The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-06-06
MOVING toward Resumption"

Moving Toward Resumption"
This is the caption to an editorial in the
New York Tribune. It would read better
somewhat reversed thus: Resumption
moving toward u.s." Resumption is not
thing to be coerced. 1t moves voluntarily. 1t
comes when it suits it to do SO. Until 1t does
suit 1t to come it cannot be forced to come.
Whether this time be the near approach
to resumption is matter OF very great I'm.
certainty, In former days it was thoaght
that the signs OF the coming OF resumption
were the recovery OF confidence IN one an'
other by mon. the restoration OF energy
a,onc with confidence and thrift, ana the
prevalence of contcntment and hope. ne
sumption was never known to be itself con-
tent to appear amongst people less pos
sessed Of the elements OF thrift and serenity.
Certainly there is no such condition pre-
yailipg at this time. 1t may be that some
fnanciers NAV count upon the possibility
OF specic-payments in land OF discomfort
and uncertainty upon the grounds that pow
crty can't make runs upon financial lnStitu-
tions, and can't make runs for gold when it
has no claim upon which to demand gold.
Such tinanclerS may find that this is an error.
They may find that nothing is so sure
protection against runs as the content
and thrift OF the people. That there Is
at this time such state OF the people
we think nobody will contend, and it may
b, fbof and
social arrangement are compatible with
financial composure and specie-payments
will not be borne out.
At all events, we assume that there are
more important things than specie-pay ments
in the land, an d one OF them is the restoration
of that peace and harmony. political aud
social, and the confidence amongst men,
which We used to think altogether indis-
pensible for resumption and for the main
tenance and duration Of the same.
We have never been amongst the de-
spondent, and have never done anything to
ensender dependency when it could be
avoided; but still we cannot cry, "Peace
peace! when there is no peace" The labor
and the social order Of the country are
not settled, and approach slowly towards
system and order. Things do not go alto
gether smoothly. The period is peculiar. In
dllstries as well as trade need arrangement.
People are uncertain with reference to the
matters of tilage as well as manufactures.
Tie capitalist is not yet certain with
his investments. Speculation is without
example in its peculiar nature, and the
gains OF speculation don't seem to stick.
The very spectators are specialized out OF
their SpecuationS, and all chance accumllla-
tions are rs eyaneScent as the hail-stones IN
summer time, which dissolve in the sun.
That such is the present state-that I'M
certainty and solicituae for the future are
too preyalent-let man travel and he will
End out. See the falling off in railroad
travel and in buying and selling: see the
scarcity of means amongst people Of all To-
calities, and the doubt and distruSt that
still restrict enterprise and business. All
this prudent financier would consider not
favorable to any measure Of more rigid
finance.
We do not believe it yet a good time for
"purging" the currency, as the grad
grinds say, or If increasing the stringency
by "redempticn."
The Government has erred in its unWise
measures that discredit its own paper. 1t
should bave put all that paper upon the
same footing. and all the obligations due it
also. 1t should never have refused its own
paper for any debt due to it, and it should
have left a1oat its greenbacks as the very
best paper medium, while it represented q
part of the public debt which paid no in
terest. To call in this form of public obli-
CATION was to favor holders Of public bonds,
and to increase the burden upon the people:
A very foolish act, hard upon the people
and favorable to the money-lender5, who
had, by reason OF their money, bought
the public obligations below par, and
who are now to be allowed to draw in
terest on as much Of the public debt as
may be kept afloat by withdrawing that part
which pays no interest, and keeping out
the largest amount possible of the part which
paps interest, and that in gold. ~"
We are to hurry the calling in OF the non
interest-paying form OF the debt in order to
resume: and that may be another means Oh
expressing people, and trade, and enter
prise. Our fnanciers have been very one
sided sort OF men always going in favor
OF the bondholders and against the people.
They may be statesmen; but as we
used to understand the term, statesman
ship meant knowledge of that science
by which public welfare was promoted
and the greatest good was secured to
the greatest number. If this modern
policy is correct, craftsmanship is now that
policy which promotes the greatest good OF
the richest people at the expense Of the great
body who produce all, and who pay alike
Government taxes and the gains OF the capt.
talists.
Lieutenant Flipper.
The first negro graduate at West Point is
named FL!PPER.. He is amongst the gradu-
ating class the present year. The. New