The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-29
paw IL
The Currency.

IcrndpS tnc ncululn OF circulation 81 Il
nation is 4 sui jcct that gives rise to as
great variety OF opinion rs any other that
80 largely affects the interests Of a people.
As to the Whi9'S advocacy OF fiat money,
we well remember that such was the
opinion generally aScribed to it, but not
having been close reader OF that journal
we will not say more about its views. But,
while the Dispatch then supported the
misunderstanding system, and still does 80,
Us may be observed from it, article OF the
DIST, it begins to see that question is
one about which there is plenty Of
sea-room, and it is easy to predict
that when the time comes Il tidal-wave
OF speculation about il will sweep
over the entire country. In an article we
wrote for the Dispatch (and which appear
ed in one of its issues in the fall OF 1879
we suggested the very difficulty which the
Dispatch now notices as being agitated in
Congress, Of want OF basis for the bank
currency after the national bonds have
been retired. We said a. it was rot con-
templatcd to have a permanent national
debt, and would be dangerous to have it
fastened upon the country, what would
serve as the basis for banking after the
bonds were retired even only to an extent
that would neccsitate a curtail OF the bank
ing circulation! We are getting old. but
may reasonably expect to live to see this
money question take the form OF epidemic
discussion; and, oh, the multitude Of wise
men that will step to the front with sOve-
reign remedies.
The Nations idea that the basis for the
circulation may be the unlimited liability OF
the stockholders OF the banks won't do.
This being the case, we should have a mon
ster corporation, run by the Government,
or multitude OF them under its protested
supervision, which would soon become
system Of speculation and plumber OF the
people. The silver certificate won't be
worse, ii any thing. The Government has
nothing TO do conStitutionaHy or CONNER
cially with furnishing the country with
Il circulating medium, or OF acting rs
pawnbroker or stakeholder for the nation.
Its plain duty is TO attend to its own bust
ness, and pay lis debts as soon Us ii can,
and ever after have rs little debt
rs possible. The present banking
system was the oif>hoOt OF the war, and
was not contemplated by those acquainted
with the monetary question Us Il permanent
system. Certainly not. II nothing else in
dictated it, the Government embargo upon
the Use OF monetary credits in any other
form OF circulation than United States bank
notes OF 10 per cent. per annum tax clearly
showed that the United STATES banking re-
CURED this powerful though uncOnstitu-
tlonal restriction on competition in the
matter Of commercial credits 10 protect its
bank issues from rival institutions OF circu-
lation. such prohibitory tax is unconsti-
tutonal, and, like all wrong, has some
where quicksand in the foundation that
will eventually disclose its folly and wick
edness. A commercial people OF the pre-
sent day that cannot institute methods,
substantial and the least expensive. for pro-
Yiding circulation, Is poor sort OF peO-
pie indeed.
Much may he said on the sui ject; but
really it easily becomes matter OF words
words spun out till reason is beiogged.
We say let the Government attend 10 the
business for which il was instituted. Re-
peal its unconstitutional tax Of 10 per
cent. on credit circua ion, and the people
will take care Of themselves. We shall
then have better currency-as good as the
things, whatever they may be, that are
pledged for its redemption; and this is
better than mere Government FACILITY or
good faith, which is so liable TO
be, and so often is, broken. A
paper medium thnt must
have for any reason the impress OF Govern
ment faith stamped on it will prove de-
fusion finally. The idea for this sort OF pro-
cess for security il that It's power-the
power OF G0ycrnmcnt-will make IL good,
but power, II must be remembered, that