The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-10
r,,e Currency Qnestion.

TLfSf1s.S or me DfSputAt. y o.'' Il
IN their platform declared 1t the
!s,',ncf the C,yeruneutt to ADJUST the amount
~ Inc currency TO toe demands OF the circu'
Io,,on by providing for is enlargement OF
contraction, az the wants Of the country
,niuht REQUIRE, Mr.. Sherman (resump,,onis)
assS,led the proposition, saying that II pre-
ceeded on the to,slly false assumption That IL
is nossjbIe by any means TO ascertain SO as
"a fix and establish by law the amount re-
onired: that any such adjustment must oe
arbitrary. made to suit the wants and WISHES
ar tho makers, hike that Of a merchant 10
shortening bis yard. stick or iesscning DIS
gallon. or bushei. measure, or MS pounn-
eceiob,s. TO suit bis Strengthened circum'
stances. ,n,ima,ing that all who are 10 favor
nf demandiny an enlargement OF the cur
rarcr are like fraudulent debtors desiring 10
nav their debts in deprecated paper-an
insiruo,iou as unjust aud uncoafitao'e
as fo saw that all hard money men are shy.
locks. heartless creditors. who, having loaned
ont naper. desire TO eXtort pay ment In SILVER
and gold: or they might bave meant TO inti.
mate that o deprecis,ed currency 10 hselt
generates ap exaggerated standard OF prices
and a rising scale, which continually creates
a demand for more money. NOW, Tue
Ground alleged by the II dstionists for an
Enlargement OF the currency was the TACT
thot ARTICLES IN good demand fail to con-
rnsnd their former price, or anything ike
II. that a reduction has taken place IN the
va,ne Of not one, but ali commodities, par
t;cnlarly real estate, s.sch as cannot De AZ
tr;hnted to any other conceivable cause
than The inadequate amount OF the cur
rencr; that this reduction Is not mere
ly apparent, due only 10 contrast "tn
extreme prices at the climax OF aH 1onsteo
and exaggerated scale, but real a11" alaI u
ing depressioas, fellow the average OF nian!
wears. This Is the criterion on "uien s''y
rely TO prove the need OF more currency
criterion more applicable to oio noney suan
10 rood since its tendency Is u iDahe p
higher than 10 good money NOW, M
sherman goes on to say That our FaPe1 uoi-
lar ;ns,ead OF 100 cents 10 specie, is Worto
nni~ e:ph,.-seyer or eighty. six, and f1uc-
,n,i.s m yliue, rising or tsllHg as the pre-
rn;um on geld falls or rises--for we all kho"
thai not the gold but the paper changes;
,hs, INSTRUMENTATION is due 10 the failure OF
the Government 10 fulfil its promises; that
wben ebis paper vas Grst issued 10 meet
the exrepc,es of war the intention wss'to
redeem II soon after pesce; that IN tne Id"
o,thertzinu The first issue OF them there
was O provision authorizing the noioefs
OF fh,xp 10 dpuand at any time tbelr COZ
version into United States bonds; that II inis
provision bad not been subsequently repeai.
ed II suppose from the obvious necessity OF
Eeenjrp me green back in circulation during
tho war) the greenbacks would have been
absorbed long ago, and that as they were
withdrawn from circulation gold and silver
would have tsken their place, either wholly
ar 70 s,Icb an extent that IFS cad OF being
cnrsed rs we are now With an irredeemaoie,
huctusting, and deprecated paper currency,
we should have had currency aitogetner Vi
specie, or at least of gold, and OF paper con-
yertible with gold or with United States
bonds, better than gold; and that by I'D easy
and natural Transition, without contraction,
without reyul-iop. 10 the currency, or dis
h1rb,nce or d ficul,y of any kind. He thinks
that the conversion OF greenbacss into BONDS
would have been the sstety.valve through
which might have escaped undue accumu>
lations OF psper.money, and through which
might have been received in its place season.
able Supplies OF gold and silver. He seems
TO think that nothing more would have
been needed than to draw Oft the paper
money, and the gold and silver would nave
flowed in spontaneously 10 take its place
mn operatiou as simple and summary for the
restoration of health to the body. polite as
that of Or, Sapyrado for that OF the BODY.
natural. by drawing eff the blood and pour
ing in warm water lotto the veins IN It's
place and PROBABLY quite as ehecluil Tor
The purpose. Siuce he thinks such would
have been the miraculous effects OF his spe-
cjfc if earlier resorled TO, We must inter
that he now thinks, like lhuse whose argu-
ments in previous Nos. have been OPP
poSipg, that the way TO resume without
PRODUCTS contraction 10 to proclaim that
gold bonds shall be given for greenbacks.
Like them he Is lavish in bis assertions, out
cbary Of his arguments and proofs. tie
thinks that the conversion OF greenoack>
into bonds Is pow the safe and easy lockage
bv which We are TO be lifted from the low
level OF deprecia' ed gIeenbacks TO the
summit level OF a currency convertible with
gold; or, to reverse the figure, and
make the parallel more complete, by which
we are to be gently let down from the dizzy
heights of irr, deemable paper money to The
broad and placid waters Of god aud silver
or paper convertible with them) below, with.
out shooting the borrid gulf OF contraction
that yawns beneath the cataract that falls
from the one to the other. Mr.. Sherman
poes on TO say thut the fret thing 10 be done
is to make our paper dollar SO good as the
gold dollar, If ne cannot give gold for the
greenbscks at least we can give bonds as
good Is gold, that until We do this our mo-
sey is fraud and lie, and people will soon
learn to dispense with IL by bargaining in 81
contracts tor On, mehl IN good meney, thus
thro wing all the greenhaoks on the bands OF
the holders, espe cially II by farther expan.
sion OF the paper money it dtpreciates more.
He says sitter the money is thus brought
to par the only rule to be observed
Is TO provide that II the currency
shall become too abundant 1t shall be diInIn-
ishet1: il TOO Eesrce, 1t shall be made more
plentiful, the GoSerr ment taking care, in
the hus uage OF the Ohio platform, " to keep
the amount OF the currency adjusted 10 the
demands Of the circulation by providing for
its contraction or enlargement, as the wants
of the coualry nsy require" He says if tue
money once restored TO par becomes depre-
ciated aeair, we NAV kaow there is too
much lSiLce II canoo, be Deprecated for non
paymeut}. and the currency must be con-
tracted; and 1.if We iDd tba, articles In
good demand fad TO command fair price.
and a fall Of prices geoerauy has taken place
tia. can be attributed to no other cause, we
must infer II /, due 10 the inadequate
amoant or the currency, which must
then be enlsrged." Now, this Is exactly
what the irh ,tioDiSts Say. So, SITTER denying
the possibility OF ascertainipg the amuuot Ct
currency rtqI,Let for community, when
asserted by he ONO Democrats, and reject.
ing their cri,tr,on ios tiLdIpg when the cur,
reucy must be enlsnsed, be ootEes 10 adop'
the very same rule w to adjustment OF the
currency, sad the same criterion TOR applying
it that they do. Excessively low prices ought,
% t,aN aS