The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-20

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Nv Fe,low-G citizens, For some years %
s,onas financial questions are likely to com 1,i
snand supreme attention In American poh-
fics, On such questions, dsn tnoasn eney
.,,av M. discussion will be 10 the interest OF
s.,e nen,,Ie. AZ present the money system
n s,rsf in order, 5 Interconvertible coin and
narer stamped aud issued by the Federal
Envernment, and full legal tender to 1t tor
MI dues, should constitute the PEOPLES
MONEY!. For tf,at money / ann here 20,
sneak. On former occasions have spoken
IN sht, pubtic on the fundamental princf-
,,1n aI money, both metallic aud paper,
IN none OF those discussions can 1
claim 10 have .ssldsd much, II any tn'Eg,
IN che snm Of knowledge on the SUD
seo, j have but uttered the common opin-
ion. A,l sound Markers have long eeen
,soreed on most OF ste principles OF money
N is conceded, except by an occasionai ooS.
Sy;n.irc or fot-haaded partisan. that with
,shs. husiness kaaats OF modern life money
,onrht go he composed of metal and con
-stantiy, convertible paper. AS bareis
speculative proposition, it Is still open 70
I.arp,,ment wi,ether 1t might not be Posslose
M issue q volume OF inconyertloeAIapssI
: less than ts,essolume OF actual money .neeG
"a mo h,sincss. and to maintain that vol
.,n,e n, par,~itt standard coin by the SIM.
NILE fat of government. But as pracacai
Question, ste worlds experience SHOWS
that no such system can be safeiy trusseo'
for the limit would never be adhered 10 I'M
der the pressure OF Government neces-
,sity or the clamors OF popular PASSION;
s.rst;no .t. then. as an admitted practical
.,ostninte. that all paper issues to be saie
I and of mar with standard coin, must DC con
Stentlys convertible into it at the will OF the
holder. the question still remains to ne set,
q fled nv what authority and by what methoo
sIas, that issue be made, and how shall 1t
!. no, sarured. IF I have said anything IA the
naner.currency discussion worthy TO- be re-
meynbered, it has been on this sub!ect OF Tue
rfr,1e principles and the best method OF pa
ner issues. For years have unceasinep
commended, even when unreasonlnG p ie!ud
dice misrepresented me, or was SO Detoggso
y 90 ~ r,isnn f,erstapd my views. that the
Federal Government alone ought TO MAKE
and secure the paper issues OF tne
country. And I have insisted against
ali forms decomposition that when so
made and secured, and kept equal TO-,
and convertible into, standard com,
fills :. PEOpLE's MONEY" issued by and Tor
the people, would be the best paper cnfr en-
cy in the world. And it is with no htCie
4nriile that / find the country coming step
by step, to the high standard OF TINS none
tary policy. That the greenback snou'a i,a pe
made equal to gold and then retalned-that
II should be received for customs and all
other dues to the Government, and that IN
! .S1Ile process OF time the national! banking
s system should cease to eXist--are ideas FAST
becoming rooted in the popular mind, ana
they win ere long be imbedded in statutes.
This has been my monetary system ever
since the greenback was issued.
In this speech, my felow-citizens, 40
not propose to discuss, to any extent. the
dry principles OF monetary science, Dut TO
deal with the practical application OF those
nrinciples to the condition OF the country,
Z. and ia fortify the ground we have gained
ibyt the experience Of the past. As to the
platform, OF. either party, have little to
say. Platforms are built OF driftwOod-t
dristWood OF popular thought thrown on
the hank 10 show where the foaming food
has been, and then to rot, while the stream
flows beneath with steady current. No one
need be either much elated or depressed by
political platforms. The spirit of party
makes its policy, and not the accidental Ut
:terances Of day or year. -
It is essential to the right understanding
.of this greenback and bank-note question
that we consider the essential nature OF each
TO begin with, they are both premissorg
notes. Each is issued by the Treasury De
pertinent OF the United, States, and there is
no security for the payment OF either except
through the Federal Government On IFS
face the one is payable by the Government
q directly, the other by bank organized aud
the solyency of its issues guaranteed by the
Government Both, then. are forms OF
Treasury issue. The Government is bound
for the paymentsof each. So the question
resolves itself, stripped OF all DISCUSSES,
into this :EShail this paper issue be MADE
directly or indirectly !? Shall the Govern
ment issue currency directly through the
/ Treasury, Department or indirectly throM Oh
the affiliated system OF two thousand
national banks The question, may be
.evaded through misrepresentation or party
passion, but it Is no more and no less thah
ahis. Nobody proposes that individuals.
or States, Oh. State banks shall issue paper
morley. All concede that it must be done
in some form BY the Federal Government.
The natural logic OF the subject "outd
seem to be that If paper money is TO DE
issued at all it shall be issued by the same
authority and in the same method as the
coin whose place it is to take. Inc TWO
sreat desiderata of paper currency are: Flrst,
that the issue shall always be equal 10 sCand-
ard coin: second, that the volume shall be
constantly automatic. In no Other way eau
that assured stability be given 10 paper
curreney which makes it blessing anu not
curse to business. ~
II is now gproposed to show that the green
back. with very slight changes IN existing
statutes. may be made to conform to these
conditions OF a sound currency. and that
the national-hank note can never be made
to conform to the second requisite. Secure
) in Intimate redemption it may be made, and
practically convertible, but 1t can never be
made self-regulaing in volume. :
No one having the least acquaintance with
monetary science can fail to see that the
nriees OF commodities increase with the
volume Of money, all other things being
equal. It is also true that money flows from
country to country as needed, though the
process will be slow or rapid, according
10 events. The vast increase Of the pre-
cious metals since the discovery of
America, and especially since the opening
of the mines in California, Australia, and
Nevada, has greatly increased the prices
of commodities in general, though the
cheapening effect OF modern machinery has
counreracted its influence on manufactured
articles. 1t is true, too, that II a country
D a r,to two kinds Of money that which is