The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-12-17

will not visit this country without it is ilvlted:
by the industry and economy Of the people.
Legsls tive specifics will not. give. to them a 1:
solid basis of business nor to the industries that
substantial stimulus that will lendassuranccs
of tangible benefits. 1t is further safe to as
sumo that there can never be certainty i'll val
ues so long as there is flctuation in the quota
tions OF the circulating medium, and that all
business activity which is not basel upoa an
interchangeable premise is delusive and danger
ons. The country is now passing through an
ordeal of reaction from the operations Of an in
fatel currency, and it would seem strange it
the severe lesson experienced does not teach
the people that the remedy for the prestration
to the industries Of the country does not lie in
repetition of the fallacy from which they are
suffer- ~. 1t is to t'ae productive resources OF
the country tina. we mist look for substantial !
benefits and not to p per resolves by legislative
bodies. The mere presentation Of the thought
must carry conviction to impartial minds, that
| we must blilt upon permanent and enduring
Foundation in order to arrive at that degree Of
prosperity which will secure the solid adjust
ment of values AMI a reliable reward to labor,
What the country wants aud must have is
j staple currency, and this can only be arrived
| at by adopting as its basis the only recognized
| money in the civilized world-gold and silver.
The President and tha Secretary of the Treas
ury unite i'll this opinion, and it is the duty OF
Congress to recognize and adopt it as the only
means OF vouehsaiing to the people permanent
prosperity. Any other adjustment OF the IL
nancial problem will be a mere subterfuge, de-
usi We and harmful in its results. The CUES
ton might as well be bravely faced at once.
Its postpouement will aggravate the disap-
pointment of the country and multiply the en-
barrassments Of the people We, in Virginia,
at least ought to know something Of the effect
Of trying to evade a plain question Of this kind.
4 by our experience with the stay-aw. That
was enacted for tac be leii- Of the debtor class
I'd the effect OF its operation was to plunge its
intended beneticiaries into countless difficulties
making their last estate ten times worse than
the misunderstanding confidence, and inventing
disasters. Thc sooner the truth is rccoy nIzed
the better. that the county can never prosper
substantially upon an uncertain currency
/ Unhealthy stimulus to trade must always BE-
followed by depressing reaction, and no indus
trial activity CAN be otherwise than unhealthy,
which is not sustained by q reliable circulating
medium, OF agent of exchange.
The Republican party owes to itself and TIL.
country to a,lj;lst this financial question. It is
still in power i'll all departments OF the govern
nc 1t, and with the recommendations Of the
Pes, le.t and Secrctaryo OF the Treasury asa
s5artin point, they will develops avon lerful
absence OF craftsmanship if they do 1ios devise
some method Of meeting the demands OF the
4 times. The settlement OF this matter upon
safe, solid basis will assure the growth OF the
party in popular conf lence, and place at its
control the administration; OF the government.
A bold leader is what is wanting in Congress.
His opportunity is now, and+the men who will
4 rise eqHal to the OCCASION will pot be forgot
| ten. :
| 1t is singular fset that paralysis seized the
the industries of the country, during high tide
in the circulation of an unbelievable cur.
rency, and that the twenty-six millions of re-
serve let out by the Treasury did not check the
reactionary current, incident to the over-tra-
ding Of the country. That fond its way to the
money centres, and not among the people, Ind
there it remains safely locked up. This would
be the the tendency were a system Of ex-
pansion inauyurlted. We must have some
thing to sell, before we can reasonably expect
! to secure an increase of the circulating medi-
uln. Money will not force itself upon people.
1t must be drawn by an equivalent in trade,
! and until we can furnish that equivalent, we
must-expect to be without money.
! The pig-iron manufacturers in Convention