The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-10-12

WINE Tue hSVuDiIcauS uau-uocs, - hsCs,
only s.
He then showed how the Democracy had
opposed the natiunal-bank system, the pay
ment OF green back bonds in coin, both before
and after the passage OF tue act OF 1869; had
opposed the iefunding OF bonds originally
payable in greenbacks into coin bonds; had
voted in favor of RandaI's resolution to
substitute graenbacks for national-bank
notes; had opposed the passage of the act
to resume specie-payments. aud had passed
an act to repeal II. They now held the
House of Representatives. On March 4,
1879, they would gain the Senate; and for
our people to quit their faithful friends,
who had done their utmost on their behalf.
ut the very moment when the fruits OF
long struggle were coming in reach, was
faulty aud delusion, passing strange. and
too absurd for them 10 believe. The differ
ence between the Greenbackers and the
Democratic bullionlsts was not as great rs
speakers and writers would make it appear.
Everybody was in favor Of some paper-mo-
ney. Thus the national-bank men favored
national-bank paper, redeemable in legal
tender paper, and secured by nothing but i
paper bond. A nationa-bank note was the
grandchildo OF the rag-baby which its al
yocates affected to despisc.
THE TRUE QUESTIONS.
On the other hand. the National-Green-
back patty had in their platforms declared
themselves in favor OF silver coinage the
same as gold coinage. So they were not
ready to cut utterly away from specie.
The true questions were:
~ How shallwe get the paper-money we
want?
2.) How much paper-money shall we
have?
On the first question General Joe John
ston and the Democracy had more liberal
views than the Nstiona'-Greenback party
itself. The first resolution OF their plat
form adopted at Toledo in February,
1878, was that the Federal Government
should monopolize the issue OF paper-money
and that the State banks should be prohibit
ed from issuing any notes whatever. The
monopoly OF this thing by the Government
was what we had suffered from for fourteen
years. That monopoly had enabled 1t to
contract the currency at its will Now that
we are about to break down that monopoly
the Greenback party had called for its per-
petuation.
In old times, when we had State banks,
the United States Government had been un-
Virginia had been able TO get as much as
she wanted at six per cent. Now Virginia,
with her banks broken up, could get none,
was on the Verge OF reputation, and the
United States. by its monopoly OF credit,
could get any quantity ut four or five per
cent.
GENERAL JOHNSTON RIGHT.
General Joe Johnston had taken the right
grounds in his letter. [Applause.] He was
for al increase CT the greenback currency.
retiring the national banks, restoring state
banks, opposed to forced resumption. and
for all the legitimate and judcious measures
which had been proposed.
He reviewed the utterances and platforms
OF the Democracy, quoted Webster, Cat-
houn. Say, Hume, and others on contraction
and imitation. and Samuel j. Ti'den's drc!a-
ration in his letter OF acceptance, that "thc
Federal Government having assumed to mo-
nopolize the supply OF currency, and enact
ed exclusions against everybody else, was
bound 70 furnish all which the wants OF
business required" He quoted, also. the
platform on which Seymour had been nom-
mated for the presidency in 1863, that the
grepnback bonds should be paid without
premium, according to contract.
How much currency the cauEtry needed
nobody could tell. Elasticity was the ele-
ment to be impaired to it. The State banks
would give it that element; the payment OF
bonds in creenbacks would also give i: that
element; and il the amount put out was too
much it would be time then to have an in
terconyertible bond as Safcty-raIye.
General Johnston was in favor Of an
abundance of papcr-money equal in value
hat t,nt ln hup
ers had ALWAYS camorcd for, and they crlti-
cised nobody but General Johnston for
fayorinr it. Gold was worth more than
rreeDbacks because it was alone receivable
for customs duties. Mike greenbacks. as
General Johnston says, likewise receivable
for these duties, and equalization would
bring gold d0'cn to crecnback value. The
Republican party was trying TO force green
backs up 10 gold value by buying 90,000.OOO
OF gold to resume with and by contracting
the rrccnhack circulation to the extent OF
SIC, 0OO. 900, as shown by Senator Thurman.
General Johnston and the Democracy would
enualiZe the two. not by making debts more
onnressivc, us the Republicans are doing,
bit bv making them less oppressive and
brinoin~ gold TO greenback valuation.
GREESB..cXs AND CONFEDERATE MONEY.
Tie then showed the difference between
creenbacks and Confederate money, tcchni-
cal money and French aSSignats; ana!yZed
the effects OF contracilon; showed that
England had three times inflated her paper
circulation after the resumption act OF 1919,
and advocated following her example IN
lie Spoke OF how third parties were
ALWAYS springn@ up and going down AGAIN:
how the True Republicans had sprung up
in 1860 and gone back to the Radicals; how
the Law and Labor party had appeared and
tiisappearcd Ikea meteor: how the Gree
lev Liberal Republican party had risen and
fallen ir q day; how the Sclllrz.EVarts'
Rristow Reiormers had organized IN New
York in 1876 and landed back III the bosom
Of Radicalism in three month: afterwards.
The Grcenback party was equally as ephe-
neral as Il party organizations; bad no per
manent principles to bind 1t together; h"d
no representative in the Senate and but one
or two in the House OF ReprcsentiFes-
could do nothing by itself; that If it persc-
yeres it would simply take OF enough DEM
ocrats to endanger that party ana Eeip 10
nerpetuate the Republican party.
Like VOORHEES,. he was IN favor OF grow
ing I'D to resumption. Like Iilden, ne was
for fixing no day, but letting speclc-pay-
ments ripen into perfection. lie made nu-
merous quotations from English. French
and Colonial history, and from writers on
political economy-such rs JeVens' Denany,
Price, and Others, and concluded WIN
a sketch OF the services OF General Johh,
,ton. The officers OF the old army had
given up fortune, place, discarded the notes
OF ambition, left the sure haven OF the rcG-
eral service, and launched all that was dear
on the dark and tumutuous waters OF the
~, ..,,o,,,.;,, No. an Iu tho South