The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-05
Mr.. Calhoun.

Tke ocran OF GrcenbacR HoaseussS i'u0-
l,shed in its Mondays issue an eN'race ilo,i'
az. snesecb 3, Mr.. CALnouS upon the sub
treasury. alleging that it was an endorse
s,;on 90 the idea Of an irredeemahle currency.
In T,asday's Dispatch we showed that the
ey,ract did no such thing, but that it only
nronosed that there should be paper-mo-
nov made receivable in dues TO Govern
ment, which should be also payable by Gov
ernment, with the liberty of those holding
claims upon Government to take that paper
or gold or silver, at their option.
And Yesterdays Wing, still anxious TO
peryers Mr. CALHoUN's authority by repre-
senting HIM as committed TO "irredeema'
h,c,, currency, produces the following cX.
tract from the Treasnry-note speech:
at appears to me. after bestowins the
hest reflection can give the subject, that
no convertible paper--thas IS. no paper
,rbose credit rests on the promise TO pay
coins suitable for a currency. 1t is the
form OF credit properIn private transactions
between man and man, but not for stand
ard OF value, to perform exchanges generat'
", which constitutes the approximate iunc'
ton Of money or currency.
We put in italics what the Wig prints
in capitals, to call particular attention 10 IL
Upon this extract the Wing assumes thai
"Me paper curre9cy Mr.. CALHOUN deemeo
"the best ,cas one not convertible"
Mr.. CALHOUN was opposing the currency
OF banks that only rested upon the promise
to pay in gold, which promise was de-
pendent upon the ability Of the drawer, anc
liable to all the changes and 6eprec'atihe
causes incident to individual or corporate
credit. Therefore he did not think tie
safest currency was that which rested upon
the promise to pay even so good thing as
gold.
But that Dir. CALHOUN intimated his ap-
nroyai OF irrcdcemabc currency by his dis
trust Of q promise OF bank to pay gold is
4 n0nsir0uS inference. He dlStrlSted TIE
7,ron,ise OF banks end looked to something
more reliable. What was that? Gouern-
meat Treasury notes. But were they to be
Iegal- tender notes, and irrcdeeinabic: lie
did not mention legal tender at all in his
specch. and so far from proposing Govern
meDt notes that should be irrcdcemablc,
hc throughout his speech presents the plan
OF these Government notes to be their re-
ceivabiity for all dues to Government. and
their rayability to al claimants against
Government, but gave to the claimants the
right 10 receive from Government paper or
coin, at the;r option.
At
OF tle better currency than that which rest
ed upon the pr0mise-to-pGy coin? Here
are his own words:
son what, then, ought a paper currency
TO rest? would say Oh demand and sup
ply simply, which regulates the value OF
everything else; the constant demand
which The Government has on the commit
nitv for lis necessary supplies. \ medium
Tcurrency1 resting on this demand, which
Simply obligateS the Government to receive
il in al OF its dues. to the exclusion OF
everything else. except gotd and SHccr, and
achich shall be optional aoith those tcho haze
demands on Government to recelce or not
litalic Ours ;SpGtch], would, 1t seems
10 me, be as stable in its value as those
metals themselves, and be as little Liable to
abuse rs the power OF coming. IL Would
contain within itself regulating power.
1t could only be issued 10 those who had
claims against the Government mot spread
two feet deep over the country. nor
loaned to those who were needy upon
their promise to pay--DiSpatch], and to
those opiu with their consent, and OF
course only at or above par with gold and
silver. which would be its habitua state
for, so far as the Government was concern
ed, it would be equal in every respect to
gold and silver. and superior in many. par
ficularly in regulating the distant exchanges
Of the country. Should. however, de-
mand for gold and silver from abroad, or
other accidental causes, depreSs it Temporal
riIv, as compared with the precious metals,
it would then return TO the Treasury. and
as it could not be paid out during such de-
preston its gradual diminution lin volumel
in the market would soon restore 1t TO an
equality. when it would again flow out into
the general circulation. Thus there would
be a constant alternate fluX and rellllN into
and from the Treasury between it and the
precious metals
This story is nothing more nor less than
that Mr.. CALHOUN assumed that bank-note
currency Issued upon the promise TO pay
qoid was not suitable for Government use,
and not at all comparable with cnirescy
issued by Government receivable in public
dues and redeemable at The Treasury. That
is all. He speaks OF tluS and retiuN into the
Treasury between currency Government
and coin. And how could that be save
through the redemption Of Trcasury.n notes at
the Treasury?
To drag in Mr.. CALHOUN as the cndorser
OF an irrcdeemabIe currency upon the evil
dencc OF his speeches, that throughout eX-
clude any such idea, shows TO what straits
the greenback lunatics are brought. They
want to get respectable name on their side
for monStrosity that was never conceived
nor approved by anybody OF intelligence
and reason on earth, or in the rivers under
the earth. The attempt to degrade Mr..
CALHOUN to their nonsense is good Illus
;ration Of their fruitless efforts.
- -------------
THE INTEREST ON THE PUBLIC DEBT
We did not see the proof-sheet Of the little
article which appeared in the Dispatch yes
terday on this subject, or we should have
corrected the error which included $4,000
900 Of the principal Of the debt with the
interest. We republish the statement as
corrected
Debt Benrtn9 Interest in Coin: