The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-23
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SEE Paterson.
10 the Editors Of The Dispatck
In reading. the Lynchbnrg Nescs Of the
18th find ii quotation from the Richmond
Dispatch, as follows
q Mr.. Ewing heard the discussion be-
tween Ran. Tucker and Gamm Patteson at
Lynchburg, and not only expressed his
Willingness to aid Tucker IL he could, but
declared that Patteson, who is nm ire
jeemabIe Greenbacker, had not studied the
subject.". ~
as short as is this paragraph, 1t contains
no less than three misstatements, ana does
me gross injustice. In the firstplace. Gen.
eral Ewing did not make the speech attri.
buted to him. On the contrary, his condusl
was eminently proper. In the outset OF his
remarks he stated that he bad listened with
pleasure to a discussion which. he said, had
been conducted with signal skill and cour.
tesy, and "a matter OF course be would
take no part in it; that 1t would nor DC
right for him TO do so. In the course Of his
remarks, which were brief, be alluded to
Mr.. Tucker as the distingu ished representa-
tive from this district. He did not say that
s. | had not studied the subject"
ever been in favor Of the issue OF irredeem.
able paper money. All that advocated in
the recent canvass was the payment OF $780,.
100000 OF United States bonds in green.
backs, which are so payable by contract. and
by the effect OF the decision of the "legal-ten-
der' cases by the Supreme Court OF the
United States: and the further issue by the
Government OF enough paper-money TO make
our circulation as great as it was in 1867, or
equal to the present circulating medium OF
France. The redemption Of this money
left an open question, believing then, as
do now, that forced resumption is not only
impracticable. but impossible. My only idea
was to issue the greenback notes exactly as
they are now issued, except that l would
have made them receivable in payment OF
import duties. thus making them aful legal
tender for all dues, both public and private.
Tn attempting TO get back to specie basis
we have made haste too rapidly. am not
now, nor have ever been, in favor OF what
is known as fiat money. 49,.
My idea Of resumption is that the country
must build up to it by degrees; that that
legislation which attempts TO force it at 4
cost OF millions OF dollars in the value OF
property is not only cruel and selfish, but
unwise in the highest degree.
I am entirely satisfied that our present
financial troubles arise from an undue con.
traction OF the currency alone, and that eX-
pansion within proper and reasonable limits
is the only true remedy. If the $3.50, 100000
of three-y ear interest-bearing Treasury notes
be considered part OF the. currency OF the
country, as they undoubtedly were, Secre-
tary McCulloch himself having recently adj
mtted, in letter republished in your
columns, that they were so used, then The
contraction of the currency from Deem
Der 1, 1865, to December 1, 1873. amounted
to the enormous sum OF 1920, 909, OSo.
See Major Daniels speech published in the
Lynchburg Neps, from which this state
ment is taken. This terrific contraction is
the secret of all our ills. / say we must
retrace our steps by reIssuing paper-money.
The business OF the country demands it.
Mr.. Calhoun touched the true gist OF the
matter when he said GAS the currency is
increased or diminished the rest OF the pro-
perty will be decreased or increased in
value in exactly the same proportion" Bit
ter experience has taught US the truth OF
this financial axiom. My opponent, Mr..
Tucker, differed widely from me in my
views. He may we'll be termed Benton
Bullion Democrat OF the old school, While l
He said repeatedly in the canvass that he
favored no paper money unless it was equal
TO gold, and have never yet been able TO
discover any material difference between
the financial views of his Grand Vizier, Mr..
c. w. Button, of the Lynchburg Virqinian,
and himself, and those entertained by the
present Secretary of the Treasury. And
while abiding to Mr.. Button, give him
credit not only for sincerity, but for marked
ability in the presentation OF his side Of the
question, and return him my thanks foT the
courteous treatment OF bis journal to me
during the campaign. He set an example
which might we'll have been emulated by
some of the lesser lights OF journalism in
the district So far as party was con-
cerned, as between Mr.. Tucker and
myself, it was altogether a family fight.
l have never for moment wayered in my
allegiance to the soft.money wing OF the
Democratic party, and honestly believe
that the recent successes of the Republicans
in the North may be ascribed solely to the
cruel and selfish policy Of the hard-money
Democrats. I'believe In the vital and para
mount importance OF the success OF our
party in 1880, and in order to attain that
success 1t is indispensably necessary that
the Democratic party OF the future mast De
the party OF "currency REFORM"
Permit me to say in conclusion OF this
article that the recent canvass was conduct
ed by me upon the highest principles Of
gentlemanly courtesy, and was panied at
its close to see certain tendencies developed
at tiIfie when it was too late for me even
to get the benefit Of contradiction.
A word more about the evil effects Of
contraction, and / am done. 1t has not only
DESTROYED the value of property, but it has
increased to an enormous extent the pur-
chasing power of gold. 1t is fact that
while the taxation Of the United States
to $3.50 per capita the amount
OF currency is only S12-a state OF things
which exists nowhere else on the face Of
the civilized earth the taxes Of France being
S12, and her circulation S36 per capita; Eng
land $3.50, and her circulation S24; Ger
many about Sl3, and her circulation $40.
These figures, if not exact, are substantially
accurate, and they teach an instructive les
son.
Three things have occurred Of late years,
either one OF which one would necessarily
conclude ought to lead to prosperity: 1St.
Our mines are yielding a greater amount OF
silver and gold than ever before, the annual
product being over SS0,000,000. Cd. Our
harvests last year were more productive
than they have ever been. Sd. The balance
Of trade has been in our favor for the last
three years. In spite of all this we are in
worse financial condition than this country
has ever seen since 1919. The fact that
al these causes combined have not
been able to produce prosperity de-
nonstrates TO my mind the fact
bat Contraction alone has produced
,he present deplorable state OF affairs, ana
one great reason why it has operated so
barshIy upon us arises from the fact that