The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-11-07

GOLD AND NIuN EkNhEStS SSSShhEP' ~
gold and Government-bond markets, sem
sitiye as they are to all influences. remain
unaffected by the threatened action OF the
House majority on the silver and resump-
tion questions. Hardheadcd businessmen
ON both sides OF the Atlantic rate these aSl-
tations and the persons engaged in them at
;heir'true value, 1t IS believed that those
who offer and .rge the silver bills and anti
resumntion measures have not the faintest
homes of passing them. They know that
the Senate will probably defeat all such al,
TEMPTED legislation, and that II II passed
beth branches it would meet with preslden.
tial vctocs, and that neither house would
give it two-thrds vote.-Ne,c York. Jour
nal Of Commerce.
The Journal of Commerce is on general
subjects Of politics and commerce liberia!
paper; but upon the matter OF the metallic
basis it is preiudiced by surroundings IN
New York and biased by the business in-
f'ucaces eXertcd by the Gradsrlnds and
sold-worshippers. That paper is right in
applying the term 'hardheadea" business
men to those who are averse to expanding
the basis of paper money by remonetizing
silver. They are "hardheaded" and
- DuT ultaItSu Ill oppoSihS cAoe A1~"
is both just and fair and sympa-
thetic with the interests OF the great
body OF mankind. Gold is the repre-
sentative OF unbcnding, grinding, and
inhumane wealth; silver is the gentle, mo-
dest, and mcritorious sponsor OF the peo-
pie, those who know the feeling and the
wants and the cXigencics OF humanity. 1t
is the friend OF humble industry and of that
enterprise which often becomes heroic, OF
the men whose chief means are their eXpe-
rience. skill, perseverance, and energy.
These are the creators OF wealth, the au-
thors OF great public works. They fur
nish that brain and muscle without which
capital would be helpless, and gold OF Ito
use save to make things for fools to admire
or worship.
The Journal Of Commerce 1lattcrs itself
and the Gradgrinds who are ever endeayor-
ing to enhance the value, to increase the
purchasing power Of money, and to depre-
ciate the value Of other property, when it
sets down the proposition to remonetize
silver as hopeless affair. We do not be-
leve that it is. Since the Journals article
was written its sagacious editors have been
very probably surprised at the overwhelm-
ing passage OF the silver bill through the
House Of Representatives. We think it
will pass the Senate, and we utterly mis-
take the disposition OF President HAYES
if he can be induced to veto that bill. He
is too humane-his sympathies are too much
on the side OF the people and too much
with that order Of interests which is found
amongst the humber classes Of people-to
veto that bill. He can't do it. Depend
upon it, Mr.. HAYES is humanitarian-a
real human being. He cannot confine bis
consideration to your golden people, With
their golden calf. Not he. The land de-
ponds upon the body OF the people for that
energy and art which secure the nation its
chief wealth and growth and force. tie
will not turn his back upon the people for
the sake OF the smiles and appreciation OF
the golden people, who without the help OF
the bone and sinew Of the land would be
the most Ditiable and helpless OF human
beings.
We think there is no good reason for con-
Meeting the silver and resumption ques-
tions EXCEPT this far that silver is neces-
sary to resumption. Without the remone-
tization OF silver we do not believe that the
country can i'll 1879 resume specie pay
1nents. With that there may be resump-
tion at any time. 1t is not needed that
both should be passed. II the silver bill
does not pass Congress ought to repeal the
resumption act. II the silver bill is passed
the resumption act may be safely left where
il is.
The Gradgrinds and gold-worshipper
make a great objection TO silver being re-
stored to its position as legal tender: that
it is too ponderous and otherwise obiec-
tionable to be paid in any large amount at
any one time. This pretended objection is
merely brought forward for the want OF ar
gument. Silver will never be paid in large
amount to llquidate public or private
debt. The fact is, under no circumstances
is it likely that specie will be paid out as
long as paper money is good. 1t cannot be
required TO q greater amount than half Of
one per cest. in the payment Of debts.
Checks, drafts, and bills OF exchange, are
the iacile media OF nearly all the pecuniaTy
transactions OF the country. The precious
metals remain stationary and subserves the
public wants through certificates which
have the speed Of the winds. Gold and
st4Uer will hardly ever be transported
or translated from place to place save to
settle the balances that may be against the
country that finds it necessary to remit it,
Beyond this the movement OF specie must
ever be limited.
Silver will hardly ever be medium save
IN the smaller transactions OF commerce.
This country can absorb at least $500, O00,.
900 OF silver in retail business. 1t will
8 AFFORD TO the nation the greatest good II
VIII keep out OF the currency the vast
amount OF small notes, which we have at
times known to yitiate the paper medium
most ipjuriously and most Extensively, and
$ liver will always command the contidenc.
and promote the convenience OF the people
Congress cannot do better financial act
than to remonetize silver, and We have nc
doubt that President HAYES would approve
the act. We are not sure that Congress
viii repeal the resumption act, and we doubt
whether the President would approve the
repeating bill if it were passed. The passage
OF the silver bill renders the repeal unneces-
sary, and we care not about it. But there is