The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-17

Yer sVOusu Uc I'd sUUskdS VIC P'SnfsS..' .-s~y
aud silver themselves, and better, indeed.
in this. that the former could not be spirited
away,whiie The latter-migbt 4 efficiency
az gold and silver TO meet ordinary demands
Tor ft would enable bank founded on it, rs
wen asother pledges, tosuccessiully supply
a safe circulating medium, thus maintaining
wholesome relations to trade and proving OF
great utility TO community. ~
Is it nossible, In this enlightened age, we
are to be required to invent or produce
currency absolutely and beyond all perad-
venture certain, and to remain the same lor
all timer. How ridiculous are we, iool1hS
ourselves by such hopesl "Nothing is GER
tai,, but death and taxes" Have we not
been often 80 reminded? Reasonable
probability Is best for us-is all we
want-and, In truth, all we shall ever
get in this world. Some impending hazard
attaches to everything, and so our wits are
shurpened. Money cannot be made more
certain than other things; and why should
il? Some old money-grannics think it must
be. and thew will tinker at it till the last
cl;ct of time without avail. 1t is no better
or more neediul than other things OF like
usefulness, and is inferior in dignity to
some.
Gold and silver, you might say, is GER
tain. So, so. But not absolutely so Ger
tain as 10 remain Interchangeable. And, then,
they are Of no Use unless employed, ana II
employed the certainty Of their reproduc-
Lion or Of their being returned TO US Is as ue-
pendent upon human eXigencies rs otnet
things; and, besides, il they were Inc soie
currency they would be Inadequate, anu
our difficulty would be at once apparent;
and il, therefore. paper-money IS necessary
to perform the functions OF cnrrenc! WIN
coin, they must be equal. Ihlngs equal 10
the same thing are equal to one anotner.
mich OF what have said will be regarded
,s 80 evident that it need not have been
nrnted, but incline to the opinion that
many OF your readers want this question OF
money treated in all its aspects. Unfor-
tunateiy, one generation will not live by
another's experience, and the battles OF
reason in trade and commerce have to be
fought over and over again.
One Of Your correspondents, "L.," IN
YOUR Yesterdays paper, mentions favoraDiy
the old State bank system OF currency. de-
tacled from the States themselves, they
would answer again a most usefll work
in trade. The Slate banks before the war
answered far better than the present Sys-
tenn. But you, Messrs. Editors, will say
mo-" because their paper would not pass
everywhere. Now, this is small lncohVc-
nience, for gold will answer all the needs
nf travel, and the restricted credit or the
bank circulation will be all the better for
them and their creditors, for their sphere
Of circulation would be limited by the
REGULATIONS OF trade to the vicinity for when
they were instituted. and their solVency
would thus be promoted Ivy stunning lhe
tenptation to an oYer-issue and the result
ing consequence OF sudden demands ior re-
demption. 1t is their notes that come back
on them from distance that demands re-
dnmpliou, and not those OF home cTcuia-
ton: which last seldom disturb the course
Of trade Of the banks by obii@inS them to
curtail their discounts. And so well did
these banks before the war answer all the
wants OF the public in their line that Il
change OF the system would not likely have
been made had not the war absorbed all
their capital in that general whirlpool that
carried all else under but real estate ana
public and individual honor. And lest you
NAV think 1t llncharitablc, | am rclnc-
tant to tell you the fact as TO WHAT
remains OF these residues OF glorious ola
upte-beVun era. Government banking has
reduced the value Of real estate one half
since the war; and as TO the State and per
capita Integrity reckon you know, ana all
OF Us know, about these enough TO nope
,hey were better. But we must regain lost
reputation in this, for it was that injurious
bankrupt law that bad given such wonder
ful facility to distrust till we were laroiy
towards each other the same people.
And now my article has grown TOO long
almost to be read, and as / cannot say now
all intended to say with convenience 10
your space, will wait q day or two before
troubling your readers again, or indefinitely
withdraw. Yours, w. l.. =.