The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-19

3 Philosophical Article on Finanelni
azxasabuxEcry.ss sssssssa!s
From the Hsrrisonburg Old commonwealth
z ma readiness withSH hicb pub men fatf
IntfF tI,e sref,ks af what they conceive TO pe
4 nop,llars movements FOR the purpose OF &C.
e 4 support In their Efforts TO hold on 70
I a nositsey, which: they have, or 70 secure e
nns;timf of honor and profit after whtcn
tlep are seeking, is the best yidenc &c OF tue
s,,agopnery OF the doctrines which they,
nrofess. We give Them credit foI DetIes
sense hut Iess snrinciple, and on eithsr,o.
I t,rso nroros,fions they are unworthy Oh sne
s,1nr,rrt Of Intelligent or honest people, lol
u f,ley believe what they profess tney Me
mentally unworthy OF support; ana II .n-
sincere they are ineligible for want OF prih-s
cipie. :. ...,,,,;,o : know
lodge az finance, announces from the STUMP
rhai no is in favor OF the Government lssu-
ing untold millions OF greenbachs WEI
with TO pay its own expense anu Gato i,iS
an adjustment Of the entire revenue sSs,7
tenn. he challenges all the Tfalcule Una! sal,
pfoperly be hurled against nypocrlslgiai
charlatanism. Plain, accomplishing pt i.n,,
ignorant OF the science OF nhance, hnu"
. .hat th Government is nothing but what
t ths nao;,le make it; that all the Gov
crnment money belongs to the peo-
ME. and that it is not an mex
bbanstibIe reservoir from which money
can f1ow to the enrichment OF eyeryooy NV.
.ing under it. How can the Government
issne greenbacks and pay its own. expenses.
Ia it an immense printing establishment .Ia'
cam nrint billions Of greenbacks ana ies's
io,e then, into money based upon notnlns'
Conifl the town OF Harrisonburg, Inc couH-
tr NJ Rockinc CHAM, or the State OF virginia
issne carloads OF currency and pay thelr
own eynenses? What would they De
based on? What would they ne worm.
Everybody Of any sense must knoM
that the value OF currency depenas
unon the confidence in tue security
mon which it is based, Ihe conn
dence in Government greenbacks must DC
nased upon its ability to redeem them ID
onid or its acceptance OF them in payment
81 duties. But how can the Government
nossess this. ability without revenues from
The Deople collected by taxation? mat
there has been unWise legislation on the
finance and currency question we nave no
donbt, but to expect relief by an unlimited
issue OF shinplasters is despicaDle fallacy.
n the Government could call in its
bonds. issue new ones ut 4 lower rate
~ interest and make them taxable, II
would have the effect CT driving the
capital now lying idle in the vaults into en-
terprises of development and public works
that would pay better and give employment
m sl,f1erin" labor. SO long as one man can
own hall a million OF dollars in United
States bonds, paying seven per cent. inter-
est in gold, and not pay one cent tax, While
a poor man, owning thousand dollars
worth of property, must pay taxes to sup
port thelState and Government, there Will
be unjust discrimination in favor OF the
bondho:der, and capital will seek no health
full field Of operation or development.
Notwithstanding this crazy cry about
scarcity Of money, any man who has any
thing to give for money can get all he wants
in uarrisonburg Tomorrow. A million
bushels OF wheat will be bought and paid
for at the market price all over the world at
an hours notice. Money is plenty in Eng
land. France, and Germany. Is wheat any
higher there than here? II an advance or
decline of one cent on the bushel takes
place in any Of these markets it is FELT
here in half an hour. The woild is the
market for everything now since ocean
telegraphs have brought every part CT
the eartn into one grand commercial
exchange. European dealers have their
agents in America, and American dealers
have agents in Europe. II War-cloud
crises between any Of the great foreign
Powers, wheat and other great productions
90 IN in price from California to Halifax.
Even the probabilities are discounted for
months in advance. and yetwc are told by
those who pander to popular humbuggery
that the scarcity OF money in this country
keeps down the price OF productions. There
is nearly three dollars per capita circulation
now in the United States to one dollar cir
culation in the most prosperous time OF the
country's history.
Virginia suffers because she sends her
money to other sections for machinery and
agricultural implements that could be: made
at home. Virginians send their money
abroad for these things simply because they
can buy cheaper there. than they can at
home. The whole world is the humblest
citizens market, and each individual has
perfect right to buy where he can buy the
cheapest, and sell where he can obtain the
highest price.
The establishment OF State banks is
favored by one statesman because the de-
probation OF State currency abroad would
drive it back to Virginia How is this for
finance? The great objection that always
opposed wildcat currency is now put for
ward as its principal recommendation. what
beautiful ideal a man in st. Louis with
five hundred dollars in Virginia State
money, unable to obtain nights lodging,
would be very apt to send it back. A bad
penny always comes back. The picture
may be overGrawn, but it is relatively cor
rect.
What the country needs is n national cur
rency, in amount as great as the faith in the
Governments ability to redeem will admit,
and OF such q character that dollar in Viz
sinia will be dollar in California; cur
rency equal to gold. and performing the
same functions. But this can never be
brought about by Scattering grcenbacks
over the land three feet deep, when it
would take ten tons OF them to buy bar
rel OF flour. Let thinking people analyze
the song Of the demasogue, apply it to in
diyidual operations, and see how it works
even in theory. This is the true test, and
one before which ballerdash falls to the
ground.
The Richmond Wing is either the worst
imposed upon and the. worst informed, or
else the most preiudiced newspaper in this
or any other State. 1t is continually talk,
ing about "disreputable caucuses" anu
So packed conventions" when speaking Oh
the congressional nomination in the sixth
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