The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-24
Total p,pcr-moncy of the Gov.

...'.G Io'dS-,'o "
Taking this as the actual amount OF pa,
ner.money issued by the Government ana
IN circulation In 1866, which we are CONT
dent the Dispatch will agree as autneHtlc:
we turn 10 the report OF the treasurer OF
the United States and find this official state
ment:
..pns,ses 1bo decrease in tie legal: tender notes
amounting to *27,509,lUs, the reduction in the
volume Of United States paper IS reIy mhrnee,
OF the Gorernment ut S3so6255;a76 s. at to the
close of the fiscal year October Il, lsfD' ccahs
less than ut any time SINCE 1857.
We admit as currency only sEch paper as
did not bear interest. 1t would, we repeat
be justus reasonable to count the present
outstanding bonds as currency as to count
the tYe-per-cent. notes and the compound
interest notes mentioned above. which were
TO all intents and purposes United States
bonds. 1t is a self-evident proposition that
people will not pass bonds as currency I'M
less they are paid the accrued interest. IL
the above-named Understanding obhga-
lions arc to be counted, so be it; but we
shall claim TO offset them by the interest
bearing obligations OF The Government at
present outstanding. In fact: we suppose
that at least all the four-per-cent. bondSof
small denominations which are now out 90
pass as currency.
But we will quote authority that neither
the Patron nor anybody else will dispute.
In his recent speech Senator THURMAN
said !:
"And now, fellow-ctizens, as pertinent
to this topic, let me call your attention to
some particulars. It is not uncommon to
hear it asserted that there has been no con-
traction of the currency, and it is but few
months since the chairman OF the Finance
Committee OF the Senate asserted that the
charge Of contraction was simply a con-
traction OF the truth But what is the
truth? l shall not 90 into the disputed CUES
ton of aohat, for practical purposes, con-
S tituted our currency at the end OF tte lodr
and for several years attertcGTd. snail
contine myself to the three years and half
that have elapsed since the passage OF the
resumption act, January Il, 1875, and TO
aohat IS undenia6ly cu,7ency-haanety, green
backs and nati0nGt-6dnE notes."
That was a rebuke to those who claimed
as currency what Senator THURMAN knows
is not currency, and, so knowing, would
not claim as currency though he knew that
many uninformed orators OF his own party
were in the habit Of putting down those in
terest-bearing obligations OF the Govern
ment as currency, though it is believed that
there never was at time more than thirty
millions OF the compound-intcrest notes IN
circulation. The phrase "legal tender
was added to their description by the ora
tors aforesaid. Greenbacks and national
bank notes are undeniably currency, SAID
the great Ohio-Virginian. BY implication
the other paper mentioned is not "unde-
niably currency"
The Patron, after all, however, has no oc-
casion to dispute with us unless it advocates
irredeemable greenbacks. We intend TO
support Mr.. THURMAN and bis platform II
he is the Democratic candidate for Presi-
dent. though we may differ with the party
on some questions.