resumption law were re.
pealed-the country csElG get along TeryW ell,
and business and enterprise wocld scef be
prosperous.
is this ipfatior4 what sort OF gaper
is it that is :foat, and with which it is
charged that there is disposition 'te Gin
fate" the paper rss1YcpcyS Gt4s'EsP,r for
which each and all Of us are beund, and for
which all the gold 10 the land is pledged.
THIS currency '6cseG een saatinna' bonds.
sohich are mo,c as good as solA, GaG can be
as readily sold IN Tie market. The paper
so secured gets into .circulatSon Through
loans upon individual securities. Now,
can anybody suppose that the paper thus Sc
cured will be loaned recklessly upo1 insol.
vent pledges? 1t is abszrd'to say Sc. Never
- was there currency in the LAID SO we'll Sc
cured; never did banker have baoknotes
for which he pledged security SO entirely
tantamount to gold, and which hestherefore
would be so very particular TO lend to no
one who gave in exchange for tbeG doubt
full security. We can UNDERSTANDING better
guarantee against iuuItlp1> "a Lllo Sul-
rency cannot get aaoat except thras gh such
healthy meass as OF themselves &c form q
powerful guarantee aga nst the issueof more
paper than can be absorbed by che legitimate
enterprises and commerce Of the laua. And
if there is no excess beyond ,knt,. c.sl that
condition be cIled ir1itcd financially filled
with air bladdery2 tits a folly to~slT so.
1t is characteristic of heated political or
party wars that .exaggerstion Should tie, II
possible, itself exaggerated to start|espeope
and brighten them out Of their senses. The
gold worshippers,, seeing ;iRe opportunity
TO profit from the distEesses OF people, are
using all their arts to make those distresses as
great as possible. If they can drive them AS
the Indians do butf,!o, between 4ines of r4i-
sades that gradually approach each other anil
form, as it were, the mouth ofa funnel at the
top of a precipice, that would attain their
object exactly. They would force a great
people to take the leap, and then plumber the
dead-otherwise the ruined. Will they sue.
coed in this? We shall see.
There is fact with regard to this country
that greedy gamblers, and swind!ers, and
short,sighted politicians, {ncluding the .Presi.
dent), do not appear to see at all; and il they
do see, they do not understand. 1t is this:
There has been great social revolution in
the land. the like of which was never known
In the world before. 1T came upon US at the
close Of q war. which OF itself prostlated
the nation. This revolution was attended by
consequences that generation, aud maybe
two or more, cannot outlive. The con.
sequences are added to the features
of an ordinary money panic and pressure.
They cannot be set aside or shaken of. They
will cling to this nation with the teuacity of
death. Did any gold.worshipper ever con.
template these effects with reference to
finance? Well, they would better do so.
They would understand the situation better.
The whole social, and commercial, and busi-
ness relatious Of the nation are to an UMPIRE
ceden,ed degree rerpieked and damaged, and
the man v ho thinks the financial questions
now Gao be treated us though such reRelu-
ton never occurred is fool.
We thank COP that at such time we have
a currency positively solvent. Everybody
receives it, everybody has faith in it. With
it, and with steady and wise measures, we
can emerge from the wilderness of calamity
in which We have been driven. 1t is happy
comparison made by contemporary that at
such time the money-chapgers and shavers
have forgotten all the divine injunctions and
the wise lessons of craftsmanship, and made