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

rs, she Difpatch.1 rs
ifAfaIfsc HSsts md 4atd dnsslst1s.
sAA ibis Interesting tine Yin thS history Of
IN IInltedF states, wlien fAom tabNlated
siafement Hen the frsasuiy Department,
.syg are toldIhat- aa d tonntrysRe aEesdcher
Nv nearly $500, 600 % 600 than ne were three.
vsr1rs ncu: tfiris being the excess OF exports
~ Iietsestic snaercbi1idis& pFeF6ar IMPORTS
iot iiiSt length Of fif1e. hid vet I'm spite Of
fissss aHa5Hfaa76S feufes. there s vide
snread ataruatiun OF business throughout the
entire country, the minds Of all seem to have
centred upon the currency and its hand
Hiiig assthe cause Of our troubles; and what
shall the remedy ;be, furnishes the aaltab-
sorbfng topic OF business conversation AZ
this point; where The tiumberless theories
FadvSIrced have begun to sicken and disgust,
and where every man yotl meet, be ne from
fths Workshop or banking mouse, IS pre-
Lr}ared to solve the problem and give you
complete and perfect remedy Tor the trouble,
nc may not be out, Of place, but, on the con-
trary NAV assist The people ID forming
clearer ideas upon this intricate isubtect,
10 present Tor their consideration q lew
facts gathered from sources the most en-
titled 10 high respect. bearing intimately
nnnii The present and future financial con-
I1ition OF this country The source drawn
most largely upon for this Information IS
tfhe report Of the monetary commission ap.
no!rted in 1876 by Congress, composed 81
three from thu. Senate.of the United States,
three from. the House Of Representatives
and two EXPERTS at 'large-all selected for
tf1eir ability 10 cope with SO 'important and
formidable question, Theft lI1 e :. inquiries
W.T. .sF r. Into the change which has taken
place in the relative value OF gold and Sill
yer: Ethe causes thereof, whether perma-
| mentor otherwise; the effects Thereon upon
trade. commerce, finance, and the produc-
tive interests OF the country; and upon the
standard fof) value in this and foreign coun-
tries. ,s.,,sq.,.
| OF the double STANDARD in this country; and
il restored, what the legal relation between
the two eoins-silyer and gold-should be.
l'e%Third. Into the policy OF continuing
legal-tender notes concurrcntly with the
metallic Standards, and the effects thereof
upor the labor, industries, and wealth OF
~ ;ao,1ntrv ), and - IIr't1 - a.i"'Af'G"
"Fourt6. Into the best means for pro.
yidiuIg for facilitating the resumption, OF
|specie-pay nents." :. -, f...,... 80,
embracing fully fbe whole subject; and
most efficiently did these gentlemen per-
form the duties assigned them. And we
can have no higher authority for infortna-
tion than The elaborate report made by them
AZ The last. session OF Congrcss-a report
based upon the most searching and tho
rough investigations and Careful, compari-
sons III statistics, with TIE results OF the
practical working Of various theories ga
thered from the principal Powers OF: the
world; embracing their present monetary
systems, including statistical information: OF
! the utmost value in thriving at practical
conclusions on this complex subject; all to-
gether forming the most complete resume
onifnance and political economy that: has
ever been produced. -. =. ,,.... .,,,.
HTbe commission was somewhat divided
in It's views as to conclusions arrived 1T,
and sent in q majority and two minority re-
ports, the former concurred in BY, five out
fof the eight; the latter, each by two and
one OF the remaining. This division OF
opinion among men OF such ability, VINO
were in possession of the same information,
shows us tie difficult character OF the; qucs.
tions before them, and of how little value
The opinions are Of the people generally
upon this question, which we hear daily
iterated, based simply upon their individual
fancies and idle theories. We may safely
take the majority report Of this commission,
as our reasonable guide.
I. answer the first OF the series OF
inquiries by. Congress, the commission say:
'tt.The cal.ses Of the recent change in the
relative value Of gold and silver are mainly
the decentralization OF silver by Germany,
+ the. United States, and the Scandinavian
States and the closure OF all the minis in
Europe against its coinage. These .Princi-
nal causes we're aided BY d contemporaneots
diminution OF the Asiatic demand for. Sill
yer, and by erroneous exaggerations Of the
actual and prospective yield OF the Nevada
silver-mines. = Many OF these causes
are essentially temporary. - = In, the
opinion OF the Commission, il the United
States restore the double standard the
spread Of the movement in favor OF a
single standard Of gold will be de-
cisiyely checked. The effects of the
demonstrations so far accomplished,
and OF the resulting disturbance Of
the relatlye value or gold ana silver
upon trade, commerce, finance, and produc-
tive interests In this country and through
out the commercial world, have been sig
nally disastrous, and especially to the coun-
tries which have recently demonetizcd sill
yer, or in which the gold standard was
already established. In all commercial coun-
tries the same phenomena are simultaneous
| " presented-of falling prices OF commodi-
ties and real estate, Diminishing public reve-
uues, starving, poorly-paid, and unem-
ployed laborers, and rapidly-mutiplying
BANKRUPTCIES. What the world
has witnessed Immediately following a con-
certed movement to demonetize silver is
that fall in prices, ruin Of productive inter-
ests, and increase in the absorbing power
of moneyed capital, which could not fail to
attend a sudden narrowing OF the measure
| OF values" .-tr.,. .......-.,,..l ID. -.s-..,.
| I have quoted thus at length from the
opinions of the Commission on. tie subject
| OF the importance Of silver in the currency
| Of an countries that we may realize the 1m-
mense Importance OF it; in ours, where there
is now more produced than in all the world
besides, and that the causes OF its present
low price is only the result OF this combi-
nation OF circumstances, that may be check
ed at any moment. The. British Silver Com
mission reported to Parliament that they
| considered the low price Of silver only tenn
porary, for they pro badly realized the i'm
y,G IN fhiS. coIrr1trv oF some action to