The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-23
pa,xcrs, Convention Resumption. :

Tho Bankers Convention at Saratoga j
ou;ta ok rlusiye-loOklns with an eye single
"a the interests OF capitalists and banks.
The GOOD cheer at Sarstosa possibly Or" al
;rAucnce In encouraging setiish 'ra'hc VI
mind. making the members quite contenlco
with themselves and with looking alter theF
own interests, whose Importance gre" IN
their ;macination. So they wanted ~ mn
mediate resumption, which would put th'r-
ten or fourteen per cent. IN their o""
pockets (as they Think; 81 repca' OF the Wal
tax on bonds; (3) urging Congress TO ISSUE
cannon instead of registered bonds; ~ oc-
,n,pdinc the abolishment Of me t"o-cen'
s'amp on checks, and ~ fa'oiihS LUG
permanent organization OF EalioHai pmh'
crs. So here We have oil lot Inc
bankers. The people are heavily taxed
indeed. nearly 20 their iull ability to pay
aud the Convention at such time urges 10
very imperious manner immediate resump-
ton. which would inevitably involve tne
country IN the pressure Of contraction ana
1auic that would be runous upon the peo-
,lc. On the other hand. bankers ask TO be
relieved from the tax Of t,co cents on checks
We are opposed to all internal revenue laws,
but we suggest that in the face OF the recon-
mendation of immediate resumption, with It's
frarful consequences TO the people, the pra! er
of the bankers for relief from the too.ccnt
stamp on checks displays even n MICROSCOPE
cal watchfuncss over their own interests.
We conjecture that this Saratoga Convcn-
tion i controlled 10y the big cities. The
banks in those cities are differently situated
from the bank, in smaller cities and towns
which in time Of revusion from run upon
the banks for gold, would be worse OIL; LOT
uo!d seeks the central points OF commerce.
The small city and rural banks are more III
innate with the people ana depcEo nl'''
upon their condition. We cannot suppose
that these banks fnd il 10 tDcf lh'sic'' "
hurry no specic resumption st TINS llh'e.
Tncv must i,avc saglCny TO see that I~ou'd
involve ,n.m IN world Of difficulty ana
t,,s. Panic and loss of conf icncc raise Il
wn,ylwird in the financial world from Wh'ch
the banks r.nno, protect themselves. II
falls heavily on country banks; hut sooner
G, later i ."arnes the Strongest INSTITUTIONS
al The lI,ge cities
m c;y!. ,ya: in This grcl. country brought
..u.,.,,t,.ac.s upon III that are worse Tor Us
than VII. trrsr Of the great European war
,l,,nu Errl,nd. SuiCD bad the Grcl'est thrItl
rom t. cdir2 AID clothing continental troops.
"; her great bank (wbicn all bankers III this
c,ainrr, consider the model bank OF the
worth VA. forced to suspend specie pay
m,.u'- ioi more than quarter OF century,
Can We do better than England did at that
epoch in tiuancC: II We can, is 1t fair to
suppose that We can resume in two'hf.hs OF
the time that vas required Tor it i'll Eng
land
Whether 81" can resume in less time than
England or not arc there apparent III the
country any signs at th, time 10 encourage
H. 10 believe that We are ready for resump-
ton: We have not seen them. Ii to bc
oppressed with apathy in business, to be dis
h,arleaed at The doubt and d;s,rust that
plraly>es enterprises and restricts the loans
and the free currency Of money, he cheer
in and encourage us to hope tina!
the bringing down more severely the
S rews OF contraction TO open the way
t, resumption will afford relief to the
prople, then we must confess that we are
r"'ldy Tor resumption. But who believes
"a, depressed as the country is-in good
d. rec, too, from the bare apprehension Of
the consequences of resumptiou-wc are
ready for it? The capitalists cannot bcliev"
j. They only consider their own interests,
and they TAX, IL wrong view OF them for a.
su ely rs IL" COUNTRY Is visited with disaster,
from the policy they propose, Will that dlas
t. crcpii upon them.
assumption now would throw back the
pcrud Of real and permanent resumption
for many years. CHANGING over the New
York bank statement we see that one bank
having capital Of s5,000,0O0 has n discount;
hue reaching yearly $l7 ,OO0,"C0. IT, deposits
reach nearly $4,000, 900, and IL circulation
s. 900 900 II that bark he required To pHy
epecie il would be forced 10 cal III tNO-tEir,l>
al Its loans, which would probably wreck IL
third OF It's debtors. for it, must hc remcnI-
berrd that ali banks would bc forced TO rigid
measures 10 maintain themselves, aud would
not De able TO give hasp,tul-Yo0m to the
wounded that were expelled from other
btuks.
We have not the least idea that the Sara
tu.a Convention will throw gowworm
ray TO show Us the way to resumption. 1t
viii rather increase the fear of il. Let thu
hanks and capitalists be wise and not seek
resumption in which the country has no
f,rh. Ii there were no other cause for it,
IL lure the want of national faith IN il would
make il utterly futile save for disaster i!
the country is permitted TO have little more
rest until some of the terrible consequences
Of q social revoluton-the like of which has
never before been known in the world
cease to yeX and iDjure the land; and uatil
confidence is composed from her long ner.
vousness and business has sufficient courage
to venture forth in active, healthy, vigorous
operations, the day Of resumption will come
on rapidly, and all will see it and nail it with
delight.
We are no. for "iufation." But there is
degree to which the liberal use of money.
through discounts and loans, ought TO be
carried. TO that degree 1t is entirely safe to
carry it =; and 10 that degree it is necessary it
should be carried for the revival Of COM
mad Tor fnr IN nIt hi.