The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-08-05

ministration it has inflicted upon them
enormous issues OF fraudulent bonds, the
scanty avails of which were wasted or
stolen, and the existence OF which
q public discredit, tending to bank
ruptcy or reputation. Taxes, generally
oppressive in..some instances, have confisca-
ted the entire income OF property and to-
tally DESTROYED its marketable value. 1t is
impossible that these evils should ndt re-
act upon the prosperity Of the whole co,ln-
try. The nSbler motives OF humanity con.
cur with the material interests OF all
in requiring that every obstacle be re-
moved to complete and durable recon-
| ciliation between kindred .populatlon
once unnaturally estranged on the basis
recognized by the st. Louis platform
OF the Constitution OF the United States
with its amendments universally accepted
as final settlement OF the controversies
which engendered civil war;" But in aid
OF a result so benifcent the good influence
| OF every citizen, rs well as every govern
mental authority, ought to be cxerted not
alone to maintain their just equality before
the law. bat likewise to establish cordial,
| fraternal goodwill among citizens, what
ever their race or color, who are now united
| in the one destiny of q common self-gor-
! ernment. II the duty shall be assigned
to me should not fail to exercise the pow
ers with which the laws and the Constitu-
| tiCl OF our.country clothe its Chief Magis-
tratc to protect all its citizens, whatever
their former condition, in every political and
! personal right.
Currency Reform.
! Reform is necessary, declares the st. Louis
| Convention, to establish 4 sound currency,
restore the public credit, and maintain the
national honor; and it goes on to "demand
iudicous system of preparation, by public
economies, by official retrenchments, and by
wise finance, which shall enable the nation
soon to assure the whole world OF its perfect
ability and its perfect readiness to meet any
Of its promises ut the call Of the creditor en-
titled to payment The object demanded
| by the Convention is resumption OF specie
payments on the. legal-tender notes Of the
! United States, that would not only "restore
the public credit and maintain the national
| honor" but would establish sound cur
rcncy" for the people. The methods by
which this object is to bc pursued and the
means by which it is to be attained are dis
closed by what the Convention demanded
by the future, and by what it denounced IN
the past.
Resumption OF specie payments by the
Government OF the United States on its le-
cal-tcnder notes would establish specie pay
mentS by all the banks on all their notes.
Official statements on the 10Th May show the
amount OF the bank-noteS was three hum
dred millions, less twenty milllnns held by
themselves. Against these two hundred
and eighty millions OF notes the banks
held one hundred and forty-one millions OF
legal-tcnder notes or little more than fifty
1>,1ff fhn,y oil no n
deposit in the Federal Treasury, AS security
for those notes, bonds Of the United States
worth in gold about three hundred and sixty
millions. available and current in all the for
cgn money markets.
In reS,lming, the banks, even il it were
possible for all their notes to be presented
! for payment, would have five hundred mil
| lions OF specie funds to pay two hundred and
eighty millions of notes without contracting
their loans to their customers, or calling on
any private debtor for payment. Suspended
banks undertaking to resume have usually
been obliged to collect from needy borrow
crS the means to redeem excessive issues
and provide reserves. A vague idea OF dis
tress is therefore often associated with the
process Of resumption, but the conditions
which caused distress in those former in
stances do not now exist. The Government
has only to make good its promises, and the
banks can take care OF themselves without
distressing anybody. The Government IS
therefore the sole delinquent.
Lesal-Tcndcr Resumption.
The amount of the lcgal-tender rotes OF
the United States now outstanding is less
than three hundred and seventy millions OF
dollars, besides thirty-four millions Of dol
lars OF fractional currency. How shall the
tl,nIn ntn pf 01I
good rs specie. 1t has to provide, in refe-
renee to the mass which would be kept in
Use by the wants OF business, central re-
scrvoir OF coin adequate to the adjustment
OF the temporary fluctuations OF interna-
tional balances, and rs a guarantee against
transient drains, artificially created by panic
or by speculation 1t has also to provide for
payment OF such fractional currency rs may
be presented for REDEEM ption, and such in
considerable portions of the legal-tenders as
individuals from time to time may convert
tolspecial use, or in order to lay by in coin
their little stores OF money.
RESUMPTION is not difficult. To make the
coin in he Treasury available for this re-
serve. to gradually strengthen and enlarge
that reserve, and to provide for such other
exceptional demands for coin as may arise,
does not seem to me to be work OF diff
Guilty il wisely planned and discreetly pur-
sued. 1t ought not to cost any sacrifice to
the business of the country; it should tend,
on the country, to a revival OF hope and con-
tidence.
The coin in the Treasury on the 30th OF
June, including what is held against coin
certificates, amounted to nearly seven mil
lions The current of precious metals
which has flowed out of our country for
eleven years, from July l, 1865, to June 80,
1876, averaging nearly seyenty-siX millions
wear, was 49,, 10000 in the whole period,
of which S617, 100000 were the product Of
our own mines.
TO amass the requisite quantities, by in
tercepting from the current flowing out OF
the country, and by acquiring from the
stocks which exist abroad without disturb
ING the equilibrium of foreign money mar
kets. is a result to be easily marked out by
! practical knowledge and judgment, with
what respect to whatever surplus OF legal
| tenders the wants Of business may fail to
keep in use, and which, in order to save
interest will be returned for redemption,
they can be either paid or they can be funded,
whether they continue in currency or be
absorbed into the vast mass OF Secur1tles
had as investments, is merely question OF
the rate OF interest they draw.
Even if they were to remain in their pre-
sent form, and the Government were to
agree to pay on them rate OF interest
making them desirable rs investments, they
would cease to circulate, and take their
place with Government, State, munclInl,
10 How I- nf