The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-30
raise theories.

asors assa z aisd nsst VII hoss who
think stfse Uaitcd statesG scvernment has
nottink 10 do But start tgprinting -presses,
and tfiat the pockets otseyery indy
will be ifdIisGdfately filed
NothinS could be more utterlr absurd
Demand and supply remaining the same,
Drice VIII increase in exact ratio to the iH-
crease OF the circulating medium, whether
that be paper or coin; and when the amount
of currency Is doubled &c will take two dol
.lars@to buy what one bought before: en-'
less, then, the Government can increase tue
amount produced by the individual, It Is
clear that such an imitation would leave him
iust where1he was before..'sn 4sfs
No one, can deny that plenty and pros
perity prevailed in every part Of our coun-
try in 1869, and yet the amount OF paper
currency in circulation was then less than
ssyen dollars per capita, while in 1873, when
the panic came, it was over Seuenteea dol
lars per capita. II the prosperity OF coun-
try is proportional to the amount OF paper
circulation, the country should have been
nearly three times as prosperous In 1873 as
in 1860, and should be twice as prosperous
now when the paper circulation is fourteen
dollars per capita. The present PROSTATE
condition OF the industries OF the country Is
not due to a deficiency Of currency, but TO
number of causes that cannot be remedled
by imitation.
It is one of the results OF Radical recon-
struction in the South. Revengeful radl-
calsm piundereG and impoverished the
South, and rendered her people too poor to
purchase the manufactured products OF the
North, and thus destroyed the best market
the. North had.
The rapid contraction OF the currency in
augurated and carried on by the Radical
party, under the influence OF the bondhold-
ers. drove capital from every industrial pur-
sur, because money boarded was enhancing
in vaiue-its purchasing powerincreasing--
more rapidly than it could make profits in
any legitimate business.
Mills and factories were necessarily stop
ped-operatives were thrown out OF en-
nIloyment-and the large class dependen-
dent upon wages thrown upon the country
without the means, in many cases, OF pur-
chasing the food necessary to their subsist-
ence. Thus the home demand for the pro-
ducts of agriculture was diminished, and
prices went down still lower than they
would have been carried by contraction it
self-by the Incidental decrease in the de-
mand. '
The last Congress checked this policy OF
contraction, and the difference between gold
and paper is now but fraction OF cent.
The Government Will, it is said, in few
weeks resume specie payment.
TrafIic in gold must then cease and the
coin which has been boarded return again
TO perform its office as medium OF eN-
change, and be added to the volume OF the
currency.
Money no longer increasing in value in
the vaults OF the banks or the pockets OF the
holder, will seek investment in productive
industries, where it can make profits, giving
employment to labor, an impulse to every
business. and lead to restored prosperity.
However unwisc the financial policy OF
the Radical party may be, to resort now to
an unlimited paper issue can only retard a
permanent settlement of this question, and
subject us at no distant day to the evil con-
sequences OF second period OF contraction
and Distress Tiderater (Iappahannoch)
IndeI.