The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-08-26
Judge Taft on the Finances. /.

Judge Taft made an able speech at Marietta,
| o., the other day, in which he said: go.
Let time for a return to specie payments
be regarded as unalterably fixed, and we shall
approach it safely and with confidence.
France is setting up an encouraging example.
In her mighty struggle with Prussia, in which
she was ovcrpowcred and so heavily amcrcetl&
the sudden draft upon her coin was so enor-
nous that she was compelled to suffer the
Bank OF France, for the time being to suspend.
| Bat January ], 1878, was fixed as the day of
Presumption. It's looked upon as all absolute
certainty that on that day specie payment will
be resumed. The depreciation of the paper
has already disappeared, or is so nearly gone
| that the difference between it and gold is not
appreciable. Our time is but one year later,
and the rapidity with which the paper and gold
| shall approach each other in value will depend
upon the confidence of all parties in the con-
summation of the act of final resumption or
the day fixed.
ssNo better illustration of the danger of leav-
ing the power of issuing paper money in the;
hands of Congress could be had than is furr-
ished by the present zeal of the Democratic
party to have more paper issued to equal the
wants of trade Here is the obvious danger
of the suggestion of Mr.. Boutwell,, when Sec
rotary of the Treasury, that we should not CON-
Germ ourselves about returning to specie pay
ments, but let the country grow up to the.
currency. The difficulty is, that long be-
fore we can grow mp to an Inflated currency,
the Democratic, or some other political party.
will press for an increase of greenbacks. and
if they get into power, will enlarge the volume,
Of greenbacks by new issues, and then we shalt
begin to grow up again. But this growing
up to the currency if practicable at all, must
have precisely the same effect upon prices, aaG
the relation of debtor and creditor, as contrac-
ton, depending for its intensity upon the rate
at which we grow up. The pressure will be.
against the limit. No nation which has once
embarked in legal-tender paper money has ev-
er observed such limit till it could grow up-to.
it; that is, till the paper should be equal to.
gold, unless where day has been fixed for re-
sumption. 1t is most rare that any nation.
which has become deeply involved with legal
tender paper has ethe: maintained any limit or
has resumed. Reputation has been far the
more general result.
'sEnyLlnd resumed in 1921, after having.
tried the policy of growing up to its paper
currency for about twenty-five years. She had
waited long for something to turn up by which
tiley should get back to q sound currency. In
1911 business men and bankers could not be
persuaded that any measures were necessary,
or even that their money was deprecated, and
discredited the famous Bullion Report of tho
Committee of Parliament in favor of a return
to specie payments. But, after the tinanciak
panic of 1878, the public opinion was entirely
changed. Experience had wrought convictions
of the truth. II am not mistaken, the SEN
timent Of the business men and tinanciers Of
this country has undergone great change on
this subject within the last five years. Let us
hope that the decisions CT paper money have
been so far dissipated that we can now act to-,
gether for the permanent welfare of our coun-,
try. This is the time calling for something Of
the heroic perseverance of which so much was.
needed in he war. If we can within the next
four years achieve our freedom from the dis.
Credit of deprecated currency, we shall as u
nation challenge the admiration of the world"