The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-23
"Put spade In
The bonnie ward o. ancient Eden."


Wh,t uc now rise to explain Is that the
principles Of political economy, anu y. .ue
cognate subjects Of commerce ana n''auee
are the results of experimental proces,es 60. VI
reasoning on certain Wsll-ascel,a'ueu iao'
and that for augbt we kuo" 70 Tue con' a.
,bev,orr now universally accepted ana acted
unon a. acknowledged truths by SPACIOUS,
Innv.headed and practical business men ana
snanc;er. the wide world over by tnem
rho niestion. WHAT is money! has been oeu'
nite,v settled. and by them also the gfiefous
m;srhiefs and misbaps which ensue from 6he
sudden construction Of too plethora cur
ron,r "a we'll as those which result from
ractie.u oycr-issues of bills OF credit, bank,
and other promissory notes TO answer the
anda of real money, have been eXpounded
and Illustrated in every conceivable way.
On the monetary question, therefore, there
i nothing new to say; but before UNDER
taxing 10 discuss iEtclligently its present po'
li,ic,j bcariues. it would be we'll for some
Of our headstrong philosophers to study what
Alison has to say about il iu his History OF
Europe from 1915 to 1852, and then to pc.
rusc carefully the exhaustive speeches OF DIR.
Webster aud Mr. Calhoun in the Senate de.
bates, running over the important crisis in
our own financial history in the dark days OF
1887, ri sea- Many of them, indeed, had bet
ter take full course of lectures Mt the Uni.
versilv of Virginia or Gottingen before VEN
turing 10 say another word on the subject.
A. the Hanover justice remarked to an as
bring young limo of the law, they are only
confusing the business"
Give us money, more money, is the pIte0uS
cry that rcSOundS through the land with Il
| rlmorous appealing to Uncle Sans compass.
sIonatc bowels. Ii our wish could accom-.
pi>h it, every one should have, if he 50 de-.
| sired. Fortunatus'$ cap, or an Aladdin'5
lamp. or the gift Of Midas, or be college or
4 cat for some rich body Pea body or other
| body, TO endow. Who does not want more
| m,ney-proyihcd it is the right sort OF money,
| OF standard weight and approved value. and
| not the ideallstic, ilu>ory, spectral eldOtOn
which keeps on waxing fainter and fainter
| until it fades away like the baSrless fabric OF
| a dream; or TO vary the smile, which grows
| chedDcr and cheaper until 1t becomes TOO
| cumbrous 10 tote around to market or fair
TO 90 10 the root OF the matter: Leay-
ing out Of view the adaptabilny OF the eX-
! isting national bank system TO the wants and
| necessities OF the Government in collecting
| and disbursng the public revenues. wnatare
| the objections 10 il is suitable and Satlstac-
tory means Of supplying the people with an
adeuu4te and reliable circulating medium
| We do not remember to have seen cUnrIu-
| siye answer to the question and ina>Duch
as the plan has heen put in operation on Il
scale commensurate with the business inter-
,srs of the whole co untry, and has certainly
the very great merit OF afording uniform
currency, which almost entirely aboshes
the rates of domestic exchange in CONNER
cial transactions between places the most re-
mote from each other, ii Is at lie tSt the part
of prudence to have respect unto Parson
Dalc's iavori!e maxim, q,ueta non n10nere, in
dealing with it.
Aye, but the panic. the terrible panic,
i (Haye you fol- g0lten The PdaCnee ,cnr p How
escape that overcoming shadow and fear,
when the timid are shrinking and tearing
around like mad. and the brave are far from
Standing still aud facrg to the front? WIZ
not somebody get out Il Dran.new edition Of
Pope'S Essay on Man and mnralizt and p,y-
cn0logZa about this strange iGiDsy ncIa-y, or
abnormal orgism that goes ny the awful
name OF panic: For example:
If pl,gucs aud earthquakes break not heaven $
Why. then. Il Wal street .Iroker the grim
PulgHcei
As the banks are generally the greatest
losers By these pcriod,cl commissions Of uu-
reasonable alarm and confusion, they for ccr-
tain cln have no interest III creating them.
But can they remedy the evil: We nave Il
notion that they can TO agreat if not etfectual
extent. and will venture TO throw our Sug-
uestlon as to the mode OF doing it Why
may not the Secretary Of the Treasury, or
the Controller OF the Currency, or other de-
s,gnaied official, be empowered 10 authorize
the banks, on complying with such prrcau-
tonary conditions as Congress may impose,
TO issue such additional amount OF notes pro
re natd as would be required 10 withstand
the pressure, and when the storm blew over
direct the ov"rplus to be called III and can
cricd Such Il scheme, it seems 10 us,
would obviale the difficulty and prevent ru-
nous sacrifices by the banks OF their available
assets.
We will not elaborate the subject. but
close with hccdul caution 10 some OF our
friends not TO let their hobby-horSe take the
bit BET wcen his teeth and say gooG-by to So
Der judgment and fair discretion. NJ.