The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-05

currency can be fixed by. law that OF goid
/ 3aof a1Ithings most unstead every coun-
tfy hasfts suction pipefn the great money
n6oi OF The world whltheyerls the strong
nat pipe gets the largest share the CT ditor
countries could draw all to themselves; the
foreigner alone wants specie, natives ever
need it; each country has paper cure .ncy
for home use they never wpnt gold except
MS weapon against Foreigners. G., When
demanding it Will injurc. the foreigner.
This is a formidable indictment. Br.
Winder seems well versed IN money mat.
tiers, full OF knowledge. eager and Slrded
for The contest: acer, dt6cer, impiger, dtl-
dag.' The courteous editor OIL tue ficn,
mond Whiq respectfully invites all
who differ with him and MIR. Wlnderr
to controyert these opinions; and
the earnestncss OF his appeal assures
me OF a candid and respectful hearing:
With no armor but truth, no weapon DIt
fair argument, no enemy but error, no pas
sion but patriotism, no petty vanity TO
crafty, no spite or spleen to indulge,
enter the lists with these formidable oppo-
nents. and / say "God defend the right"
First. il is remarkable that liz the very
country and time when the protection given
Inv the above insuator was most complete
Tie greatest suffering from money revu!-
sions has been experienced; witness this
country since the panic in 1873. III 1t be
said that within this period there has been
a great contraction OF the paper currency
with view to resumption, reply that re-
sumption has been prospective only, not
actual; and that not one dollar OF specie has
been drawn out OF the country yet by Vlr-
tue Of the law appointing the time for it
to commence, nor had there been IN eX-
istence any OF those specie-paying banks
which, it is said, issue money which De-
comes saturated like a sponge with the pro-
perty OF the people, which, when. such
banks suspend, is squeezed out OF tnelr
paper-money, which is thereby reducen 10
Il very small pile OF specie" All the eN-
mansion and subsequent contraction mas
been the work. not OF specle-paylngs
hut .specie-Taying banks, not the result
ri convertible but iaconyertib!e paper.
The foreigner coming here to demand gold
for DaDer-money has done nothing TO pro-
duce these evils; the effects which you say
have always been produced by these banks
have here been produced undoubtedly by
other causes Such an amount OF pecdnlary
suffering in the same space OF time has
never been witnessed in this country before,
and if proves, by experiment, the conciu-
sion which reasoning q prlorl might nave
deGluced, that when one country Is largely
in,iebtcd to another, and that debt has to
be paid in gold, whether the currency OF
the debtor country he convcrtitle or neon
ycrtiblc, whether there are banks or NOT.
proDcrty must be sacrificed 10 pay that
dobt; and il by reason OF an ineonl ertiDIe
currency the premium on gold Is hlgh, the
sacrifice will he greater. The premium IS
low now; suppose it were what it was soon
after the war. fifty per cent. how mucn
greater would have been the sacrifice OF
property required to pay the same amount
OF foreign debt! The contraction OF tic
crccnback preparatory to resumption by
lesscning the premium on gold has saved us
from that loss; but that saving VIII not
compensate lis for the loss occasioned by the
fall in price OF property caused by that con.
traction. The fall injured all owners OF
property. while the saving in premium
benefited only those who had TO remit gold
10 Europe in paymcnt'oi debts, being much
fewer in number. So at the time above
alluded to, when the premium was high, the
bounty thereby resulting to the few who
had produce to export was nothing TO the
loss il caused to the far greater number who
had to buy gold to remit TO Europe III pay
mcnt OF debts. As this was then debtor
country. the latter were far the greater
number. ....
DRArIER.