The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-24
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g resolution was then adopted
From the LyRchburs Virsinian.J
Money.

Our neighbor Of the Meas has &n article
under this caption that is quite refreshing,
since it carries us back 10 the days OF g Con-
federate shucks,'' when sixty dollars would
lust suffice to buy bushcl OF cOrn-men,
and $500 was not considered an eNorbltant
sum for barrel Of flour. If we had it
now, we would give our ncighbor OH old
wool hat for which we paid 1925 in the
aforesaid "shucks." He deserves it for
writing the article in question. But alas
that precious hat-tbe most costly we ever
wore, and the meanest, too-has.gone glim-
mering with the things that were.
We knew that our neighbor had been
converted to the so-caled .reenback theory,
and. like the party that is Differed by " the
coming man. Benjamin F. Butler, wantsa
plenty of paper money; but we we're not
prepared to see any man in Virginia praise
the financial system that, more than any
| thing else, contributed to the wreck OF all
the hopes that were entertained OF the sue
cess OF the Southern Confectionery. How
we'll every man who lived in those days re-
members the effect upon the country OF
large issues OF paper money, based upon
nothing but credit. 1t unsettled all values,
so that land which would sell one day for a
certain sum would in few days subsequent
| fetch nearly twice the amount in the same
currency, until finally, and before the col
lapse Of the Confederacy, nobody would
exchange anything that had permanent
value for it at any price.
Everybody during the last year OF the
| Confederacy was intent upon investing our
paper-moncy in land, houses, cotton, tobac-
| co, ANYTHING that came to hand, and that ut
| fabulous prices, in order to get something
| for nothing But, lest it be said that this
| desire to invest was due wholly to the aD-
prehension that the cause Of the Confede-
racy would fail. and there would be no Gov
eminent to look to for the fulfment OF the
condition upon which our issues OF paper
money were based, it may be answered that
there were thousands OF people in every
| State OF the South who would rot to the
| last believe that the cause for which Robert
| L. Lee drew his sword could fail. The
common people, who showed sublime
faith in favorable issue OF the cause,
seemed to have as little confidence in the
currency as Governor Smith anG other Vir-
| ginia officials who, in retiring from our be-
leaguered capital, took care to collect their
unpaid salaries in gold.
Obviously, therefore, we must look fur
| Their for the real cause OF the lack OF conf
dence in Confederate currency-that cause
which took away its purchasing-power,a and
advanced the price of everything offered
| for barter to enormous figures. 1t was in
fation, and the certainty that, come what
would, that vast volume OF deprecated
paper money would never be redeemed in
what is recognized the world over as
money. photographers define money to
be gold and silver. but Webster, in his def
milton, adds: Bank notes or bills OF credit
issued by authority, and e1chdngeable for
coin or redeemable, are also called money;
as such notes, in modern times, represent
| coin, and are used as substitute for It,"
| And so these notes must represent coin;
| they must be something more than mere
promisc-to-pay TO give them the quality
Of money or to enable them 20 discharge
properly the function OF money.
But some will tel! us that the credit OF the
Government is enough to impart value and
give unquestioned circulation to its issues
of .paper-money, without reference to the
matter of redemption. This is nonsense,
and the people who labor under this delu-
sion, and clamor for an issue OF greenbacks
equivalent TO the amount represented by
the public debt, would find such Illusions
dispelled when {" the deluge of green
backs" shall come, il there be no promise
to pay greenbacks with anything but green.
backs.
We cannot refrain an expression Of sur
prise that people who had such an eNre-
rience rs ours was OF the effect OF depre-
ciated paper-money should want a recur-
renee OF the sad experience. While we
concede that the laws OF finance may be so
intricate that comparatively few can CON-
prehend them, yet this one thing we know
is plain: to make paper-money current and
TO give it purchasing power equal TO com
it must be bottomed upon and redecmable
in toin or held TO be so by the nublic to
import to it stability and value. A Govern
ment promise-to-pay is no better than any
other if there be no stipulation and no abi-
ity to pay ultimately in something better
than piece Of stamped paper that has no
intrinsic value. So much for greenbacks,
pure and simple, without the promise to re-
deem them with something better.
While we should all be glad to have more
money and greater prosperity, and while,
perhaps, nobody feels more the need of these
at the present time than this writer, we may
not rashly turn away from the light OF ex-
perience and fall into the same errors that
brought trouble and distress upon us in the
past. Remembering that our experience is
not disstmilar to that which other nations,
and notably the English people, have had
after a great war, in getting back to safe
and stable system Of tinance-from the PEE
Rod OF imitation and high prices to one OF
healthy and prosperous groWth-let US fol-
T low the paths marked out by experience,
not doubling that they will conduct us to
peace and prosperity in the near future.
Bradley johnson, who robbed the State
OF $3.50, 900. would probably be selected for
receiver, as he is the best financial mar. -
Senator PauPs speech at Nottingham