The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-01-07


stores or money and slso what Is necessary
to constitute central reservoir OF reserves
against the fluctuations Of international
slaiaaces ard for the banks. TO amass
n sufficient quantity by intercepting from
the current of precious metals flow.
ing out OF this country, and by acquir-
inc from the stocks which exist abroad,
without disturbing the equilibrium of foreign
money markets. lis q result TO be worked out
by study OF all the conditions and the eic
rnepts to fuldi these conditions, ana OF the
execution of lie plans adopted with practicai
skill and judgment. Redemption beyond
this provision OF coin can be eiiected as otnef
business payments are effected-or IN any
method which converts investments without
interest into investments upon interest on
terms the holders will accept-and oy SUCH
measures as will keep the aggregate amount
of the currency selfadjusting during sl the
process, without creating OF any time an arti-
:iciai scarcity, and without exciting the pup
Tic imagination with alarms which impair
confidence, contract the whole large macbl'
Dery Of credit, and disturb the natural ope.
ralions of business. The best resource Tor
REDEEM gtion is that furnished by public econ
omies, for it creates no new charge upon the
people; apd stronger public credit is certain
TO result from souBder finance, and Wlll re-
duce the annual cost of the national debt"
"The problem does not seem difficult"
auoth Governor TILDEN. This remark Inds'
Gates that TILpsN is as wise as an owl, and
as grave in making bis jokes as in urging bis
reforms "Not difficult" Well, let Us con-
slider bis scheme.
First, the Treasury has "only" to pay
that is, to redeem-the greenbacks when they
are presented for that purpose. That's all.
But nobody ever said that there was any.
thing else to be done. GREELEY said, "The
way to resume is to resume" TlLDEN says
the way TO pay specie for greenbacks is
t'only" to pay specie for greenbacks. Well
may be say that 'sthe problem does not seem
difficult" sfz. 4eEH
Secondly, the Governor would, however,
prepare for resumption before resuming.
hat was well thought Of. But how? By
such measures as will :: secure public conf
dercc.n Just 3d., From the beginning we
have constantly maintained that confidence"
was the prime factor. In the absence Of
confidence, resumption to. day would be fol.
lowed by sus pension tomorrow. 1Conf-
dence' pays specie. 1 Confidence" builds
railroads. Confidence /" establishes manu-.
factories. mConfidence rules the CONNER
ciaI world. But confidence is not only q
plant of slow growth: It is one which cam
not be made to grow by ac.s Of Congress,
nor nur.ured by resolntionss8We grant what
Governor .T1LpEN claims In this respect, but
we do not see that he has furnished any
plan for resumption which has not been
previously offered by thousand financial
auacks. ---z----tvz---- .-.'--- &C.,
Thirdly, Governor TlLDEN's idea as to
how much coin would be needed Is rather
iudefnite. He wants only enough to replace
the fractional currency, supply misers who
prefer coin, and also central reservoir -
that is, in New York city. But what an.
other stonly?" We can guess how much 1t
would take to replace the fractional currency
ii silver should not be more valuable than
paper, but rot how much ii otherwise, see.
iuc that the silver would be boarded as soon
as paid out. Governor TILDEN, however,
Wouldn't pay out any except to redeem frac'
tional currency. The consequence would
be that we should have no fractional cur.
rency at all-nothing less than dollar |!
Some Of us remember well when 1t was
harder to get dollar changed than to earn
one, and We also remember that the public
were forced to resort to shinplastera. That
would be the upshot of Governor TILDEN's
scheme. But how much coin would 1t re.
ouire 10 supply the misers THOSE who pre-
fer coin to paper |? .HMillions !" The bull:
Iionists would all scorn to use "rag money"
of course. If NOT, why not? However, the
fractional currency having been redeemed,
aud the bullionists supplied, how much coin
would De needed for.the "central reser-
yoir?v Who can imagine: Thus, when
analysed, Governor TILDEN's scheme proves
to be delusion and snare-a mere no.
thing" only" words, words, words.
Blu. after all these conditions arc observed
there will remain to be adopted "such H,ea-
sures as will keep the aggregate amount of the
currency self.adjustiDg," while resumption
is about 10 take place, without creating at
"any time an artificial scarcity and without
"excl.ng the public Imagination with
WAiSA sUsCS@1 SOysHoaSOt S"s6 Wv
.he uhole large machinery Of credit, and
/" disturb TIE natural operations Of bust.
.|aeSS."
Often have we denounced the resumption
law passed last winter for the reasons here
given by Governor TILDEN-that is, because
it tends to 'tlmpair confidence, contract the
s'whole large machinery of credit. aud dis.
'.lurb the natural operations of business"
1t is 2 most injurious lsw. 1t ought to be
repealed at once. Yet Governor TnpEN Is
understood to be a flrm friend OF that most
unWise enactment.
Now, what is Governor TILpEs's plan |?
We have given il in bis own words. All his
argumantsas quoted yesterday, aud his plan
for resumption as quoted to-day, ought to
separate him from the gold.gamb lers OF Wall
street. If he were real statesman, De would
have g the courage OF bis opinions, p and take
position with the West and the South in OPP
position to forced contraction OF the volume
OF the currency. Copfidence" can never
come-can never exist-contemporaneo
With law - exciting the pub nc sn,a giaatioa
q ,cih alarms ,cbsch Impair confidence. Con-
"iracs he ,ehole large aachiRery Of credit,
and disturb the natural operations Of basi.
ness"