The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-08-17

nresss on bon sides lsf i!sssS ,,I a ha me ma
asctionk and 6pe tn the1aasssiil DC = y :
diuursaarse tAkep. y s l :, ,he
sbat ahoasd bs the SaAashc' y ~
0a1 Thssurraaes shouIa be hssed on 2 gold 3,
hit Il must Be brought to tnas D sas;os =,
gradual means and-bv ircreas, IN - "
If would be great mistake z , ase,nD' :
force resumption by Gets o. ilegls n ,w,io, a
sHow would you regard any 'o. :
trhe yoiume-of the currency =, 81 ,n6
e.The amouat should be fully 3ean = - C rny
measured by the wants Of the countIs ',rfe''''
traction should be avoided. ho Ma
j Mr.. j. W. Lockwood CASHIER o. ,i,on,
tional Bank of, Virginia, took q p[on 'i Eers
| mart In the debates of the NatioDal bal Ai n
and BROKERS', Convention at Saratoga. rs ~
was therefore called upon, aud MADE Tue 'u ~,
lowing general statement upon the SUI
| 10 hand: 13s q. h. -. -Igc -. ro.rnor.
81 am decidedly in favor of the resu UP ll.
| ,ion of pecie.payment at the earliest possi-
BILE moment, but we are not YET PrePaiu ~ r.
II. RESUMPTION embraces the pay ment =, VI
| nil dues by the Government and oanks, ~
| cluding the individual deposits OF inc laIeer
1920. OOo, O00). if payment IS aemun ~. -
s,nIJ s hich would be demanded il the pre-
mium or commission was at all remunera.
tive The supply oil, gold in thee ountry! lnot
amounting TO oyer S75, O00, OOO] is inadequate
- meet sncb demand. The amount producceeoo
from our mines does not exceed S0z,ooo,Voo
vear and of this S53000,000 is expended
TO meet our foreign Indebtedness, ~ 49,
of the amount of productions OF LIZ LIZ 600 =
try exported. The remaining S9:oVo.oy,v -
/ consumed 10 the manutactuIe Vi na.s;e,
jewelry, &c. My opinion Is Ina. tne ,.S 800 sor
ali dues. including duties, would De long
eten in the direction OF resumption.
let tho Goyerpment abolish the national
hank circulation and furnish the banks
with q uniform lcgal-tender circulation. Let
# also issl,e currency bonds bearing four per
cent. interest, and furnish the Danks cur.
! rency. dollar for dollar, for these 10 any ex'
tent desired, allowing the banks to return
The currency when it is reduced, and receive
the bonds. and Uice ucrsa. This would give
an elastic currency meeting the wants OF trade
az they arise. Resumption must be preceded
by several years Of agricultural prosperity.
T. cannot be accomplished by mere resolu-
lions. We must import less and export
more. To accomplish the latter, we must
have cheap transportation, that we may com.
rctp with the markets Of the world, and thus
make foreign mari ets our debtors. l believe
the matter of cheap transportation has very
much 10 do with resumption. If we can
find an active foreign market for our produc-
tons il would greatly accelerate the time Tor
resumption; but we can only compete sue
cessfully with other nations by having cheap
transportation"
Incidentally, Mr, Lockwood stated that be
regarded the speculation in gold as runous
to the country, and favored tax on gold
brokers amounting to prohibition.
A gentleman we'll known 10 business Cir
Giles, but not now actively engaged in busl-
ness, favored the adjustment OF the DatloDal
banking currency and the substitution OF
legal-tender notes. Resumption could not
be reached by contraction, but tne true roau
was bv the Government taking its notes for
customs-duties. He preferred the old State
| banking system to the national banks as
established. 10 reference TO the volume OF
currency, he thought that if more ls issued
the relief to the debtor class will only be
temporary.
Mr.. Franklin Stearrs is the most proml-
nent native of the State in the Republican
party, He was for years an intimate frfend
of the late John Minor Bolts, and as an "OId
Line Wing" held identical political and imam
ca opinions. Mr.. Stearns represents large
moueved as we'll as political interests, and
WAS called upon at bis Office, on Main street.
| He was fully aware of the Importance OF the
| issue upon which is views were desired, ana
stated frankly that although he is good Re.
publican in political sentiments he would not
| hesitate TO support any party that CT lncldes
with bis financial opinions in its platform.
The conversation was continued as follows:
"What, in your opinion, should be the
currency of the country"
"Tbe present notes of the United states
should he the standard Of value. They
should be made convertible into bonds and
again into currency. If we 90 on IN our pre-
sent system the staguation times OF lS20 10
1928 will inevitably come uponus. France,
since her late war, has issued paper money
with entire sa,isf. ction both TO the Govern
ment and to holders, for her people have en-.
tire corfi ieuca in its use. The evil OF the
day is the high price paid for money by the
masses"
"How would you remedy the existing de-
preston :"
Upon this point ! will refer to and read
Won nv views as publicly expressed in 1873.
| 'rbey are as iollows:'
First. Let Congress pass consolidated
loan to run fifty years, bearing interest AZ Inc
rate Of 65 per cent.
second. Require all the national banks
to exchange the present higb.priced BONDS
| for the new loan at par, or surrender their
charters.
Third. Let the Government establish
agencies at from ten 10 twenty money-cen-
tres. whose duty it shall be to exchange
preenbacks for the new bonds, or Ulce versa.
at The option Of the holder, without COST 10
him. -.n.s......- co..
Fourth. Tax the seller OF gold on a
sliding scale, increasing the tax as the pre-
MUM is increased"
"Wbat do you consider would be the
effect of this pIan?"
This plan. which treats goll az COM
modity,-as itis-makes the present indebted
ness he standard of values. claim that this
| is better than gold. Gold will be receiva-
BILE for all debts, but must not be sold above
greenbacks except to pay tax to the Gov
eminent, which is easily collectable, as 1t is
maid by the seller on the spot. 1t would
stop ali speculation in gold; for only mer-
chants would need it, and the country pro-
duces sufficient for their needs. II would be
! profitable 10 The banks TO hold their reserved
funds in convertible bonds. This plan would
establish real financial policy, and give
equal prosperity to the people and to the
banks. Spectators could not corner two
thousand millions of convertible bonds. II
they speculate it would be to the profit of the
Govcrpment or at their own peril. It would
fnd the whole country in financial unity, and
insure community of interests, good feel
ing, and prosperity
GENERAL BUSINESS OF THE CITY.
The business appearance OF The city shows
a decided improvement, and the merchants
generally are we'll satisfied with what hos