The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-24
A0grsSdte Pal Paper CtTca-
iyrAv 1Ser Monsu Iatio7i,
I-t,-,-,.,,,s,s.E', Per Capita.
1851. ..,........i S2o2,2OS,0OU So 81
slS77............. 1858, 61a,57S.l S14 10
YEAR.

S These figures are official. They are from
table prepared by EDWARD You've, Esq,
Chief of the National Bureau Of Statistics
at Washington, who is not only compe-
tent statistician but most estimable gentle
man, and one whose statements nobody who
knows the man can doubt.
II, however, nybody desires corrobora-
tive testimony, he can get it from the census
reports.
So it is certain that we have now more
than twice as much paper currency to each
inhabitant OF this country as we had IN the
days OF our greatest prosperity. II Virginia
ever enjoyed state OF peace, prosperity
and happiness, it was previous to the war;
and at no time OF her greatest prosperity
: was there as much paper money per capita
in circulation in the United States MS there
now is.
But the facts are still stronger than these
statements would seem to indicate. New
York city is full OF currency OF oil sorts
gold. silver, greenbacks. and national banks.
And yet there is no large city in this coun-
try where there has been a greater SHRINK
are in the value OF real estate.
The people Of England are perhaps OF
all the peoples in the world the most skill
full financiers. What they do not know on
the subject OF finance is something that
other nations would do well never to learn.
Yet the Government OF England allows the
Bank OF England to issue no notes OF a less
denomination than five pounds, or twenty
five dollars, and no note which IS not re-
deemable in specie on demand. The entire
paper circulation OF Great Britain and Ire
land aggregates less than ten dollars TO each
inbabirant OF the United Kingdom; whilst
the aggregate paper circulation OF the United
States, as we have already said, amounts TO
over fourteen dollars per capita.
There is no greater delusion than the sup
position that there is q conflict OF interest
between the banks and the people. The
banks cannot flourish unless the people
flourish. So as to noneyed men in general.
If the country grows poor, they grow poor
with it. II il grows rich, they increase
their riches. And the same is the case as
to the moneyed men and the paper money
OF the country. He is blind leader OF the
blind who teaches the absurd theory
that if the paper circulation OF the
country were largely increased the
moneyed men would be the sufferers.
/ Why. to bring paper-money to par
with gold and silver would be to do away
with the Wall-street spectators in coin ;
and to increase the difference between the
value OF paper and coin would be to pro.
vide o new harvest of wealth for those
spectators in money. Resume specie pay
ments, and their occupation would be gone.
When paper currency is at par with specie,
the rich aud the poor, the bondholder and
the day-laborer, have one kind OF money.
When paper money is deprecated far below
coin, the bondholder has one kind OF money,
and the day-laborer another and far inferior
kind.
In word, there are laws in finance which
no human ingenuity can overcome. ltwere
MS easy to make James river turn upon it.
self and flow backwards to the Alleghanies
as TO make real money out OF nothing or by
legislation. II the amount Of the currency
be increased, its value decreases. II this
were not SO, iron would be better metal
than gold out OF which to coin money.