The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-10-17
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Congress has power to issue AS much
money as tho wants OF usipess require, ana
when those wants dimmts I'd With draWtne
excess from eirenlatI np pro ided " Hles.
fates IN so doing no contract or obiigaflon IL
has entered into. do.not agree with Mr..
Cooper that the mere issue OF the fnoneyan
its acceptance as such By the people pre-
cIudes the right OF Congress to call ig IN
when not wanted. The right to call 10
stances ON the same ground as the right 20
Issue. and must be. exercised with .equai
freedom for the public good; otherwise,
the abnormal state OF the currency gene
rated or rendered necessary by the war, de-
handing expenditures OF O million Gay.
might be perpetuated in q time OF
peace, thus introducing some OF the
worst evils of war; to poison and
pollute the blessings OF peace. This
Is the very reason why / combat and
oppose the claim of power in the Govern
menL to create money, because it carries
along with 1t necessarily the power to De-
stroy money. It is a sword that cuts ooth
WAYS. 1t keeps the currency perpetually
oscillating, between expansion and contrac-
ton, and property in the market always
Guctuating between the extremes OF nign
and low prices; and, worse than all, thls
money-power, once acknowledged. IuTns
all politics into a game, III which oil the
property Of the country is the stake to De
played for. Whichever party gets into
power will use it to put down or put up
prices. as may suit its interests; ana tnls
will soon come to be regarded as fair play.
legitimate use Of political power, and
natural and allowable object OF .politlc.aal
ambition. The contest between the bulls
ta
street 10 Congress, where it will be carried
on upon scale as far transcending the pre-
sent in wickedness and yilainy as the thea
tire on which it will then be enacted trans
cends in dignity and magnitude that ON
which it is enacted now. Let Mammon still
be worShipped in the marts OF trade; let
gain, not godliness. be the object there; let
the hero OF the exchange or stock market
still he he who perpetrates the deepest
swindle; but let not men seek public
honors Just to betray public confidence,
peryert the power OF Office to purposes OF
governmental wholesale fraud and iegalized
robbery and spoliation, and turn high
station into piIlory to expose and
publish the infamy OF the occupant.
What is the present condition OF the cur
rency and the country but q veritication and
proof OF what I say? What mean these
loud and bitter complaints Of the contrac-
ton OF the currency by the Republicans,
accompanied by these loud calls. for the ex--
pansiotl OF it, when, as have shown, they
are both the same power, one and 1ndlVls1-
BILE, and every charge against oneiS equally
strong against the other? I know l shall
be called that fossil old fogy; Rip Van Win
kle, aEtedeluvian relic or specimen, called a
hard-money man; but / confess II l am
compelled to choose, / had rather be hard
naonev man than an d6Sotute-nOney man.
prefer few acres on earth to principal
ity in the moon, n single grain OF wheat to
q busheI OF chatT; and when remember our
experience with the greenback money.
though necessary evil forced upon US by
the war, T can hardly recant the rather
hasty epilhet applied to it by me in my last,
that it is Il curse. Butt am not reduced to
this hard choice. Cash in honest hands IS
ALWAYS fruitful of credit. Leaves will not
be wanting where there is fruit, nor paper
money where there is gold and silver for
it to rest on, and if, as is found, it
has tendency~to spread even beyond its
base and grow in rank luIuriance, this
rather shows vigorous root and fruitful
soil, and is preferable to the stinted growth
or absolute barrenness OF. Government pa
per which excludes all metal-money, and
has in itself no principle Of life, growth,
development, or expansion, except that
which first gave it birth and must still keep
it alive, if it. preserves its slckiy existence.
But the secret OF such healthy growth
lies in these words OF Mr.. Burke: Nor
is there among US Il single public security
OF apy shape or kind that is enforced by
law. Our paper wealth, instead Of lessen
ing our wealth OF coin, tends to increase it;
instead of being substitute for it, only IA
cilitates its entry, exit, and circulation; Is
the symbol of prosperity, not the badge OF
distress. Never was there scarcity OF cash
and redundance OF paper among us. The
prosperity of England is not due to bank
paper, but the abundance of that is due to
the flourishing state of our commerce, the
soldity OF our credit, and the total eXclu-
sion of all compulsion from the causes OF
its circulation" These are not the maXims
OF the new system OF finance that is now
in vogue, which, like Jonah's gourd, has
sprung up in night, and think will
witber IN night, but they are the maxims
tested by the experience OF England for
nearly two centuries, confirmed by her sue
cess and attested for their wisdom by that
noble superstructure Of credit, public and
private, which towers above those of all
other nations ...
"As Eneas giant of The western stars, wi til meteor
streamers to the winds unfurled,
Looks from his throne of clouds over half the worlds
But have depressed too far, and resuming
the order OF the proposition with which had
set out, say, in the fourth place, that among
the bonds which, as above said, I think
may even now be paid in greenbacks (be-
cause Congress could not alter the con-
trsct)-if any became due that is-must be
paid at a fixed time, the currency Of that
time-whether expanded or contracted,
whether deprecated or enhanced-is that
81 a T. ba Maid onr