The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-22
Tho New Funding ynl.

4, has not been easy for members OF Con-
press OF anybody else TO reach sa'riae,o''
coon,rs,on AZ to whether the new funding
bin would prove successful OF no' >.
woa,d be strange, however, II II Should
fail. We have been willing to run the FISK
OF re failure provided there was no danger
that 1, would result in such contraction OF
the volume OF the currency as might pro-
dncc another panic similar TO that OF is'a'
From all that we can learn on the subject,
we are now pretty we'll satisfied that there
Is 10 be apprehended no danger OF the KIM
alluded TO. The atlerances OF certain cap''
,alists and bankers on that point were IN
tended 10 influence the action OF Congress
and TO secure the issue OF 30 per cent oopos'
The Washington Post says.
Nalional-baok people are threatening 70
retire their circulation, and predicting an
enormous contraction OF the currency I'D
consequence. Secretary Sherman says that
the immediate effect Of the passage OF the
hin will he 10 iDfiate the currency. FIRST,
yery great proportion Of the interest'Dear-
ing q per cent. notes, OF wIich the issue OF
$500 Qoo. 900 is authorized, will enter into
general circulation as money aud continue
in circulation for at least year, or un'ii
they can be gobbled up by the banks; sec.
ondly, the bill authorizes the secretary, II
In his opinion be thinks II advisable, TO use
fifty millions Of gold aud silver coin now
in the Treasury TO redeem the maturing
bonds. There is little doubt but what ne
will use this sum whether The bank ciTcu'a'
ton Is surrendered or not, ana IL any great
portion is surrendered, the coin VIII DC eA'
pended Immediately, thus relieving any
siringency which the market might DINER
wise suffer"
Ths. IS rea.suriug decidedly. IL looks
like business. We are inclined 10 wish that
MIR. SHERMAN may remain at the head OF the
Treasury Department in order that he may
carry out the programme sketehed IN the
above paragraph.
MA. s. HATCH, OF the firm OF FISK d
HATcH, so well known in Redmond. Is
heartily in favor OF the new funding bill.
He is said TO have visited Washington 10
assist IN securing It's passage, and TO nave
an answering confidence in the ability OF
the Government 10 get as much money as IL
needs a, per cent.
We cannot imagine any reason why tbe
credit Of the United States Government ought
no. to be better than that of any other Gov
einmeni in The world. There is no county
in the world that can for moment be COM
pared with ours. France, Great Britain, ana
Germany, are the only three which anybody
would think OF naming IN competition WIN
the United States. The resources OF no one
OF those countries can for moment be COM
pared wth those Of tho United States. Inc
single fact that each OF them has TO Keep up
an immense standing army, at cost IN Oo'h
men and money-men taken from pro.
ductIye pursuits, and money worse than
wasied-which no country can afford to pay
for such q useless luxury as standing
army,-we say, this fac; alone ought To make
United States 3 per cents sell higher than
the per cents'of any other country 10 the
world. II reads as ii it were a joke TO find
il stated that the credi, OF Holland Is better
tllsn that of this vast country.
But IL is because, as JOHN TYNDALL might
say, the present contains the "promlse and
potency" OF so grand future that the
credit Of our Government ought to top the
market in the money centres OF the world.
Thick y.seitled countries Increase very
slowly in population. Twenty years
hencc--a short period in nations life-the
United States will have a population Of
about eighty millions, whilst the three great
countries named above will have say ten or
or fifteen per cent. more than they now
have. Our wealth will increase IN geo.
metrical ratio with the increase Of pOpula-
ton. A hundred millions Of dollars Will
then be mere bagalele TO the United States
Government, so nearly Unlimited are the
resources which will be developed in this
fair land before the beginning OF the next
century.
Il may mol be amiss for the southern peo-
pie 10 be encouraged by one fact above al
luded 10. They have territory capable Of
sustaining much larger population than
this Union, and that territory is at present
sparsely peopled. II cannot but be that
the South will grow more rapidly roth in
wealth. aud population than the thickIy.
settled states OF the North.
At the most, the southern States will al
ways have, relatively to the other States, al
least As much weight in Congress as they
now have. This for the respondent. As
for us, we see oothing but the brightest of
futures for the sunny side of this colossal
land.