The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-12-31
PEACE MEASURE.

PEACE MEASURE.
The endorsement which the finance bill re-
Gently passed by the U. S. Senate, has received
from the solid, thoughtful portion OF the coun-
Try. is all assurance that its final enactment in
to law will have tendency to restore conf
dencc, and give encouragement to the business
enterprise OF the nation. The conviction is
spreading with substantial business men that
TO effect return to healthy transactions and
secure something like permanancy in values,
and legitimate returns for labor. there must be
r fixed value to the basis Of currency. 1t is the
baromet that regulates trade. 1t is the mo-
tive power that stimulates and propels the in
,l,latries OF the country, and So long as there
ara fluctuations i'll this controlling agency:
there must logically be uncertainty in all its
dependent relations.
The 7fh OF January has been fixed for the
consideration of the bill in the House. 1t will
doubtless receive the approval of that body
with as little delay as characterized its passage
In the Senate. The question OF finance has
been so thoroughly discussed in both branches
any plan upon which to unite, that it would be
n criminal waste Of time, to subject the pres
eut proposition to formal discussion. Its
provisions are plain. There is no uncertainty
In their purpose. They contemplate return
to specie payments in 1879, and gradual ap-
Proclamation thereto in the intermediate time,
by retiring the fractional currency. and sab
r,ituting silver for it. The only point Of
debate is, as to the disposal OF the fractional
currency retired whether it is to be DESTROYED
or held to be used should the contingency arise
for reissuing it.
When it is taken into consideration that there
are diverse views in the minds Of leading Re
publicans as to the expediency, or rather prac-
ticablity of specie resumption. and as to the
operations Of this bill, the undetermined point
in regard to the retired fractional currency, can
be easily explained. Those who fear that the
appearance of contraction of the currency
might work dsastrollsly to the industries OF
the country, did not feel justified in total
abandonment of their views. They were viii
ling, however. to test the question by practl-
cal experience, and if it was found that the
friends of solid basis for the circulating mcdi-
um had properly estimated the effect of legisla-
ton looking to specie resumption, then very
well. If thcirown apprcbensions were verified
by the results they thought might flow by a
positive and dcterminate period of resumption
then the currency retired, might, in tn, discrc'
ton Of the Secretary of the treasury. be refs
Eled. There is and can be no difference o.
opinion as to what should be the basis of the
circulating medium. All agree that gold an(
silscr constitute the legitimate premise for ia
tonal currency. But considering the condi
tion of the country and the disturbed State o
it. industries. it has been and is question
with many able men, whether a bill that nigh
be tortured into contraction, would meet thu
emergencies of the times.
These conflicting opinions will be fully
and satisfactorily tested under the operations
os,tiis bill.
Some twelve months ago we entertained thu
belief that moderate expansion of the curren
sy was essential to the industrial interests o
the country. We then thoughtthat the strlu
aus given to enterprise by an cXtravagantiy in
Hated currency, which was an INCIDENT Of thu
war, should not be too suddenly arrested, ant
that the contraction Of the volume should 81
III such slow degree as not to work disastrous
collapse. Whatever might then have been thu
apposi,sless of that viaw, there is no question
now that the crisis las been encountered, tina
The true policy Of the country is to have only
asssh currency as will not be subject to flllctua
,iolL and upon which solid prosperity mus
s,c built, khich will ward off the nutarieL il
values incident to an irredeemabie circulating
nedium. To return to an Undated currency.
and thereby invite a duplication of the business
disasters from which we are NOW suffering,
would be the most incxeasable folly. There
sheuld be, and we believe there is courage
elasticity sufficient with the people, to over
eome the disasters that have overtakcn Them
Certain it is, that herein alone lies the pcrlna-
ncnt prosperity of the country. No legislative
specitics-no delusive palliatiyes can restore
health and soundness to the bsay polite. Time,
accompanied by industry and economy, will
remove the cause of depression, and solve the
difficulties, and therefore it becomes necessi-
ty to exercise patience in the attainment OF
that which cannot be fastened by paper re-
solvea, or wild, illogical experiments.
1t is q source Of congratulation that the Re
p lblicaa representatives ia the 'Senate of the
United States, hsFe had the courage to meet
the crisis with an undivided voice. With the
exception of Senator Sprague, of Rhode Island,
every Republican Senotor voted for the specie
resumption bill, and every Democratic Senator
voted against it. Let the Republicans of tie
Uouse act with equal unaninity and prompti-
nude, and the party can 60 before the country
with record on the important question of f.
Eance, that will stand the test Of time and wear
out the sporadic opposition that will encoun-
ter it from stock gamblers and spectators
upon the industries Of the people. The Re
publican press, with singular unanimity. have
spoken out forcbly and promptly in sustaining
the action OF the Senate, and with an affirmative
result in the House. We may reasonably expect
the solid interests of the country to crystalize
around the measure, and give the American
people the assurance that prosperity will re-
turn by no uncertain or deceptive path.
1t was due to the nation that this important
step should be taken by the Republican party.
1t had carried the country safely through
bloody and protracted civil war. The moned
agency employed for that purpose, Lad unduly
simulated cuterrlTise after tl,e war Tho nroc