The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-26


a,ihe rrtscis- fn..yrsrrrnay, on
4.Yhe Nsw4 EasfesnaQn Question: bughts 70
have nscyetflsed 9. 30 9 taes hiladelphia
~ " ~ ~ f:ftsi. e
f,.sstes iitss s,{ti
s. We are indebted to, the gommittee upon
the subject for copy OF the testimony 10
tie case Of the Rev. =. E. BAIRD before the
Ppresbytery d East Fl Han'oyesr H $50
I Al, sHeclksenbnrE. Democrat ON the
,s;Sst I'd; Money: Question. istIts:,
.;y..;sl IL 3 ~. ;;s.;iNo. Is. 4 aiil8s5
;aitors of th is; Dispatch !; li.;,i
EVERYTHING derives its valtie from being
useful for Some particular purpose 81 you DO
not expect 1t 10 answer every purpose, so It
answers one. You do not,say q ham OF ba.
con Is OF no value because cannot wear 1t,
OF 4 great.coat because i cannot eat it. or
load OF woed because ] cannot sleepin IL,
ar a bed because 7 cannot burn it for fuel
Though I can sleep in it. So gold, answer.
Ing better than anything else the use Of
money, is extremely valuable, though, yeu
Cannot eat, drink, or wearfit. Ol the su-
perior fitness, OF the precious metals lot tne
use Of money, what better proof than Ibis,
that such money Will circulate eYeryIgh mere,
in every civilized, In every savage country,
without the .compuIslon, OF law; while, IN
regard to this legal tender, absolute paper.
money. it IA admitted By, all thatlt Wall not
circulate :soitkoatt law, and, by very few, l
think, that, it, nil by. iorceiiof, law
The use ofthe precious metals as money IN an
ages and countries OF the world goes back 10
q date prior to the commencemento OF history,
,. 3 - noy fanlt
sent and spontaneous. agreement, arising
init 'of be.uniYersaI sense Of obvious htDess
and ntitiss. as in the case, OF using wheat Tor
bread. W8elfor clothing, WINE for drink, ana
animal deSh for, food, without the ald OF law
or express convention or agreement; ana
afterwards to have, been transmitted from
eenerationfp generation and extendedfrom
Sourtry Stoscouniry BY. tradition, by educa-
ton. by Spontaneous adoption, and eager
imitation. Mr.. Burke, as q philosopher and
statesman; is admitted now to ,laye been far
in advance OF his own times, and lo1o, when
Europe and. the world are Just. beginning
to appreciate his foresight and prophetic
wisdom, and when Disraeli, 1.-THE Prime Min
lister Of, England in the. very height Of his
triumph and the zenith q, his fame, deems
bis honors incomplete and hisisiory, 1mper-
feet unless he can borro " q wreath gathered
lr0m LDe LQLuO:O4;tAC ( l.lt ottt1Ss tuaa0t Ivy
'coasfeLd, his great master and model IN
Craftsmanship and oratory, and regards even
his dukedom as enpobied by attaching The
title to a name so balloWed by genius and
virtue; -noW, when the fame of Burke
,GcaI,uindies in; the elevation of bis pupil to
Efhe. dpkedom or Beaconsfelf;r at such: u
time, I say, it IA rather too soon to pro
nolince Mr.. Burke AN & antiquated bar
baarian,'' and his authority as obsolete,
Gillette, and worthless !! in r!statesmanship,
political economy, and finance. Dir. Burke
! Said: In, England mot. one, shilling of
paper.money is, .rccciYed but by choice;
no man is compelled to take it, but
may demand coin. Our paper is OF value
in commerce, because it IS or none III law.
1T isr powerful on the EXchanse, because it
is impotent in Westminster, Fall. Intpay-
raent of ego a creditor may refuse all the
+DaIier:of the Bank of England" That was
tthe> proud boast1of England then, in 1876
Eor;' : 1T had been then her boast for one
hundred years, as declared by Parliament
iniiSf1oiit is her boast no ~, and that is the
reason, the oniyand suffcient reason, why,
according to the testimony OF / wendell
Phillips, recent convert TO the Greenbatk
party and anihveigher against the so-ealied
Fspecie.payirg banks, the notes OF the Bank
only in England or the British Dominions,
but all oee. The qrorLd. said that in max
ing paper-aaeHey t4,e-measnre-ef value, the
Government dids not simply select out OF
many things, all having value, one as the
unit OF Yafue-i.'e e., the dollar OF paper
as it. selects out Of 1nsiny things having
length, or weight, or capaclty-one as the
unitlof length s.tne foot; or OF weightas the
drachm, orfof capacity as the bushel-whieh
lis arnere ministerial fact OF little difficulty.
1T Has also to select one substance ias the
material OF money, and give it value IL it
had none itself, which isiaifar more difficult
and intricate matter. I" The paper.dollar,
having no value in itself, must he made
valuable by law before it can be made
the unit oiiEvaue to- measure values.
The price agreed upon in money is GER
tainly the cquivaento of tho thing sold-the
measure OF its value; and the thing sold is
the measure of the value Of that price.
That is undenable. Each party is satisfied.
Hence there has been an exchange OF equal
values, unless both parties have been mis-.
led and deceived; and yet on this very
ground, that 1T is measure Of value, Gen
eraI Butler denies that his paper-money
ought to be redeemed; "for," says he,
{. who ever heard Of redeening foot-mea-
sure, or yard, or a pound-weight?" But
are these the measures Of value :? II piece
or cloth measures thirty yards, or hogs
head Of tobacco weighs 1900 pounds, is
that the price? No. 1t enables US to cal
culate the price-the measure of its value;
I and that, ifspaid in paper, ought to be re-
/ deemed in something. Jf man Id his early
/ stages advanced by a natural progress, and
was not systematically assisted, we may
suppose his course 70, have been this: