The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-04
'Ehe Finances.
For the nispatch.1
'' And his spirit Is marching on

| lliC i''Spo'S"'I
John La,os body lies A. molderlna III tne cay
~ And his spirit Is marching on
When canny Scotch BODY loses tue oea'eu
n,,h of common, hard, horse. sense thare Is
M calculating the extent Of MS ceceIlf'c
ard ziazae mcanderinGs. Witness the eA-
Irav,oancies of that noted financial mounte.
hank who. early in the last century, managed
,, sond The French eXchequer on oa!nooh
vor,pe TO the place where the Wooooine
,,,;noth TO borrow the choice figure OF
I,'a d;.t;nyui.hfd yotary of Mars. Mercury,
I'D Tho Muse. Even after his terrible collapse
a"u veal ncopIc of a speculative turn
T,c,od N believe there was virtue IN nls
o,;mnr;cal scheme, and from The utterances OF
cert.in Journals to-day we are hound 10 con-
Glide that he is still regarded by favored
and enliobtened few, who pooh.pooh ut con.
radiction, as q prodigy Of genius IN bis pc.
ruIiir line. The fact is unquestloned tnat
rho fundamental idea OF his monetary theory
j. the urcniu,a mobile of those who soon az
rho yood old-fashoned doctrine that gold
and Silver are theIonly safe aud reliable Basis
for stable and unf1uciuating currency.
None 20 before us in appreciation OF tue
miraculous virtues of a conSress!onai
{. whereas" and /" be it therefore enacted"
What mighty marches have they not recent
IL performed; riding rouSh-shod over Ine
prescriptions Of custom ana Tue oiur
nances of nature; ob'iteratin@ Tue au'
,in,thies Of race and caste; leyelllnS inc
mountains of prejudice. habit, and taste; re-
Guc;ng ell the elements of society into one
huge yarjegated amalGarn OF liberty, ira
tcrnity. and equality; and scattering broad
cos, thr free blessings Of wisdom and knoWl-
rdo. ike mamma in the W1lderncss.;o be had
without money and without price. Inc
United STATES Of America arc great nation,
and deserve 10 rank among the foremost na-
lions of Cnristendom; stall 1t Is not in their
mower, nor is it within the legitimate pro-
vince of the ror popuH principle in govern
mcnt to "pream NEUTRALITY-SUSPICIOUS." a pro-
mise to pay money into actual money
any more than it is possible or de-
sirabIc for II Monboddo or Darwin
IN comraratiycIy anatOmiZe man into
monkey or Il loug.tailad rat! BY way OF re-
continuation, we present few select cuttings
from another recognized authority on fnan-
cial subjects
"Moncy must consist OF a material which
has value Of its own, WnIch every mau Is
wiling TO accept in exchange Tor his proper
w, and whose value is readily asccrtalnaDlc.
Different nations. in the early periods OF their
cultivation, have chosen for money different
materials, all having more or less OIL the
above pccuIiarileS. All nations advanced IN
trade aud The arts give preference TO the pre-
ciOUS metals" &c.
"Inslead of money, merchants often re-
ceye promissory notes and bills, ana the
substitute is Improperly termed money:
is manifest that promissory notes and bills OF
exchange are of the same value as real money
only while they can be readily exchanged for
coin. and that they must lose their value in
proporlion as the credit Of those who issue
them sinks. This is true Of all paper money
and metallic money whose current value Is
higher than its real value, all notes and bonds
taken instead of money" &c.
"ScarCity of money can occur only when
the material of which it is manufactured is
Efficient. and when those who are in want OF
it have nothing to give in exchange to lis
possessors. In the last case there is no real
deficiency in money, for there are individuals
who, by the terms of the suppo>llop, possess
money: there is only a deficient demand Tor
goods on hand" &c.
"Mouey is profitable to any country only
by means of lis circulation, for circulation
nakes money the continually repeated cause
of the production OF re" portions of pro.
per,y, and on this account very small sum OF
money which is in constant circulation is of far
more benefit TO country than the possession
OF the largest sums which remain locked up
and do not change owners. a great qnntl-
" of money is, therefore, of 40 service TO
| country unless there are desirable things in
that country for the purchase OF which it is
TO be paid, and thus transferred from one to
another. When, therefore, more money
flows into country than will pIy for what
the country actually produces the money be-
comes Of less value, and the mOney.price of
merchandise greater" DC.
| "The worst Of all means Of supplying Il
scarcity Of mcuey is the multiplication of
those things (paper Of all kinds by which
it is represented or which ure used as
substitutes for it :Ior these circulating media
are only worth so much as can be obtained
in real value for them; and the scarcity Of
| the precious metals in the country prevent
ing those who desire it from exchanging
| their money for them, II c value OF this paper
| medium falls at once and often so much that
1 million OF their dollars shall not be enough
for the purchase Of one silver dollar 81.
So far, DR.. Francis Leiber; TO which the
undersigned says, ditto! Some day we will
let the Dispatch know what is our private
opinion about that interconvertible pro-
jec. NJ.