The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-22
ssnator ]; Mlergan's speech.

...a - senator MoRaAs's speech OK w ed.
I ssd.v last more than eorroborates all thai
we Inserted on Saturday as 70 his posat'op
ON the financial questions now before TUG
couatry. 1880 l. 81
MANY words that the notes which ne w'snes
kent 10 circulation mGst have "equlva'en'y
in value will, coin.O That one dec'a'a.'ou
a-,ws ! ,snc between the senator from Ala"
hams sad the fiat.money 'uaatics and sniia-
,,onis,s. He has no sympathy with the views
=, ,neer new lig4,ts in the science OF political
economy. In his speech he states fhe same
n,o,,osit;on sttIl more clearly when be says
that {. the people believe in the maxim that
NOTHING in che shape OF promsse 70 pay
money Is money 10 The true sense that Is
not redecmabIc fin coin; that government
that enaeavors TO pay its debts, as matter
Of right and not OK contract, an nat money
ar in promises that are not 10 be redeemed
cannot have and Is not entitled to have ere
dit 1T home or abroad" Surely these H-
c,larations are sufficient te satisfy anyooo5
that when Mr.. MORGAN isSlassed WIFI 'ne
,axocates Of sn irredeenable currency ne
;s nlaced with those with whom ne has hot
the least sympathy. g
Mr.. MoHsAy opposes the retirement OF
the ereenbsrks becaese be firmly oehe'es
that such measure nsls; have the eaees Sc
r;n,sIy 10 embarrassS sod dcpress every In
.srstrv I'M land end sen In which the pro.
slrciny aud manufacturing classes are inter
ested. He Gays:
"Wben the people OF this COUNTY,, or
indeed, of any country. are supplied WIZ
a sufficient volume OF currency 10 ehaNs
them to make free and rapid exchanges OF
the fruits OF tlIe,r industry, and nave an
abtsinv confidence in that currency, they
sne in q financial condition that cannot be
aertered by any mere legislative expedlentss
sn increase the volume OF currency, ana
they must necessarily be injured by such
eynedients to reduce its volume or IT'S
vniue. And when the rate of interest IS
in fair uroportlon with the profits OF fndus-
fcy. and prices are remunerailve, we
Jaye The very best proof that all the
fnancial conditions are In operation tiat
are peedfri to give proper support ana en-
courapement 10 all industries and the
Droper employment Of capital. Tben IL
works, and does not speculate. Such Is pre-
ciseIy our condition ut this time, except
that the rate OF interest IL a little advanced
by specuiatye demand for money; and
sbriak with apprehension from resortinS
10 INV form OF legislation 4hat may serl'
ousIy disturb it. That our people are sum-
ciently supplied with currency Is eVluent
from The heavy increase OF business. NOT
vitbsianding the fact that the sum per
capita is much below that OF many NATIONS
not 80 prosperous, we are managing 10 out
strip them IN progress. Our people nave
unway erin. confidence In our paper mo-
ney, because hey know that its redemption
I'm coin depends upon their own credit, ana
they feel strong enough and aretrue enough
to make that credit good andaYaliaoIe 10
meet every public debit
Surely these reasons are worthy OF con-
sideration. When we are doing so very
well-bcsseG with the best currency our
country has eyer had-our statesmen may
well refuse to disturb the condition OF
things without subjecting themselves TO the
charge OF being infationlsts. 1t was only
u year ago that the NEST thoughtful OF our
peoplc were alarmed lest the volume OF the
currency should be so inflated rs to render
1t comparatively yalueiess, and totally UNIT
to be used IN making exchanges with for
cign countries. If anybody then had been
authorized to offer to the commercial classes
OF New York Il compromise based upon the
proposition to issue no more greenbacks,
but to keep in circulation rs many as were
then out, the bankers OF that and the other
eastern cities would have closed In with the
offer without moments hesitation. Yet
to-day the man who favors just that COM
promise is denounced in New York as I'm
intlationist. ,..s.
Now, it must he evident to everybody that
the people are not yet educated up to the
point OF agreeing to the retirement OF the
greenbacks. Mr.. MORGAN speaks for ma
ior;iy Of the voters-a large minority, we
Judge; and bis position will be endorsed,
we doubt not, by majority OF the
Democrats in Congress, and not i'm
probably by majority of the Re.
pubicans In that body. The people
care nothing for theories. They look at
facts; and the facts appear to them to teach
that Government notes constitute good
currency A war with England or France,
or at ang rate with both, would no doubt
convince them OF their error, aud convert
them into advocates Of the plan OF having
q currency rs good 10 time OF war as In
time OF peace; but at present they are sat
listed with the currency Us 1t Is, and 1t il
useless for dectrinaires. or theorists, 70 try
to persuade them that they are wrong
Congress must do the best that 1t can 1ndei
tie circumstances. 1t cannot compel PEG.
PIE to master financial problems. ~
The following from the Philadelphia Ba!-
Iessa shows that there cannot be much pros
peet Of retiringthe greenbacks:
"Quite recently there have been large
demands upon the Treasury Of the United
States for legal tender notes, ccompanied
by statements that these notes are becoming
very scarce, and that they are being boarded
up 60 n great extent, owing to the fact thai
the whole amount OF legal-tender cireula
tioa authorized blythe iaw-three hundred
and forty-six million dollars-are in eircu
iatioa. Treasurer GliGllan has not been ablt
to caaply with thesesrequeSts. It Is said a
tho Treasury that il the present greenhael
strinGeney continues, before long the bunk
will kaye to accept skier certificates, ant
aid in putting them ints circulation as mao
ney." So s.g -
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What the Negroes Expect.
;s,xn mats ~, e1I,<