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

ana the abiest speech u his HE pposea I
he measure as impoii tic, and denouncea y +
sf,nconstikutional. The following quotas-
ion expresses his views with vigorous eu'.
,fasts .a3S -. Z ,,,,,s,,i
money and legal tender In dssenarge 9 ,a.,
Obligations, either oy. tue .s:ns
srnment or indir iduals--a ciiaFacter Ms .sa
aas never bssn given TO any notg .ol sn :,
limited States, or any note OF tue Dams ~
Inc United States, by any INV ever 1850
Not only, sir, was sucil 9 Jaw nes w paass $50
hut such d law was nevcr voted OF, new,
proposed never INTRODUCED nsse. reso..-
r,o,ts she measure was never seriously
enlertained In debate In either branch OF
Congress e
VOORHEES,, Holman, Cox, English, klcn.
whole Democratic party III Jug
House and the Senatc-tooE the same SUI se.
Put they were outyoted, aud the legal-fendef
cIar,se was voted into the law by the Repub-
i;can marty. It is needless to recur TO wnat
has happened Stree, except YER, bfleny;
The Democratic party has claimed, anu !
fave claimed with them, chat having IoTced
INTO circulation the legal tenders and QUIET
naoer till the currency became lnnatea' ~
WAS unjust to the creditor to require MIN 10
nav in gold a debt contracted in greenpacks
when tHey were at a discount OF from TWEEN
ty 70 forty rcr cent.-unjust to make nlm .
INV more than he contracted to pay. Anu b,
r is this sense OF inf Justice that has lea 10 ai
the excitement, and, indeed, to the iooss s
and illogical thinking which has preval,,es s
on the subject. tits the first step tnat teus Gus.
And all the evils that have followed, anu arc
vet to follow, flowed naturally lroul ' luz
nolIuted spring. Had the RepuDilcans no,
tened TO the voice OF wisdom IN Inen ow.'
marty. and the warnings OF Inc Deni 1a -,
the public debt would nave Deeh .ess w 4,
ona.half and the evils OF their hnanclal
onTnw ayerted. Had they refused to force
tIe;r 'irredeemable paper on the citizen, Dut
made IL full legal tender to the Government,
and had they not afterward lnnatea tne
currency BY other Government paper, ~. ho
green back would have remained from Lug
first till now very neurly, II not
ot n2r=with coin. The greenDack Mas ' ',h :
tied to s4O0, 900, 900, but other lrresusat
r. on.rnment issues swelled the lrre0eenna.
liz narer TO more than three times tnaI
arooiInt And these irregular issues were
tha weii-sprinss from which flowed most OF
the evils we now suffer, for they mace IN
eyitable that contraction OF the currency
now bligbting business by a shrinkase ~ !.
prices. 81, ,,r;s-
Iation to secure the whole result. Inc iast
Democratic Congress stopped the retlre-
ment Of the greenback, and 1t Is now per
manent part Of the currency. Twice Cue
Lower House enacted that it should be re-
caiyed for customs, though the Senate did
lot concTr. At the next session it will I'M
don htedly be made receivable for customs.
THAT will make it par with gold in twelve
hours. and there it will stay. The peoples
money is a fixed institution. There is al
ready In the Treasury coin TO the amount
nj tifty per cent. of the outstanding green
hacks. and the law provides that they may
he paid out again and received IN again by
the Government the same as coin. Now,
llet them be received for customs, and re-
sumption has come. The greenback is al
ready almost par, and when recognized by
tbe Government as an heir in the household,
and not treated as bastard issue, disinher'
tied of it's full right as money in its fathers
house, it will be at par all over the clyinzed
world. Let at least one third OF the
amount outstanding volume OF green Dacks
be kent constantly in the Treasury in coin
to redeem such as any one may desire to
have cash for, and they will not only re-
main par, but their. redemption Will rarely
he demanded. Being constantly converts
BILE into coin on demand they Will consul
t,ite. at home and abroad, better medium
.of exchange than gold itself. II bushes:
requires more paper than the present out
standing volume OF greenbacks, the law
already Yprovides fOrithe unlimited issue o.
gold coin and bullion certificates. Let like
silver tickets be issued to such as demand
them, and all the machinery of the people
moner is put in motion and q pcrnlanen
mixed currency of coin and paper estab
|.lished, furnishing sound, safe, and self
regulating circulating medium, founded OF
the bedrock Of hard money, and Away
ebbing or flowing automatically with th
Is wants OF. trade.'
The yalume OF currency which countr,
needs is regulated by the nature Of it's bust
ness anGShe character OF its people. Wher
! the business is crowded together on q small
lterritory, las in Great Britain, France, ant
Is1ermany, less currency is needed in pro
norton to its transactions than in coun
khy like the United States,. extending from
keceanito ocean. But it must be remembered
the old countries are much richer than ours
land so hayein amount more purchases ant
saies. Then, again, the business characte
/ OF the people differs in different countries
In Germany and Fra nee deposit banks ar
not used SO largely as in England ant
this country. The people oftener hoart
their money. Business, therefore, il
Great Britain and here being dont
more by drafts, ank balances, ant
clea1.ia houses, less ac,iual money is need
ed. La this respect the lnother<enuntry ant
America are not very diffenent. But If
Great Britain there is great deal more
wealth, and in this country q great dea
| broader territory. Cur population is larger
| There is no sufficient reason, therefore
| why the volume Of currency shouldibe ma
terially different in the two countries; and
| indeed, il a normal condition OF things eX.
| listed here it would not be. At present,
owing to the late disorder Of our currency
and the consequent depression OF business,
our currency is estimated in coin and paper
to be somewhat less than the currency ;oi
Great Britain. The coin in Great Britain,
is estimated by the Deputy Master Of their
Mint at S740.eO0,000 and the paper at
1927, 100000, being total OF S967,-
100000. In this country the Treas
ury reports about S6S4,e00,0OO OF out
standing paper currency and ZIG, 100000
coin certificates; a total OF S730,000,0t'0 pa
per circulation. The estimates of coin made
last October were s2S0,000,900, but there
can scarcely be doubt that it is now $780,
009, 900 more, including all in and out of he