The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-21

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ie,,n,r1Iated I'D all ages and countries since
the beginning Of the world, and handed
dawn to the present age, constitute a re-
serYofr, repository OF money, which, like
.he ocean, being formed by aCcumlations
from all ages and countries, is very slightly
affected by any temporary or partial causes
~ increase or diminution. Hence the vol
ume and consequent value OF the precious
metals. like the level OF the ocean, remains.
unaffected by slight causes OF increase OF
decline. and continues uniform and I'M
changed, unless observed at distant periods
when the increase or diminution has con-
tintled long enough TO become sensible. as
the ocean, being free from sudden changes
of level, affords the best starting point ior
measuring the heights OF mountains SO ,le
little change and slow variation IN Tue auiue
OF cold and silver render them the nttest
tbino with which to compare other things
and thus learn their value relatively to each
;nther II il said that from the time OF Au-
o1,etus Cesar to the discovery OF America,
heing about the first 1900 years OF the
Christian era, there was little change in the
yalue of gold and silver; that though
there was no doubt an increase OF tue
snnnly during that time, yet the increase
1T demand kept pace with it and prevented
tbe CONSEQUENT fall in value; that after tnat
discovery the increase OF silver was iour-
fold, that of gold three-foid; ana tue Varia-
ton in value was inversely as tnat I'D
volume; that from that time (!492) 10 aoouC
1920, when the mines OF MEXICO ceaseu "
be worked, owing to civil war; there was
little change; then there was aechne III
volume and rise in value unt'! Tue us
coyery of California and Australia, Which
have uroduced great change in our own
DAYS in the volume and value OF these me
tails. The effect of these disturbances in the
ratio of supply and demand will soon pass
away. when the values OF these metals Will
be uniform again for long time. Mr..
Winder and his party assert the power OF
the Government to create money by law
which will be as good as that made OF gold
and silver. Do they mean that paper Issued
without any promise OF redemption, but
made legal tender for all debts, will pass
current by virtue OF that law alone? or
do they mean that such money, being
"based," as they say, son all the
property OF the country, gold and silver
included" must be good, though not made
redeemable in coin, for the Government,
having the taxing power, can certainly pay
the notes in property il not in coin. for the
taxes can he levied in kind? On which OF
these grounds do the Greenbackers mean 10
stand-on the legal-tender law or The pro-
perry guarantee, as above defined? Ii Is
hard to tell, for when driven from one they
retreat to the other. II on the former, to
talk about the ability OF the Government is
irrelevant, when it makes no promise TO pay
at all. II the latter, il there IS an implied
Certainly there is no eXpress) promise to
pav in property, I ask in what kind OF
money is the property to be valued? Not
in coin, for there will be none in the coun-
try. It must be valued, then, in the very
paper money whose value the implied prom
isC is intended 10 guarantee or secure; in
other VOL ds, the paper was to be redeemed
in property By giving for it so much pro-
perty as it was worth in the market-as
much as anybody will give for it in pro-
perty, so much and no more the Govern
ment will give. Does this guarantee en-
nance the value Of the money one cent!
No; for it stands on no more certain
grounds after the promise than it did be-
fore.
So they must rely only on the legal-ten-
der law. Will that suffice to make the mo-
ney pass? AS it has no intrinsic value, 1T
costs nothing to make it, and individuals can
and will make it, getting the labor OF others
for nothing, and at the same time depre-
ciating the currency by increasing its vol
ume. But such law-made money would de-
preciate, even If not counterIelted; for 1t
is itself essentially counterfeit. and gives
the sanction OF law and public opinion to
countcrfciting.. Government may claim the
monopoly, us it will certainly have the pre-
eminencc in coanterfeiting, but its exam
pie and success will stimulate numbers OF
men to evade its monopoly, and counterfeit
its counterfeits. Mr.. Winder says that
when resumption begins, S2000.00O,00O OF
United States bonds now held in Europe
will come here, be turned into demand
claims, and soon exhaust all the gold in the
Treasury, and stop the paying OF specie.
In reply, say: 1st. There are not $4,000 or
even S150O,0O0,000 Of bonds, if l am rightly
informed Cd. There are only S300,0O0,000
OF greenbacks outstanding; how can the
$4,000, 100000 bonds be converted into them ?
Sd. But if they are, it must be by shrink
ing the S2O0O,00O.O00 into $500, 900, and
not by swelling the latter into former that
the change must be made. That would be
4 good speculation for US, but poor one
for the bondholders; but that Is good IL
Illustration OF the folly which European
bondholder would commit i'll quitting the
markets Of Europe, where gold is so pentl-
ful and United States bonds in such de-
mand, to come and sell them here; for
what ?-wby for greenbacks; and for
what ?-that he may turn them into gold.
TO bring bonds here to sell for greenbacks!
What a speculation when there are not
greenbacks enough to pay the taxes, to buy
the crops, or to carry on the business. He
had better have sold his bonds there, and
brought the gold here to speculate on after
resumption commences. Mr.. Winder says
the reason why the gold standard rules is
becausc that has been adopted by creditor
countries. II they had adopted paper, that
would have ruled, and cites the notes Of
the Bank of Venice and Amsterdam, which
were at premium, as examples. They
were banks Of deposit, not Of discount.
They received deposits OF money according
to weight, and gave certificates for so much
good money, and that was the reason why
they were at premium over the clipped,
mutlated and obsolete coins then in circu-
lation in Europe. "DRAP1ER.'