The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-12-11
Expansion.

Z
IN to public enterprises and material devel-
,pment under the patronage of 5000 900, 900
money could not fail to receive check and |
experience reaction when the means which !
brought them into existence were practical
y, withdrawn. The redemption Of the COM
pound interest notes, the seven-thirsies AND
the three per cent. certificates Of indebted
ness, amounting to about two hundred million
dollars, while not literally contraction Of
the currency. was substantially SO, inasmuch
as these securities were held by the banks as
reserves. thus enabling them to circulate
their green backs The spirit of our people
is progressiye-on nstitutionally speculative.
Each new enterprise inaugurated was simply
the Invitation to others of more expanded
import, until the whole country had become
one busy theatre Of gigantic railroad projects
and industrial schemes. Under the elastic
and auimating influence of these vast under
.takings, the country was bounding forward
in marvellous degree, spd the popular mind
strung to- its highest tension to keep pace
with the wonderful developments that were
going on. Mines were being discovered and
operated; wastes brought under cultivation,
forests utilized into tenements and the con-
stituents of machinery, water power ecopo-
mixed, and everywhere, from the Pacific to
the Atlantic, and the Lakes to the Gulf, in
.dustries we're adding to the wealth of the ma
ton, and rescuing from iuanity the vast rich
:es Of the continent. Under this impulse,
this reckless propulsion, people did not prop
.erly and Mechanically calculate that re-
action must logically result from the qui-
tet and unobserved withdrawal of so large a
bulk of the currency, aud it was only when
it was too late that they began to realize the
extent of their adventures beyond the circu-
1ating medium to sustain them The truth
flashed upon them. The consequence has
been terrible revulsion-business had to be
contracted suddenly to come within the reach
of the currency, and hence the widespread
disasters that have oveetakcn the enterprise
Of the country.
,.- A very superficial consideration of the
question of policy involved, will show that
The contraction was unwise and that the
sooner the correction is made, the better
It is the people who have had to suffer-tLe
laboring element which has felt the more Sc
Verely the shock. The very fact that these
vast enterprises of internal improvements
and mechanical industries were encouraged
and pushed forward with SO much energy,
finding their operatives among our own PEG
pie, and that their suspension has resulted
in the stagnation Of all business, and the
.entaimcnt OF distress peculiarly oppressive
upon the laboring classes, is the strongest evil
.dence that the demand of the age calls for
them, and the application of the means Of
their resuscitaton. No policy affecting the
: internal and domestic industries Of the
country, is'in consonance with the spirit of
our institutions that does not contribute to
the kealthful and liberal remuneration of la
Dor. The contraction of the CURRENCY must
necessarily work in like degree the Limitation
IF industrial enterprises and this is followed
hy proportionate decrease 10 the demands
for labor. The masses feel it, They are the
real sufferers, and must bear the injuries re-
stlting from the disturbance of the business
pursuits of the country. From every por-
Zion of the UDion come up the tones of an
,guish from this class of our fellow-citizeus
caused by the unnecessary and impolitic
contraction OF the currency, as the primary
cause.
Farther, the West and South especially
demand larger volume of currency. They
are comparatively in their infancy yet
Two-thirds of their lands lie uncultlvated
Their water power is rushing to the sea un-
utilized. Labor is but poorly paid. All
these demand money for their proper devel-
opment and care, and a good deal of it
What do we care fer theoretical notions a.
bout specie payments? So long as we have
q paper currency that passes uniformly all
over the country medium of exchange
that is secured by the plighted faith of the
government, and a paper dollar that is as
good for its face value as gold dollar. the
people care but little for the metal What
they want is solvent currency-something
that will meet the requirements of trade !;
that will convert labor into bread and meat
and shelter for the laborer's dependents.
Coqgr ass is representative body. 1t is
presumed to reflect the will and the wants of
the coHststdent body, and it will be untrue
90 its trust add duty if 1t does, not speedily
inaugurate system of expansion, common.
surate With the industrial demands of the
country. We cannot afford to weigh down
the suferiogs Of the people with the empty
notion OF specie payments. The masses ask
for bread and they will not be satisfied with
IA stone. They ask for the means of push
ing forward all kinds of public enterprises
" ich employ labor, and they will be salts,
fled with nothing less. The yast manufact.
uring interests and public iauroyements in.