The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-09-14

IL
stroys some old roolery which has no actua
value, and stands in the way of advancing
improvement. The gain of our civil wa
was that it destroyed forever an institution
as old as history, which was disgrace t
human nature, which stood in the way O
improvement, and enabled us to build npo
foundation firm as the rocks, temple con
secrated to equal rights, dedicated to free
dom.
When / review the past sixteen years an
reflect upon the tremendous operations Q
the Government during the war, the vas
sums of money it put into circulation, tn
markets it created, the prices it inflated, til
men it employed, the spirit Of speculation
engendered, and reflect tina. all this was
work of destruction paid for ut the time b.
borrowing from the future, by putting tn
whole future under bond and mortgage, tn
wonder to my mind is not that there should b.
q depression, but that it should not be fai
greatel-just rs believe that in history TIN
miracle of war will be deemed not the grca'
scale on which it was conducted with eX
temporized armies, but the fact that thes
vast armies, when victory was assured, mel
ted into the peaceful pursuits Of private lii
without u disturbance. When and wher
else were million of men in arms disband
edsat one time, without q murmur again 5
their treatment, without 4 bandit, or TIL
suggestion OF possibility that the military
force might seize upon the Government?
CREDITORS AND DEBTORS.
A great deal has been said of late abon
the debtor and creditor classes Of this coun
try, upon the assumption that their interests
were distinct, and that legislation which
would benefit one would Cypress the other
There are several fallacies i'll this. The
creditor has the same interest in the general
prosperity Of the country, that he may re-
ceive his money without fail, that the debtor
has that he can pay it without distress. But
as distinct classes they hardly exist in this
country. The number of men who live up
on fixed incomes from permanent invest
ments in bonds and mortgages is very small
Nearly all who are creditors are also debtors
The banks who hold most of the commercial
paper are debtors to their depositors and bill
holders. Insurance companies are liable to
their policy-holders. In California, and
many other States, the savings banks, whose
capital is made of small deposits, but aggre-
eating millions, are by far the largest credi-
tors. flow common is, the expression. II
could pay my debts if could collect what is
owing to me-" There is 10 diversity of in
terests among us. They are intertwined in
a common whole, and the idea that there is
a class of moneyed oligarchs, of plutocrats,
as it is the fashion to say, who want to be
benefited by an injury to the general pub
lie, is as fallacious as it is mischievons.
am aware that am dwelling upon this
subject too long for your interest; wish to
apologize to the ladies who honor me with
their presence, for while money is an inter-
esting thing to handle, it is a dull subject to
talk about. am addressing that sentiment
which seems to believe there is some potency
in legislation which can oxygenize the very
air with energy and credit; some magic
wand in finance which can create prosperi-
ty by Il touch; that the fields of industry
only await shower of greenbacks to make
them blossom with riches; and that hate
full orgre called the money power sits at the
doors of Congress, keeps the fairy with the
magic wand in prison, and restraints the
greenback cloud from rising. .s
CURRENCY REFORM.
Practically there are but five methods by
which the Government can initiate the cur
rency:
1st Engaging in Il war.
I'd. Commencing q system OF internal i'm
prOvement.
Sd. Collecting less revenue than is neres-
sary for the current expenses and making
up the deficit by issuing greenbacks.
4th. Issuing greenbacks to lend.
5th. Giving them away.
There is one other. neutrality-suspicious.
but will not insult any one here by the sug-
gestion of its moral possibility.
Can any one suggest any other means by
which the Government can initiate the cur
rency? Will any one argue that either of
these methods would be justified by wise
policy?'
My Independent Greenback friends, you
believe that the Government can supply the
whole currency of the country directly, more
equitably than by lending its credit to the
banks and sharing the privilege with them.
So do I.
You believe that alis can be accomplished
by an interconvertible bond. So dol. Ibe-
lievc that this system, more than any other,
requires for its success the discharge of ev-
cry National obligation according to its let
ter and spirit, and the maintenance of the
credit to the highest standard Of
the public conscience. l trust you agree
with me. But you are doomed to certain
if you believe that money
would be more abundant under the intercon-
vertiblc system than under the banking, or
that any magical change will be wrought by
it in the business. the industries and general
Of the country. 1 confess with
candor that believe the plan has excited
suspicion by the great expectations and Wis
ionary promises of many of its advocates. I
think it will grow in public favor by candid
examination and intelligent discussion. 1t
is quite certain that this and other questions
of fiscal policy and general administration
will not receive the candid and intelligent
Importance demands while
the Democratic party, as distinct political
0. ganization, claims the right to administer
the Government by virtue of its past charac-
ter and services and present professions
Therefore the Democratic party ought to be
destroyed. I know that party contains
many good men, of ability and patriotism.
whose highest aspirations and sincerest pa
triotism are held in check by the strong
of party discipline. Therefore the
party ought to be destroyed.
Political institutions are not for dav, or
a year, or a Presidential term. We fondly
hope American institutions are for all time.
Political parties are not accidents. They
have Il deeper significance than the profess
sions and promises of public men. If they
have any vitality they are moral forces with
governing ideas and sentiments which con-
troll their direction. Ii we would under
stand these forces, if we would comprehend
these ideas and calculate their direction we
must look beneath the platform, which may
be but 4 bid for votes to the history of the
party where its principles arc revealed. Sc
studying the Democratic party we find it the
same it was in 1860 '64- '6S-'72, unchanged,
unregenerated, unrepentant; therefore,
think it ought to be destroyed.
THE ISSUE BETWEEN REPUBLICANIsM ANI
e DEMOCRACY. a-,
confess, without shame, that have long
ed for the day when the political organiza
ton if this country should not perpetuate,
even their names, the memories of our civil
war; when the dissentions of the war, its
passions and hatreds, should be buried with
the dead when its awful destruction of life
should be remembered as common sorrow,
a necessary sacrifice, an expiatory offering
made to freedom and union, which no states
manship could avert, in conflict of ideas
which was inevitable. But I have deep
and abiding sense that while the Democratic
party maintains its political organization,
its old traditions, insists upon