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

a FHH
For the cold Of the night that went before
He almost forgets how he made his moan 81
And almost forgets how they closed the door, a
And doomed him to work in the world-alone.
THE PRESIDENTIAL CAMPAIGN.
Speech OF Senator Booth OF California
Sentaor Booth, of California, who had here
tofore been identified with the Liberals, anl
was elected to the us. Senate as an ssinde-
pendent, !" delivereda speechat rerra Haute
ted in full in the Cincinnati Gazette, rs fol.
lows: 800 - al-i9.aa"jni& ~ iiie1 i!'nt
1oil SENATOR BOOTHS SPEECH ,fCil85i
yFelloao Citizens II esteem il a happy co.
incidence that am to address you for the
first time on political subject at the home
of my boyhood and early manhood. at the
old homestead OIL this very spot, which is
endeared to ne by many of the fondest rec
elections and most precious associations OF
my life. Standing on this spot, in the pres
encc of so many old friends and neighbors,
for whose long continued kindness my heart
oyerfiows with gratitude. | shall not attempt
to play the orator. / should fail if did. /
shall not speak as partizan, but only en-
deavor to give some of the reasons which
control my political actions in the presence
of the immediate occasion. -sif aGi a. =
Under the circumstances, trust that a
few words of personal explanation will not
be deemed egotistic. 4'i' i''i'' ''.4l =" -'-'h.'
1t is known to you all that YVES nonliila-
ted as Il candipate for Vice President of the
United States by the National Convention OF
the Independent party which met at Indian
apolis in May. This high compliment was as
unexpected as it was undeserved. 1 have
seen it stated in some OF the public prints
that was guilty of the discourtesy of not
acknowledging it. This is not true. [ could
not but be grateful for so distinguished
a mark of respect. My declination was
communicated to the committee directly on
the receipt of the official notification OF my
nomination. At their suggestion it was not
to be made public until after the vacancy
was filled, and since then it has ceased to be
matter of public interest. This statement
seems due to myself here, where | have
many personal friends who are identified
with the Independent party. My nomina-
ton, presume, was OH account of my opin-
ions on the subject of National finance, as
published in the Springfield Republican last
January. Those opinions have not chang
OF imitation but of resumption, and reduction
of interest on the public debt. Now, every
body has plan, and they are all original.
In that was no exception to the general
rule. il zstat. spl -Gsss'ua tal5 Or -, j
i. DIFFERENT FINANCIAL PLANS. is
suppose if should throw stone into
this audience at the man who has the very
best plan that ever was invented for supply
ing currency, resuming specie payment, and
paying the public debt, most of you would
dodge. Some of you out of an affected mod
esty may keep your plans secret, but you
know you have them, and some time, like
murder, they will ont. 1t is best they should
''out.' Let us have full, free, candid dis
cusslon; the true plan will eventual appear,
and AarOn's serpents will swallow all the
other serpents. OF course, that will be
yours; but you bide your time, for this is a
wicked and perverse generation. 1t has not
yet got out of the wilderness. Now, there
is this to be said of all the various plans and
suggestions on this subject. Differing SO
much in details and expectations of results,
the hardest of hard-money men and the soft
est of the soft, upon a candid comparison,
will find their principal difference is about
methods, and not about general principles.
Both will agree that the currency of the
country ought to be stable in value; both will
agree that in this commercial age and coun-
try some form of credit will circulate as
money. We shall have United States notes,
or bank notes, or both. They will further
agree that the best bank notes we ever had
are secured by Government bonds. They
will also be very likely to agree that If the
government could furnish the whole circula,
lion without danger of arbitrary initiation OF
contraction, that would be desirable. They
will also agree that in order to maintain a
stability of value in paper currency there
must be some method Of redemption. 1t lisa
matter OF surprise to find how little differ
ence there is in the plans of redemption.
The late Secretary Of the Treasury recon-
mended in his last annual report, that he
should be allowed to fund three millions OF
greenbacks per month, until by a reduction
of their volume they would appreciate to par
with gold. This would have been cOntrac-
ton, it is true. But the greenback men are
in favor Of allowing the holders of United
States notes to fund them into intercontro-
vcrtible bonds. Now, this option Of CONVEX
sion is worth something or nothing. If moth
ing. OF course the measure would be futile.
Ii something, conversion would be made, and
IT would result in contraction. If the con-
traction should be too rapid, so that the vol:
ume of currency should not be equal to the
wants of business, if money should be in de-
mand SO that the holder Of $3.50 gold bond
could make more than that with money, he
would take his bond to the Treasury and get
currency for it. Under the Secretary's plan
If there be a demand for more currency, the
banks would deposit additional bonds with
the United States Treasury, and issue more
bank notes. Ii there be any principle of in
tation in either of these plans it is in the latter
for in the first the bonds surrendered cease
to bear interest; in the latter the bond de-
posted does bear interest, and whatever
profit there is in circulation is an inducement
to the banks to make it as large as practica.
BILE. Again, one plan of resumption is to sell
bonds from time to time and place the gold in
the Treasury to redeem the greenbacks when
presented. The greenback men say, when
the holder OF a United States note presents it
for redemption, give him the bond and let
him sell it or keep it.. The green5ack men
are in favor of currency Issued wholly by
the Government. There are very few hard
money men who will not admit that the gov
eminent should supply a part. 99iioGaE
1t is not my intention to discuss the rela-
tive merit OF these plans. I have long been
OF the opinion that the Government could
issue long bond intercontrovertible with
currency. interest payable in gold, at a low
er rate of interest than any other description,
and that through the fundamentally such
bond the volume Of currency would be self
regulating. and would be supplied with less
friction than through the more complicated
machinery Of banks of issue. The gain
would be in a reduction of the interest the
Government wou:db be compelled to pay. l
40 not see how it would make money more
abundant Os,o Syhn hQc GOVERN
ment bond can get money for it now. Who
ever eynactc throuol, th;o or INV other inStrI-