The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-17
MCNULLlS sticks 10 it that the United
States Government is bound to pay large
part OF the deb: OF Virginia.
TTor the Dispatch.
Trie Money 9ueSti1n.

It may be readily stated that trade viii
regulate its own wants in respect TO money
il left free TO do so. But the extent OF pub-
lie endurance OF arrangement OF monetary
affairs, growing out Of the Government III
reference with il. cannot be easily eSti-
mated. If we study the public sentiments
we shall learn, among other things, that re-
nose in opposition to change is Il !e&G'ng III
clinaion with the great body OF the people.
Such is their desire to yield 10 hi. feeling
that they incline to the existing status OF
public affairs, WIlatever they may be, rather
than incu" the trouble OF examining ques-
tons of change OF policy or the pos
slblc hazard OF disturbing regulations or
customs that have come to De regarded
of utility from mere observance. Just so.
A system OF currency, however defective
il may be, and however plainly in violation
of known principles OF philosophical law,
will be submitted to and encouraged from
desire to keep things as they are. Even
monarchy or a republic IS soon the same
thing to them ii oue or the other came TO
be matter CT apparently settled necessity
or convenience. Is this undertaking the
people? Are we rot all disposed this way:
Ease ease! rest! repc*c! constitute no
small mcdicum OF human desire; and what
ever promises this receives much consider
alton, and is often maintained, as II uncon-
sciousy, at great cost and Inconvenience to
them.
Nothing is palmer than that trade should
he free and be enjoyed by all, without dis
tinctioa OF favor to any, so buying and
selling, and lending and borrowing, may be
free to all. Government should DOT restrict
these privileges, though it may have occa-
sion to be engaged itself one way or the
other. Money belongs 10 trade and COM
merce, and whenever Government comes to
control or regulate its quantity Tor pu5llc
use, or what securities shall be exchanged
for it, it is SIS sure Of cntai!inS loss and IN
convenience on the people as that the sun
rises and sets. The business OF commerce
is to deal with commodities, and one oil
these comm odities is money. 1t is nothing
more nor less than Il commodity. Call it
currency, gold, silver, bank-noieS. or what
YOU please, it is i commodity, and though
not as necessary to public wants as bread
and meat, it is 4 great public need, and
should not be tritled With, rs has been the
case for some years in this country, Ey the
Government and its cG0rerat0rS.
Money is one OF The group OF values,
and has an equilibrium OF value with other
things. All values are ut an equilibrium
with each other when they can be eN-
changed for enc another at values compen-
Satinr to their cost OF production. Supply
varies this equilibrium incidentally, but the
aggregate cost OF production will be the
aggregate price Of consumption; forthings
will not be produced that VIII cost more TO
produce them than the price at which they
are ultimately consumed. Money being the
medium OF exchange Of them must exist in
certain shapes. and be Of adequate quantity
as compared With other values, that 1t is 20
become the agent Of transferring from one
owner TO another, and this IS the sole Use
OF it. It's own nalure and capacity OF pro-
ducti0n is SO cquabic that it with much
uniformity adjusts lis quantity to the real
needs OF cOmnercc-inClecd, it rarely 1als
to arrange for tie wants OF trade TO the day
and hour Of even the cX:gency OF its de-
mands, unless diverted by some over-DoW-
eriug and cXtrancOuS cauSc-such rs gov
cinmenial interference, war, or peSt!lcnce.
This capacity OF it may be explained by its
being production that in the main does
not require time and the season Tor It's de-
velopmcnt. ,..-... .....
Then Why should We nlisuadcrstand
money? Could commerce and trade speak
audibly, and with authority and power,
llGy, WOlllu Eafc i!o INV tSo eooul
money 10 teach; but, from the lessons OF
experience and wisdom, they would say
let money alone, aud your needs of it will
be best served. There are various kinds Of
money-ai useful OF their kind. But one
kind OF money should he the stan dard Of
value OF other things. and.of other kinds Of
money also. The kind Of money that
should be the standard Of value should be
gold and silver,as cur Federal Constitution
provides, and should be the only legal
tender, as it YVES thought that. instrument
had established it. Gold and silver are well
adapted for the standard OF values, from
thei. great uniformity, OF value, convenient
bulk, durability, and intrinsic nature Of
property. The tendency OF trade will be
to keep all other kinds Of money at par
with the standard OF values, and will do all
that is needius to be done in this direction,
and much more than legislation can do.
Paper money and credits, in order to
perform the functions OF legal.tender
coins, would have to be convertible
into them at par. 81. at. an ineonsiderable
discount, or they would soon meet with
such discredit as would drive them from,
iicireuIatioD. Thus confidence would become
IAN element IN Trade. for 1T would .repoosc-
reasonably enou on those substantial Sc
bcurities thai, would be required, and firmly
| pledged for the ultimate champion of pa
per circulation in gold and silver, Real es-