The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-24
mption and the Capitalists.

Resumption anu IiAo
7, commenting upon the acts OF the Bank
crs, convention we considered that Con'eu-
,;on more as the representative OF money
canital than as merely the representative OF
hanks. When we spoke oil fesuihpl'''
causing gain to money Of thirteen ana iouF'
teen per cent. we meant that money "ouio
hare a purchasing power thirteen ana 'ou'-
teen oer cent. stronger than ut this tune.
Therefore ed men would be ben2fi'edt"
tina. extent while holders OF Other proper!
would lose to the same extent by the shi'hN-
are in the nominal value OF their proPe.tS'
They would indeed lose more by tue ass
;urbarccs, such as want Of confidence want
OF means. and paralysis of enterprise 'nst
would come from hurried Resumption.
Proper,y would find Il giuttcd market ana
fs,, under great sacrifices in forced sales
And these things would but increase the
gains of The money holders.
What tie people and everybody save the
fcmorseIcsS gamblers who seek profits from
general distress want, is to bring about re-
sup p,ion slowly but surely. With cur
.cucy tina, is better than any we ever bad
before, why may we not by degrees cut
down the high premium upon gold. Re-
sumption cannot take place while such pre-
mum exists.
What do We want with gold: With d
currency entirely acceptable, what should
cause q man 10 prefer gold instead OF 1t
Indeed, it is better than gold except TO pay
foreign debts or duticS 10 the Government.
These duties are now The chlci trouble.
oar exports and our side OF transactions
with foreign nations ought t. keep balances
in trade to very low point, and very IltIic
cold ought TO be needed on that account.
Indeed, trade between nations Keeps Their
accounts square. Balances cannot staho
long against either side.
we repeat. the duties chiefly Keep up me
present hia:h premium on gold. Inc ""'"'H-
Irent pays ont grccnt,ack> ano coiiiIcI' I'LL
p,rrcrs to pay duties in gold. IL hoafo>
gold and subjects the importer to The MGR
c;~s OF the eoId.gaublcTs 10 market already
weIi dralued ty the Government Itself.
rrcrnbuck>; the gold gamblers Will lose thcF
occdp4;lon, the premium VIII la'l, aSa' ~
far A. che Inequality between Sold ara green
tyark- i. concerned there will hr little obsa'
Gle IN tue way OF specie payments. Ihat
would hc IA mos. suspicious measure IN the
3orcl OF resumption.
But all know there arc other serious
difficulties that time alone can obTlate. An
attempt 10 force resumption must occasion
contraction, for which the country i not pre-
settled that thcre would he no faith in re-
Sumption, and the want of it would engen-
DIR alarm and precipitate disaster.
Let The Government ticai The people right
and there will be no trouble. II eau buy
gold Il, par tor five per cent. bonds, sweep
The gold gamblers out Of the arena. aud give
peace and rest to the grand body polite for
which government was Instituted. Speci"
payments will be facilitated. and they will
come so naturally and easily that the country
vii! rot be disturbed. Why should it be :
We have the best of currcncicS. We have
10 hercuean task, as once in times OF re-
sumption, to rid the land OF insolvenl paper
money and hundreds OF fraudulent banks
Why can't we at the proper time pass easily
into resumption? Undoubtedly we can.
The attempt to hurry it is the rampant ca
scrness of the moncyed people 10 riot in the
gaiCs that the severe process would throw
INTO their pockets. 1t is 4 mistake. Those
,ctlnS would cost more than they would
come to.