The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-11-16
For sale by booksellers generally.

EGtfOTS DlSpQtCH: uafc Icau youA al u
Gle in the Dispatch Of this morning. The
silver bill does not propose to make the pre-
sent silver currency legal tender; but to
coin silver dollars OF the. weight and fine
meas OF the silver currency before the de-
basement of $685." and declare them a
legal tender. ...a
The arguments in.favor OF the scheme are,
first, that silver being a production Of the
country its use as currency should be en-
couraged, regardless Of its disuse by other
civilized and trading nations. Perhaps it
is sufficient answer to this to say that this
is copper-producing country; that cop
per has beer used as currency from the
earliest ages, and that the coinage OF an
ounce OF copper and stamping it "One
Dollar" and declaring it legal tender for
all debts, public and private, would be equal
" Just and polite; not equally polite,
however, for the man who pro poses to repu-
date all debts ,can accomplish his purpose
more successfully by getting rid Of seven
cents on the dollar rs first step Gas this
silver bill proposes than by exposing his
ultimate aim, as would be done by copper
bill. Another argument in favor OF the
silver bill is that it would increase the
volume OF currency, and so facilitate the
transaction OF business. But this is not
true. If we did not know by induction,
experience would teach us that Il cheaper
currency would always drive out a dearer.
Gold was cheaper than silver in 1852, and
silver disappeared; so that Mr. Hunters
debasement bill became necessity. II the
relative value of silver and gold were fixed
and Interchangeable the double standard
would be practicable and harmless, al
though inconvenient; but with silver fluc-
tuating in its gold value to the extent OF
twenty per cent, as it has done in the past
few wears, how can there be a fixed or GER
tam value to anything? The issue Of base
coin by powerful rulers has often been a
favorite mode Of depressing the poor, and
has always received the execration OF the
sufferers. A singular illustration OF the
lasting prejudice that such an act entails on
its author may be found in the legends
OF the Orange lodges in Ireland (noW
bappily becoming extinct). The..neophVte,
being instructed in the blessings that Will
liam of Orange conferred on the country, is
told as the greatest that he saved it "from
brass money" referring to the debased coin
with which King James paid for his sup
| plies.
The scheme is reputation, pure and sim
pie, ANY double standard, Of variable rela-
tive value, from which the debtor has the
option OF selecting the cheaper to pay his
debts with, legalizes partial Reputation. II
contract for the payment OF money be
made, why should not the creditor select
the currency in which he will receive pay
| ment? 1t is true values will soon adjust
themselves to any law, no matter how un-
Just.
Those who have commodities to sell will
charge in proportion to the doubtful cha
racter Of the currency they may receive in
payment but who will be the sufferer
Always the poor man. The broker will
reap rich harvest, proportioned to the I'M
settled character Of the currency and its va
riety, and the poor man will pay the penal
ty. II this silver bill was honestly intend
ed to give us an addition Of sound currency,
its authors would make the new legal.ten-
der silver money equal in value to gold at
their present relative market value. Why
make silver dollar out OF ninety cents
worth Of silver? Why not require dol.
lars worth Of silver to be coined; or, II
ninety cents worth OF silver will make
dollar by act OF Congress, why not make a
dollar out OF fifty cents worth. But the
plan is no doubt to readiust ten cents Oh
debts this year, and take another slice next
wear, as the country stands it, until all IS
gone. And q solid and sensible paper as
the Dispatch is imagines that the country
is all for readiustment, and follows the
crowd but it is not the first time you have
been wrong and recovered yourself. S.
RICHMOND, November II, 1877.