The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-29
STANTON. VIRGINIA. AUGUST %, 1878.


trade, and that as Congress is to be influ
enced by popular feeling on the one hand
or the arts and appliances of special inter
ests on the other, the currency would bt
subject to initiation or contraction. as eithel
influence might prevail, to a degree tha
would be ruinous to business and prosper
ity. In answer to this objection, and adj
hitting that it was not withc ut force, have
to say, in the first place, that it is equally
potent whether our paper currency be green
backs exclusively or bank notes exclusive
ly; for, let it be one or the other, Congress
would have the poWer to expand it or con.
tract it at will. For instance, were Congress
to repeal the tax on State bank circulation,
a multitude O. State banks would spring up
| under State laws and great imitation Of
the currency would take place. On the 9th
er hand, should Congress retain that tax and
retire the greenbacks, as the Republican
financiers demand, frightful contraction
would result. In brief, if Congress should
| have neither sense nor honesty, it might for
the time being, ruin the country, but to as
sumo that it would do so would be to con-
denim our form OF government.
| FIXING RESPONSIBILITY.
After proceeding to show that the Ohio
platform was plain and honest, he continued
by demanding change in our federal adj
ministration, saying that if the financial
policy of the Republican party is wrong
that party should cease to rule. Is there,
then, any injustice in calling that party to
account for the evils the country has suffered
and yet suffers? Can it with truth be said
| that these evils could not be foreseen,
or, if forcsren, could not have been avoided
or diminished? He would be bold man
who would make that assertion. For though
no government ever was. or ever will be
omniscient and omnipotent, although disas-
tiers have happened that no rulers, however
wise, could have foresecn or averted yet
the disasters of which I am speaking are
not of that character and might have been
foresecn, and to great extent, prevented.
1t is but justice, then, to say to our Re-
publican rulers, you have had every oppor-
tunity to Go good and avert evil and you
have failed to do either. You have had op-
portunities such as no other party ever en-
joyed to benefit your country and you have,
by want of intelligence or virtue, or both,
brought it to the verge of ruin. 1t is time,
high time, that you surrender the reins OF
government.
CURRENCY CONTRACTION.
The speaker next took up the question of
currency contraction, combining himself to the
three years and half that have elapsed since
the resumption act was passed. Now, on jan
uary IA, 1875, there were outstanding: OF
greenbacks, in round numbers, 1892, 900, 900;
on June l, 1878, s346, 6Sl, 0l6; decrease,
$50, 1928, 9S4. On January IA, 1875, there
were outstanding OF national bank notes,
$351, 1861 ,450; on June l, 1878, 1922 ,515,-
965; decrease, 1923, 305, 4S5. So that, since
the passage Of the resumption act, the de-
crease in greenbacks and band notes-$35,-
1928, 1884, plus $29, 1905, 4S5-has prodnced
contraction of $64 ,634, 469. If to this be
added the sl1 ,550,903 of greenbacks on de-
post in the treasury for the redemption of
bank notes aud which are, consequently
withdrawn from circulation, the contrac-
ton amounts to over $76, 100000, being at
the rate Of over 81, 800, 900 per month. But,
say the advocates of the resumption act,
this contraction was necessary in order to
resume specie payment on January l, 1879.
Now, fcllow-citizens, 1t is one thing to
begin specie payment. and it is quite an
other thing to maintain it. 1t is quite
probable that the Secretary Of the Treasu-
ry can begin to pay specie for greenbacks
on january !, 1879, and that most, if not
all, of the banks can begin to pay specie for
greenbacks at the same time; but the great
question remains, could such specie pay
ments be maintained? If it could not, why
should the people be ground between the
upper and the neither mill-stones, in order
to begin specie payment somewhat earlier
than tie condition of the country would
would insure its continuance? On this
question the following facts are OF value:
Great Britain and France are pre- eminent
ly the hard money countries of Christen-
dom. The former has. in coin and bullion
about three dollars for every dollar OF her
paper Money. OF course she can maintain
specie payments at least so long as she
| avoids war. France has more metallic than
paper money, and when at peace can easily
maintain specie payment. But the United
States have at least three dollars in paper
fer every dollar in coin, and even a little
war, or Il change in the balance OF trade,
might, so long as that dlsproportion exists,
make sl:ipwreck of their pretended srecie
payment. According to the best information
I can obtain the product of our mines is
likely to fall off. 1t is probable that the
maximum product has been reached and
that, unless new and valuable mines be dis
covered, there will henceforth be steady
decrease of production but nevertheless,
our favtr the influx of gold and silver, to-
gether with the product of our mines. would
enable lis to begin and maintain specie pay
ment quite as soon as justice to the debtor
resort to forced resumption? Why crust
the unfortunate in order to anticipate, by {
comparatively brief period, an advent thai
would come naturally and unattended will
severe distress?
The Postmaster General Interviewed.
The Buffalo Commercial Aduertiser pub
fishes an interview with Postmaster Gener-
al Key at Niagara Falls. Referring to ru-
mors of his candidacy as governor OF Ten
nessee by the authorization democrats ant
republicans, he said: ''This same idea ha
been advanced before, in practically thu
same shape, but | have never given it an.
serious thought, rs have never aspired t.
the governorship of Tennessee" AS to hi
being associated with General Grant on tn
Presidential ticket in 1880. his first intima-
ton of it was in the press dispatches; they
would have to find something great deal wors
to say before making him very angry. Wit
reference to southern politics he said tina