Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-12-27


coinage cl them In such MOUNTS ana ~
such times rs the commercial owners OF
bullion desired. Il would wisely dischsrgc
jts duties Va the public and rightly limit w.
functions In regard to money under the
Constitution. With no other kind Of mo-
ney. unless Il be The bascr metals Tor
change, has II constitntlonaily any right 70
connect itself In any way.
The avenues OF trade are inscrutable and
past finding out In advance OF the actual
indications OF human events. II II kue.
we know, that food aud raimcut viii DC
wanted, and the conveniences and methods
Of economy for bringing them to markets
of consumption may safely be held In
readiness 10 do their work; but the par
ticular locality, capacity OF consumption,
and extent Of supply or market value can.
not be known any more thsn we can tell
when the rains will come or what VIII be
the Weld OF the harvest. Money Is an ele.
meit OF trade, adjusts itself TO the de-
mands OF the markets OF money pro-
portioned TO It's volume. Just a.
other commodities do, and all the pow
ers on earth cannot suspend this
law OF commercial economy without In
Jury to trade any more than we can turn
summer into winter without destroying
the fruits Of industry. II Is indeed grow
ing evil that OF the enterprise and indus
try OF country restricted or stimulated
by speculations OF what Government NAV
do that will ruin or foster the undertakings
OF its people. II adds new element OF
uncertainty TO the vicissitudes OF the seasons
and the eyer-developing obstacles To mans
energy and toll, and when regarded as an
interruption by his" Government OF the
natural law OF commerce and industry, 1t
is more disbeartening TO him than all other
impediments to progress with which he has
10 contend.
This brings us to consider the great
strides legislation takes each year that rolls
round till II has become habit with the
people TO clamor for repeal or new enact
ments directing or manacling the opera
tons Of trade to suit the interests OF spec
ulators or party and the lobbyists and rings
Of managing manipua.ors Of alleged public
good, swarm around the houses OF Con.
gress as persistcntly as do the professional
gamesters at the racing grounds.
The influence OF these demonstrations on
legislation Is injurious. They lessen the
independence Of the representative by in.
fuencing his action till he is unconscious
IL led beyond the limitations OF public law
that has wisely restrained legislation 10 the
maintenance OF domestic tranquility and
measures for the enforcement OF contracts
Of the constituency.
The writer in the State OF Tuesday last.
which the Dispatch quotes with commend.
alton, says: "During a period OF great
prosperity, when the crops are bounttfu',
manufactures are sought, and trade is brisk,
legislation upon the currency IS SAFE"
Then, II contraction is necessary, its ac-
complishment does not disturb public con-
Idence." We cannot accept this logic,
much as we approve Of the general objects
and views Of this writer. We claim that
currency is not rightly creature OF law.
Mediums OF exchange are independent OF
law, Just as while the law fixes the stand
ard OF weights and measures II cannot COM
pei people 10 sell by them. The right
TO make contracts carries with it The
right TO specify the consideration.
The coinage by the Government OF the me-
tlllic currency Of the country, and its liking
a standard OF weights and measures, are a
convenience TO trade, and being su,h, Is
widely adopted by the people, but the
courts will enforce the consideration named
in contract, whether it be corn, wheat,
tobacco, currency, or leyal.tender coin.
The question is, where has legislation the
right or interest In contracting or enlarg-
ing the currency, or in doct0rIng "pnbllc
confidence" "Public confidence" Is
treated by many writers as sort OF dreaded
ghost that must be kept in state OF SOM
nambulism or he will play tue deuce so soon
as let loose. The "necessity for cOntrac-
ton " referred to as possibly disagreelble
duty OF legislation, implies the previous
expansion OF circulation by the same au-
thoriy. neither OF which belongs to legisla-
ton. II trade. production. and manufac-
lures are TO be 80 restrained as to avoid
what are termed financial calamities. it is
altogether likely that the result 10 society
will only be worse than II they were
let alone. The impulse 10 production
and manufactures only cheap,ns them
TO the consumers, so that the final
result is not loss TO the public
who consume but the more at a reduced
price, and, while relieving the markets OF
redundancy. acquire greater strength rs
well as enlarged ideas OF wants for the en-
suing return to more profitable trade OF the
producers or manufacturers. But how are
we 10 get rid OF the ups and downs OF
trade any more than the ups and downs OF
life. being alike Influenced by causes hope
lessly beyond the control Of mar or his
governmental Financial calamlties are
simply disaster to the creditor aud debtor
classes, for they are so interviewer that,
though the debtor class cry ont most. the
loss which the creditor class also sustains
is alike depressing; and these so-called ca
lamtles are no more calamities than the
loss Of the crors, or the almost total loss OF
the years labor Of whole districts OF agri-
culture. 1t is only that there is something
in the disaster to credit that appears pecu-
liarly distressing; the bankruptcy and sell
ing out Of mems homes aud suspeading the
comforts OF living are more Observed. and
hence mole repulsive to us, and we think
there should be some way out Of II by legis-
lation; but il will only get us deeper in.
Calamitles in fnance-tbat get most sympi-
thv-do not make the world any poorer,
but agricultural calamities do. e.