The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-10-26
RifI.,llolld
Fcrced rsessanlptio

Forced Resurapt on.
we have but 90 say IN feI,iy eo s.s,e
artscle oil Tie Ratiey Rssgiaia's q sn " Week
,,asnnnssye to one which we wrote some
DAYS 400. we give that Journal sfedis slor
correct Ideas upon the SUBJ OF finance ina
I II does NOT believe that any government ut
~, .he face OF the earth can create values
ont Of nothing. It does not suppose that
cold and silver derive their value from tne
ssosernment stamp, but knows that these
metals are weighed the world over and esti-
mated 10 trade according to their Weignt,
the Government stamp being employeu
onIy to certify that there is eer-
tain weight OF metal OF certain n,e-
ness. That Journal, we say excludes tae
Government from the list OF inssrumen'.a.t-
ties which can create values, but incofis'ss-
emily, as We hold, claims that the EHoVera.
ment can not only force resumption Oh
epecie-pay ments, as we OF course conceae'
but can successfully perpetuafe resnmpl'ohi'
as ne do not coneede. IL the Government
cannot create values. one would think that
it could not by law make specie eqnai TO
coin In value; and yet this in a certain
sense is what our old friend IN Stauntoh
claims for the resumption aes.
We do not say that the Government can
not destroy the value OF its paper issues
Internationally it can do this. Thls TACT,
however, only gees to show that paper cur
rency is not money at all, but only repre-
sentative OF money. The Government may
destroy the value OF its Treasury notes
either by issuing too large number OF
them, or by refusing to receive them ior
taxes or otherwise to redeemtbem. IL eau
NOT thus destroy the value OF gold ana Sill
yer. These metals have real, intrinsic
value. Not only the stamp OF the poorest
Government on earth is sufficient to make
good money out Of gold, as Mr. BLAINE re-
Gently said, but the stamp OF any body any
where whose word can be relied upon as to
the mere facts OF weight and hneness.
These assured, the metal will DE accepted
anywhere in the world as the representa-
tive OF values.
Now il these truths be conceded BY the
Viroiaian, as they will be OF course, that
paper must see that logically the Govern
nent ought 10 let the question OF resump-
ton settle itself. AS it cannot possibly &C
cumulate fund OF specie sufficiently large
to redeem even once all the srcenbacks that
are out, it can hardly hope to continue TO
redeem them over and oyer again, as 1t
would have to do under The operation OF
the law which iorbids the Secretary OF tue
Treasury to retire any OF them. II gold
and Treasury notes are at par Oh the ISL
OF January, there will be no rush upon
the Treasury for specie. Ii not, there
will be; and this rush will continue
until the paper and The specie are
on an equality. Now, the Vnylnaan
must remember that it has not been two
weeks since gold ran up from one-half OF
one per cent. premium over greenDacks 10
IL per cent. This sort Of squirt is liable
to occur any day. Suppose ii should occur
on the 31st OF December next. or the 1st OF
January, or the 1st Of February; where
would specie payments be then? Why,
every dollar Of coin would be drawn
out Of the Treasury as fast as it could
be paid out, or else the Government
would have to suspend specie-payments.
Confidence is necessary in order to re-
sumption. Nothing else will supply its
place, except indeed reserve OF coin equal
to all the Treasury notes outstanding, and
then they had better not be paid out too
rapidly after redemption, or they will re-
turn for new redemption. Indeed, they.
would be sure to do so unless there was
such degree Of confidence in the ability
of the Government to continue specie-pay-.
ments as would keep the coin and the notes
at exactly the same value, or, as the idea is
usually expressed, keep the notes at par
with gold Whoever will discover a means
OF insuring this equality, will be entitled to
the credit of having discovered how to COM
pei specie-payments at all times by opera
ton or law. The present resumption law
-. ,>oth;aox If which oon effect sIlch re-