The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-04-03
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,wEnNEsDa . /. I. pglL S. 1878,
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III
fr, S1isaMAS,s inferyie IS itl, the House
COMMITTEES ON Banking and Currency ti'e %
AZ ouSsay elected from BIN no sign OF want az
OF saith in the ability Of the Governments 70
carry ont the resumption law IN ,I Ia ,
10. He was pressed with questions, AM
his answers were clear and his position fiftii.
Indeed, ne was defiant when he was In
formed that New York bankers had asserted ssse
that the banks OF tile country could 1ofce
HE Government TO suspend the very day "
resumed. We like the brave manner ID
which the Secretary responded TO TINS asSer.
ton. declaring that. the Government hac
more power over the banks than they nad
over the Government, and that IN trial Q!
strength with the Government the banks
would ret the worst OF il. Indeed, they
would. The Government is their breath
and life. AS well talk OF the catching OF
larks by the falling OF the sky as to talk OF
suspension by a run OF the banks upon the
Government.
The alleged suggestion OF bankers is
vicious one, and is not creditable to the
sagacity nor the Integrity Of. the aforesaid
bankers. We bave no idea that it is APP
proved by the community OF bankers. it
would not be advantageous to them that
any effort on the palt OF the banks should
be made to cripple the Government II, IN us
effort 10 do that which would be certainty
beneficial to the banks, who are understood'
especially in New York, to desire the re-
sumption OF speeie-payments at the earliest
possible period.
The banks cannot Illustrate spccie-pay-
menfs when begun by the Government.
They have tiicirown debts to pay, and must
attend to their own. business and fortiiy
themselves. This runs entirely in harmony
with the interests OF the Government as
well US people. The moment the banks
commenced any act that was unfavoraDie &c
the measures Of Government there would
be proceedings consequent to their ac'
b inging them UP to l;quidation; Tor theV
cannot 60 into the business OF collecting
cold and silver for currency, SO large
part OF which Is theirs. without inauSu-
rating that Wholesale settlement which
would force their own institutions into
lio,,idation-i into winding up by receivers.
Secretary SHERMAN is right. These banks
would Get the worst OF plot to cripple the
Government finances. The bare suggestion
OF thing so utopian, so disloyas is vicious.
We cannot think that the banks themselves
are the authors OF any such idea. The 9TH
GERS OF the banks are in the general pros.
porous citizens, whose interests are ldcntt
lied with the communities IL which they
live. They are too intelligent not to know
that the currency rests upon the Govern
mcnt credit, and that nothing that tends to
impair that credit can fail to iniure the peo-
pie and fatally the banks themselves.
Senator SHERMAN was entirely safe in
speaking defantly OF the idea that the Gov
eminent had something to fear from the
banks. They are bound to stand by the
Government. Their true interest is to
consult the welfare of the people, and this
they do. save that they are at critical Pc
RODS hard in their rates OF interest,".
There is no good reason why the resump-
ton in January shall not be successful and
enduring.