The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-12
ere Ban,s Of England.

.h,e IN .sns,,ie Is at the mercy Of the Bank OF
pnc,an,,. y, So says the Whig. which as
acrss that certain consequences would re-,
ami from the resumption OF specie pay
ner.,s, but fails 10 give any reasons for its
assertions. Nwould he sufficient answer
to such averments to declare that exactly
the reverse would be the case, and that this
country and England are united in bonds OF
commerce which make it to the interest OF
both to have a currency convertible into
specie on demand. But we viii go further.
and give reasons why the Wings Tears
would not and could not be realized.
France is at the door Of England. They
arc rivals in war. In peace, In commerce, IN
manufactures, and in every other respect.
1t is reasonable, therefore, to assume that II
the Bank OF England bad any such power
as the Wing attributes to it. France would
be too wise to use convertible currency.
Allthe processes to which it supposes that
bank would resort in the case OF the United
States would much more likely De resorteu
to In the case Of France. Now, the WRa9
tells us that France is wonderfully pros
porous country, and holds up the example
OF that country 1.-THE matter Of the amount
OF circulation as one which ought to be iol-
lowed by the United States. And France
uses paper currency which is convertible
on demand into coin. The French Govern
ment issues no paper money ITSELF out
leaves that business to the Bank OF france.
That bank issues. so few small notes tnat
travellers in France rarely see any paper
money. The whole currency OF The coun'
try, so far as the ordinary purchases OF the
family are concerned, is specie currency.
Yet this hard-money country. lying right
under the nose OF England, and having
national bank which may be considered
rival OF the Bank Of England, so far from
being subject to the control OF the Bank OF
England, uses no paper currency thas IS MOI
convertible on demand into specie.
1t seems to US that these facts ought to
quiet the fears OF the Wing. But more:
the United States is a large producer OF gold
and silver. These metals bring annually
many millions OF dollars into this country
from foreign countrics-notably from Eng
land, Gold and silver have real value. They
are Just as truly the products OF industry us
coal, or iron, or cotton, or tobacco. why
should we fear that q country which has to
buy specie would be able to get up corner
in specie on country which produces lis
own speciel In 1876 the United States
produced over 44,000,000 OF gold, Austria
lia S2S,0O0,000, Russia $22,5oo,O00, and all
other countries produced only SG,5O0,COC.
The estimated yield OF silver in 1876 in.the
United States was S41, 5O6,6'2, in Mexico
s25.O00.O00, and in all other countries about
S10,5OO, GOO. Isn't ita totally unlikely story
that the country which is the largest produ-
Ger Of the precious metals OF all the countries
on the globe should be at the mercy OF one
which produces none OF the precious metals?
France fears no such rival, but uses always
a paper currency convertible into specie on
demand. Are we able to take care Of our
selves or not?
Telegraphs, railroads, and steamships.
have tendency to compress the world into
a small space. A man can now travel around
the globe in q few days. Commerce spreads
her sails in every sea, and runs her trains in
every land. The currency OF tho world,
therefore, must be the currency OF all ma
tions that would compete in the marts OF
trade for the business OF the world. The
United States cannot afford to have an IL
convertible currency. She would thereby
confess herself incapable Of taking the part
OF great people in the affairs OF the world.
Our currency is now almost at par with
gold. The difference is so little as to be
almost OF no account. Our bonds to the
amount OF near two thousand millions Of
dollars are convertible into gold on
demand. In fact, the Government bonds
are above par in gold. A thousand dol
lars in gold will not buy thousand
dollar 4a or 5, or 6 per cent. bond. This
has been the case for long time. Yet the
Bank OF England has never been able to run
their price down, OF to do any act that
would reduce their value. or render them
inconvertible into gold. So it would be
with a convertible currency. The Bank OF
England would have no power and no wish
to change it into a non-convertlble cur
rency. A panic in the United States affects
England very seriously. Her Interests are
our interests IN respect Of the matter OF cur
rency. The worlds money is specie, and
every nation worthy Of the name should
have no currency that is not convertible
at will into the worlds money-the money
whose value can be ascertained by weighing
it as well as by counting it.
Richmond Especially interested in having
good money. The price Of our tobacco
here in this city is regulated by the priceln
gold in England or elsewhere in Europe:
II we use currency that is not worth half
its face in gold, the loss will be our own.
II we use currency that no other nation
in the world viii have, we cannot thereby
get rid OF the laws Of trade, or Of Nature.
Our flour will be valued at Rio and else
where; our cotton in England and else
where; our tobacco in France, Germany,
and elsewhere. But wherever and by
whomsoeyer valued, these products will
put into our pockets no more good money
than they will fetch abroad; and we shall
but deceive ourselves il we convert one dol
lar OF this good money Of the world into two
dollars of AmericanCD money, and flatter
ourselves that we are any the richer by 1t. 81
tt
The Wytheyille Convention refused TO
make an issue in the congressional cam-
paign either for re4djustment or on the