The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-05
~, 3, pa,,er.o rey

"
IN the Southern Piuater and eersfor
September. DR.. CuRRy has 90 excellent 'arti-
Gle. He touches many qlestioils-aLtn1lonSs
them The financial question. We reproduce
his words Of wisdom J,
The most popular Eostrnni, as widely anu
diligently advertised as some OF tne guas N
medicines. is the increase, IN some IoTti, VI
!. parcr-nlopev.' Paper.money is creait-.
money. tx a simple promise to pay certain
sJ,n az cold or silver, and its value IS pro-
norti.nate to lis ready conyertlDiiity INTO
cold or silver. a "greenhack z is OniLea
States Treasury note, promise OF Tue
limited states to pay equivalent gold or sii-
Yer. TO pay out Treasury notes, so long
as they are readily convertible into soio
ar silver. may be convenience ana
work no practical injustice. TO make
| Them ssicgai tenders" while CT DOUBT,
| fuI constitutionaiity. is in reality forced
| loan. When Government compels ere
| dior TO take as doilar-ard ! use the
word dollar as substantive thlug-what
will not procure q dollars worth IN eN-
/ change because the dollar in sreenbacHs
1 will not buy dollar in gold or silver, theh
| It is guilty OF spoliation. To compel q
creditor to take q deprecated note in pay
ment of a debt is an act CT tyranny. unless
| the debt was contracted TO be paiu III such
currency. government has neither inc
right nor the power to- control tbe WoIiu )
medium OF exchange. The fnndamehlai
/ law OF trade. OF exchange, is tue Tree con-
sent Of both parties, and wheh Il
| government makes its promises TO pay
! its . greenhackS," 4 legal tender. a com
puIsory solvent OF debts. it violates thls
Fundamental law. II cannot be denied that
Ireceiyability in payment OF taxes heips 10
GIVE credit and currency to Government
| notes. and SO far they may be used as q cir
culatiny medium; but, apart from this and
one or two incidental reasons, the value OF
these notes is dependent on what deter
| mines the value OF any mercantile paper.
There is a point, and That point Is qlies--
ton OF trade or business. not capaDie OF
being fixed absolutely, beyond winch the
issue OF such notes VIII be not only the eA-
crcise of doubtful constitutional power
but an act OF fragrant wrong.
! It ought never to be forgotten that these
| Government promises are not money Aof
money. In a true commercial sense, Is 4 pro-
duet Of labor, desired by all men IN every
part OF the earth to which exchanges tehu.
| This money--!his Object OF desire-ls SUD-
| iect. like all other commodities, 10 Tue Jaw
| that, is thrown upon the market III greater
quantities than the needs Of trade, 1t Will
inevitably .1aN IN price. Our Continental
paper, the French assignats, and our Con.
fcderate notes, furnish abundant proofs OF
this plain principle OF the science OF wealth..
Painful and iilusory notions obtain III re-
ference to real money. Besides can1ounaihS
il with promise to pay money, IL l. lcrSol-
ten that money has 10 value except 1of lis
purchasing power. and that this purchasing
mower is the measure OF it: value. Money,
as medium OF exchange, is great ana
valuable force in our economic system, Dut
we must Distinguish betwiNt means ana
end. Money is rot an ultimate want. we
seek it and need ii because it Facilitates the
obtaining OF food, clothing, lands, ana the
various objects OF capital or personal graft
tication. Money, in It's proper sense, cannon
be created by Government nor. by ieg!si;i-
ton. Il is the product OF labor, and has q
substantial existence. Currency may be cl c.
ated, bit its creation in excessive amounts
vii, rot be Il substitute for money. nor labor,
nor capital, and will not enrich but rather
imDovcri>h. Speculation will be thereby
stimulated. temporary glamour OF good
times be given, but in the end will surely
come collapse and bankruptcy and heavier
taxation. >. J.. NJ. ICkhh'
Note by The Edjt0r.-The>e are the
weiehtv words Of man who, both from 4
practical ard from philosophical polnt OF
view. has studied tic demands and compre-
Blended the duties OF statesaianshlp. 1t IS
indeed a pubic calamity that such men rs
DR.. Curry are so seldom found IN politlcai
life Southern Planter.