Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-08-14
SATURDAY. AUGUST IA. 1886
Financial Reformers.

Here are two OF the measures " de-
manded in the resolution offered by Mr..
OWEN the other evening in the Monroe
Ward Reform Club:
l. The establishment Of . national
monetary system, in which circulating
medium in necessary quantity shall
issue direct to the people, without the
Intervention Of banks; that oil the ma
tional issue shall be full legal tender in
psy ment Of oil debts, public and pri-
ysie and that the Government shall
not guarantee or recognize any private
banks or create any banking corpora
tons.
2. That interest-besring bonds, bills
Of credit, or notes, shall never be is
sued by the Government; but that,
when need arises, the emergency shall
bs met by issue Of legsl-tender nom
Understanding money.
The first proposition will become .
practical question as soon as the M.
tional debt is so reduced that United
States bonds to be deposited as security
for the circulation cannot be procured
by the banks. A currency based upon
gold and silver, coin or bullion, would
meet this demand. Gold and silver
certificates, which we already have,
could be issued by the Government to
any extent demanded by the business
of the country.
But II is to the second measure"
that We desire to call special attention.
The Confederate Government pursued
and persisted in the policy laid down
in this second paragraph until skilled
mechanics were reduced to the nscessi-
ty Of working day for sum in Con-
federste money that would not buy
two pounds Of sugar. Flour sold at
thousand dollars per barrel in nom
Understanding money" st time
when laboriDg men were working for
from ten to thirty dollars" per day.
In fact, the Confederate Governments
own employees in its armories and
arsenals were compelled to accept "a
tions because they couldn't possibly
live on their pay.
1t will be said that the United States
Government has unlimited credit. So
has every rich man in Richmond in one
sense; but oil the same his credit
would topple down if he got into pecu-
mary troubles. So with UNCLE SAM.
His greenbacks are at par now. But
il he we're to 60 to war with JOHN
BULL, and undertook to pay the ex-
pepses Of the war by issuing green
backs for q thousand millions of dol
lars instead Of issuing bonds payable
after the war ended, he would bank
Iupt himself and all his people. The
greebbacks would depreciate day by
day, and the prices Of -four, sugar, coC-
fee, and all the necessaries of life,
would rise, not pori passu, but high
enough to cover or neutralize all pro-
spectiye declines in the greenbacks.
II the greenbscks declined 25 per cent.
the necessaries of life would advance
so or 100 per cent.
The war between the States cost the
United States Government about three
thousand millions Of dollars. That
Government owed that sum in 1865.
Nearly all Of it was in the shape of
bonds; and yet greenbscks fell during
tho war to 40 per cant. Of their face
value. Because Of this depreciation,
the prices Of the necessaries of life con-
tinued high for years after the war. In
1865 sugar sold lin greenbacks) for g
cents per pound, -four els to $50 per
barrel, anthracite coal for els per ton,
bacon for IS to 80 cents, and other arti-
cles in proportion. Reco!lect that
this was after the war closed. In
4 word, the workingmen of this
country paid not less than a thousand
millions Of dollars too much for their
purchases Of that che year Of 1865, be-
cause the Government had not been
abe TO keep few hundred millions of
its non-interest- bearing" notes at
par. II the Government had under
taken 10 carry on tho war by issuing
as many such misunderstanding notes
az were needed, II would have become
bankrupt before 1864, and would have
been forced to acknowledge the inde-
pendepce Of the Confederate States,
whilst the workingmsn of the North,
Ahough they wou d have been in q con.
dhion somewhat better than that of
those in tie Confederate States, would
have had TO pay during the war in tho
prices Of commodities used by them
thousands Of millions Of dollars more
than they did pay under the system Of
issuing bonds rather than noa-interest-
bearing notes.
Do these figures seem too larger
Let us give you few facts. The pso-
pic Of this country consume annually
Ibout 2. 6ss. 100000 pounds Of sugar,
shicb ct ten cfnts per pouod Is worth
|26S. 500, 900. Sugar sold ct twenty
ight cents in 1865, at retail 10 this
ity. On that single article, therefore,
10 people paid that year lot US say |
70 hundred millions Of dollars too
luch.
II b estimated that the people Of
IL country consume 100000 bar
u Of -four In year. Require them
~ double price for ii, and they
y niIlions Of dollars . year. Ifths
~ sheuh b inessaasd BY avs dollars