The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-02

How TIE TH1sG WoRKs.-(From the San
Francisco Chronicle IA contractor who may
have occasion to borrow ten thousand dol.
lars to carry on his work will receive that
sum in gold. A large portion OF 1t Will be
Maid out to workingmen, in sums oil from
ten to thirty dollars to each. 1t il not pro.
liable. however, that the average contractor
would pay bis men in gold, or even that part
of their wages for which silver was not
legal tender. Workingmen, as rule, would
not think OF Directing TO payment entirely
in silver, although q portion OF each weeks
wages must be lurned into gold at whatever
eypense, Even when the discount on silver
was less than two per cent, lindlords, 10
MANY cases, required payment in gcl!. II
the laborer has purchased house on The
irstslment plan, bis payments must be
made in gold. II he is making ocs
casional deposits at a savings oank
these must be made 10 gold. The pc
sition ofthe grocer aud retail desler is some
what similar. A large portion of their sales
amount to less than five dollars in separate
transactions, although the aggregate may
be several hundred dollars per day.
The retail dealer, therefore, cannot help
taking silver, although he knows very well
that he cannot purchase goods Witn tDat
currency except by allowing the current
rate OF discount. His trade is, therefore, suo'
iect to the same kind OF fluctuations Wnlch
have done so much to crush business ID tne
greenback States. Where there are two cur.
Irencies-one standard, the other rising ana
falling under influences no one can antlcl>
pate-the businessman is obliged to admit
the element of chance into bis daily trans
&C ions. The importer knows that he must
pay duties in gold, that be must pay freight
in gold, aud pay for goods in foreign mar.
kets in the same currency; but be must sell
for greenbacks in the East and for silver in
this State, aud the value OF either Oh these
currencies is constantly changing. Two
months ago the discount on silver ID this
city was from one and half to two per
cent. since. it has been from four TO hVe per
cent. but at present it is a trifie less than
four Der cent. What it will be two months
hence is a matter of conjecture. Meantime
silver will be the poor mans currency, and
poI1 the rich mans. All small transactions
will be liuuidated with silver, all heavy ones
with gold. The contractor who borroWs
ten thousand dollars in gold to carry on his
work will sell that currency for silver. and
pay his men and small bills in the latter
currency. The men who receive this will,
In many cases, have to buy gold, paying
| therefor one per cent. more than the
contractor would receive when he sold the
gold, The mouey.broker is the only person
| who gains by this condition Of things. The
discount is a tax on industry, and as such
becomes a subject for the immediate c,nsid-
GRAFTON of the law. making power. We have
already shown that the Government is 10 o
measure responsible for this discount in Sill
yer in consequence of its attempt to make
less than dollars worth OF bullion dollar
for trade purposes. 1t stamps fortyf four
cents worth of silver with half dollar
stamp, end seems to expect people to take it
for It's face, not for its actual value. We do
not see bow the problem Is to be soy ed until
| the Government conforms to the laws Of
trade. Our bankers will be compelled to
adhere 10 the currency, which is the
standard in England, France, Ger
many, and wherever they have CORE.
spondents. Our merchants must abide by
the currency which is at par where they pur-
chase geodI. Gold, therefore, must remain
the STANDARD, but silver must be made as
good as gold. Any attempt TO introduce two
curreuces Of different standards of value
will operate against the industrial classes,
who mostly need the protection of law. Capt.
tai in all such cases can take care of itself.
Bankers readily combine on any matter Of
importance to their general business. Land
lords have no trouble in esta blishing the GUS
tom of paying rents in gold. But retail
dealers canuotrefuse silver without driving
away custom, nor can the mass of men at
work for wages afford to show any dsin-
clinatiou to take silver for all sums due them.
so long as money can better afford 10 lie idle
than men, 1t will retain au advantage in a
crisis. 1t can dictate terms when men can
not, simply because it can wait when men