The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-10-18

! .,a yanlts sof the herkssfn the United
Essiataas sTfreastirv. md lin circulation, Imam
fhsss,ss al ut tie cIosea of the war, or nt tue
fsssI 4 a5. r. he temp rnry loans OF the
ESioyerSn,erit werepasd. Or converted INTO
200 bonds l.sf they matureds without pre1u-
dice TO anybody and The legait tender notes
issued Tor wat purposes, ana no Longer,
needed after the war was over Dfgnt also
have been gradually retired without hnan..
cinf trouble: md without ANY OF
real. values. Ifthis had been done tne
country would have long since been on tne
inn tide OF prosperity. Property might
hive lost something OF the artificial value
which had been given to it by being mea-
sured by a false standard. but the: damage,
II any. would have been trifing, Tor the
cIose Of the war found the people lreer
from debt than they had been 1or
a quarter Of q century. Nor was tneTe
contraction by the Withdrawal Oh some Sa4'
| 0O0. 900 OF greenbacks III 1865 ana 100, OF
which so much complaint bus Deen maze,
for this withdrawal was counterDalanced ny
increased issues OF bank-notes, ana the vol
ume, increased as it was by the ressSue, I'M
properly so called tit was, In TACT, ne'o IS
s1tej. of ereenbacks, was larger in Decem-
her. 1873, than it ever had been before and
vet there are intelligent men hardy enough
to- assert that the financial trouble with
which the country has been afflicted for the
last five years has been the result OF the
contraction of the currency.
I repeat what have frequently said, that
there have been no financial disasters IN the
limited States which were not mainly, II not
exclusively, the result OF redundant cur.
rency. and the unhealthy enlargement OF
credits the natural consequence Thereon.
Whatever we may have thought then, IL Is
difficult to conceive how any sane man can
nom think that the country really prosDered
between 1868, when the policy OF non con-
traction was established. and 1878! Ii 1t
did, what produced the crisis and the
PARALYSIS that followed? Three-quar-
ters of the municipal Indebtedness
under which taxpayers are grooming,
and which renders property IN many Oh
our towns and cities well-nlgh Vaiueless,
and seyen-eighths Of the individual DEBTS
which have been wiped OH by bankruptcy
were contracted within that period. were
these debts indications OF prosperity? Are
there any among us, except the sagacious
few who in time OF trouble enrich them
selves at the expense OF the many, who
would like to repeat the experiences Of the
last ten vears9 The brilliant Mr.. Marshall,
Of Kentucky, the victim OF self-indulgeEce,
used to say that - the nights debauch would
be pleasant enough il it were not for the hor-
ror of the next morning" The hundreds OF
thousands OF men who, in the days OF our
apparent prosperity, were rendered dellri-
Gus bv imaginary gains, would have becn
bappy also il the deIirium could have been
continued; but the awakening-thc terrible
next morning-ca at length, and with it
the painful realization that there are laws in
finance which can no more be violated with
immunity than the laws OF health. Flnan-
cial law was violated by the legal-teEder
acts. and the maintenance in circulation OF
n large volume OF irredeemablc papcr-moncy
after the need OF it had passed away.
We were made conscious OF this fact by
the crisis OF 1878. We have been suffering
from it ever since. and the question now
before the American peoplc-the question
which dwarfs all other questions into insiS-
niGcance-is, shall we profit by our expc-
rence, or shall the country be plunged into
deeper sea OF trouble than that from which
il is slowly but steadily emerging? 1t is
question which involves the honor OF the
country and the welfare Of the people,
and OF none more than the laborinS
classes. In one respect it is unfortunate
that it should come up for discussion
now, because it occasions uneasincSs and
anprehcnsion, and tends 10 check return
ing prosperity. In another it is perhaps
fortunate, for the current OF trade is at pre-
sent in our favor and is likely TO continue
so for months, ii not years, to come. The
Golden mint-drops-the true Jacks0nian
currencv-Will soon be flowing in from
Europe, and il the let-alone policy merely is
adopted the business OF the country will
soon be upon gold basis. Providence has
so favored us by abundant crops that in
spite of unwise legislation resumption in
gold will come about without contraction
or financial disturbance. 1t will not be
permanent without the gradual retire
ment OF the greenbacks, but, resump-
ton once accomplished, the "sober sec
ond thought Of the people" will soon set
tie the greenback question, and the silver
question also. II all who are in favor OF
sustaining the national honor and placing
business upon the only basis upon which 1t
can safely rest, stand shoulder to shoulder
in the approaching elections, the "danger-
pointn will have been passed. \ few
months OF the prosperity which return to
the true. the only safe standard, will bring
about, will put an end to the greenback ma
MIA and the silver deluSion, and people will
wonder that such IN aDSurdlty Us :" Hat
money was ever thought Of. The
United States is a creditor nation
nothing but bad legislation can prevent 1t
from remaining so. The character OF
our legislatures will be determined on
the 9Th of November next. With the en-
perience OF other nations with our own
bitter experience Of the last ten years to
guide Us, can there be any doubt as to the
path we should tread? The currency qucs-
ton is the only really live question before
the people. II settled rightly by the Novem-
Der elections, it viii! cease TO bea disturb
ance. The tariff and other questions, upon
which parties have been heretofore divided;
can wait. In fact no important economical
question can be even discussed intelilScntIy
until this great underlying question has
heen mt to rest. HIGH MCCULIOCH.
Nelo York, October 3, 1878. 4.