The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-21

nary times he maintained Mt par in gold.
70 this the objection is made that we
convert Il MISUNDERSTANDING note into
IN Understanding note, and that Is
true: but what right have VIC as 4 nation,
or has any bank or individual, to force into
circulation as money its notes upon which
it pays no interest? a certain amount oi
United States notes can and ought to be
at par in gold, with the aid OF
amoderate coin reserve held in the Treasury.
and to the extent that this can be done they
form the best possible paper money! dcbt
OF the people without interest, OF equal
value with coin, and more convenient ID
carry and handle. Beyond this the right to
issue paper money, either by the Govern
mcnt or by the banks, is
DANGEROUS EXERCISE OF POWER,
injurious to all classes, and should nor con-
tinue a single day beyond the necessities
that gave it birth. But il Congress should
see proper to continc the process OF re-
sumption to the present law, we have stllla
second mode OF rcsuming by accumlllatln@,
and can gradually, so that when the time Tx
ed for resumption arrives the Treasury may
be able to redeem such notes as arc present
cd. In this respect the resumption act Is
as full and liberal rs human language can
frame it. The Secretary /! authorized 10
prepare for resumption, and for that ptr,
pose to use the surplus revenue anu sell
either OF the three classes OF bonds, all OF
which are now ut or above par IN com. ! he
power can be. ought to he, ana VIII nc exc
cutcd il not repealed.
This wear Providence has blessed Us with
an enormous crop OF almost every produc-
ton OF the farm or plantation. AID the
foreign demand is largely increased by the
Russian war. We have nOW reached the
coin basis in the production OF commodities
for the foreign markets. our exploration
oil home fabrics has increased and Is IL
creaSinw, and we are now competing with
Manchester and birmingham in the sale or
products that have made those cities famous
throughout the world. Our manufactured
cotton, iron, and wool, now rival in foreign
markets the oldest countries OF Europe.
We have during The five months OF prc>-
dent HaveS'> administration made an actual
accumulation OF currency and OF gold ana
silver coin and bullion OF Slt"40,S322. From
the lst OF May to this time we have added
to our reserve S20,000.000 by the sale OF
bonds, without disturbing the money market
and with gold steadily on the decline. We
have reduced the public debt since the l>t
Of March the sum OF so, ,S2t. We have
already referred to. without disturbing the
course OF trade o. causing shipment in gold.
All the fears expressed 50 often in the pa
pcrs ut these movements have been proven
TO be grollndlcSS We are now within five
degrees oil Il specie standard. We have
still seventeen months before liz IN which TO
complete the task. The same progress that
has been mac. since the 1>t OF March con-
tnucd twelve months longer vii! certainly
bring us to specie standard. I feel conf
dent in saving Ia you this day that ii undi>-
turbrd. with or without change Of the law.
ever dollar OF United States notes will
before the time fixed for resumption buy IL
much n an equal amount III either cold or
silver.
TIE RIGHT KIND OF rArEE MONEY.
The speaker said lie had cone over some
points on this question OF resumption. lie
believed currency of United states notes
based upon the public credit. always con-
yrrib,c irtn coin. and 80 limited in amount
and supported by reserves that IL conycrii-
biltv cannot be endangered. and supple
mcntnd 10y Il bank currency free and uncn
10 II alike. based upon public securities. 80
that in any event the noicholGri i safe
from los. always rrdccmabir IL coin Is
United States notes, unlimited III amount
except Nv the wants oi business. this Is the
kind OF paper money that will >tar; again
the Wheels oi industry, give sails 20 COM
mcrcc. and labor 10 your artisans. This,
indeed would be the best paper currency
in the world. Let Til: currency be
supported by Il public credit against which
a whisper or Il doubt cannot be- uttered.
and Your public debt will he reduced to
its lowest possible burden Of interest. and
will become the great depository o! the
savings OF labor, the trustee OF the widow
and orphan the safe rest OF capital not en-
poycd in active industries. These, rs |
understand them, are the great financial OH
jcctS OF this Administration: and with your
permission and the sanction OF Congress
the President may hope to celebrate his out
going with your debt reduced to four per
cent. and every note OF the United States
worth par in the best coin issued from the
mint. The speaker, in speaking of the hard
times, said: And so il happens that under
any government, whatever may be its form,
il panic, or hard times. or orer-produc-
ton, or Il pcstilcncc, famine, or plaques
come. the men in Office are made the Scapc-
goats for troubles which it is far beyond
their power to produce or remedy. He
dwell at length Oh the depression OF trade
in all parts OF the world.