Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-06-12

~to"ih5' NV thO uiCuSCuidoto paper,
but the coin provided for Its rede mption,
in part, by the act of 1869. Everything
being now ready, the crowning act Of
plumber came. Said the the ring, "the
bonds are ours, they are payable in gold
by our act Of 1869, an d none of them
fall due till 1880. Let US resume specie
payments in 1879. BY thus making
gold the great desideratum with the
government, our debtor, we have her
completely ia our power" And con-
gress passed the Resumption Act"
which continued the system Of con-
traction down to the healthy turning
point at which we have just arrived in
Mr.. Stuart's opinion. During this
period we hasl our seasons of Black
Fridays and Panics, and such was the
dependency of the government that the
suspension ola single firm, Jay Cooke
& Co., cenvulsed the whole continent.
No business man was unaffected hut
the geld-gambler, the bond-holder. the
strong stock-speculator. Under these
successive frauds in legislation, all in
dustry was paralized, labor went out Of
employment, production ceased, men OF
moderate means houndred, debtors
became HOPELESS bankrupts, values
shrunk till property owners became
poor, public improvements stopped or
passed into the hands OF receivers, all
to be excused or accounted for by the
deceitful wall and villainous sophlsm.
lover Production"
Net even the GA, 900, 900 Of treasury
reserve fund was permitted by the money
power to reissue for relief from the
stringency that pervaded the whole
country after the panic of 1873, adj
mitted to haved to have been precipi-
tated dy contraction.
Have the taxpayers Of Virginia, who
must use their whole circulation nearly
three times year to pay federal tax
alton, no just cause of complaint
Have the laboring class, the consul
mcrs no just cause Of complaint when
they reflect on these imposltions ID con-
nection with Mr.. fuckers startling
statement that they pay 1928, 100000 to
monopolies, only sl2S, OO0,0 900 of which
actually goes to the revenues, their in
direct tribute to privilege being estima-
ted at $40, per head.
But in company with this Resump-
ton Act came silver bill a bill to
coin s5O.O00,0 900 of silver to take the
place OF fractional currency, to be
legal tender only to the amount of FIVE
dollars. It was 10 be money for the
people, and they made it Of 1884 grains.
The money rings were entrenched
against it and "a cents on the dollar i'll
silver was good enough for the country.
But this same power could not consen'
10 let the government buy the silver
with greenbacks. The edlct went forth
to issue s5O,O00,0O0 in bonds to pur-
chase it with, so that so much bond
investment was to be had by them, and
the people taxed to pay them $4,000,
900 more Of interest for the luxury vi
silver dimes and quarters.
Subsequently, within the last year,
came the publ; demand 10 remonitlze
silver-to restore the Dollar OF the
Fathers" The money power rallied
IN force TO the capital IN opposition,
armed with more specious and iallacious
arguments than ever, backed by sub
sidized press throughout the country,
with paid attorneys writing to the pub
lie and speaking in the committees.
The courage and determination of the
West drove them from their first line.
Of entertainments but they did not
as they never do, surrender uncondl-
tlonally. They sailed out again with
fixed bayonets, as the champions OF the
Ceuntry's honor-the defenders Of its
plighted faith against reputation. the
favorite epithet OF public thieves. They
demanded 420 grains. a dollar Of 4l24
as a legal tender would be reputation
of per cent OF our debt, and the credit
Of the government would be ruined
abroad; gold would advance again.
Money that was TO be legal tender for
them must have 400 grains, but that
which was only for the country business
was good enough at 3S4. The Great
West, assisted By very small number
ofvalliant Southerners, Joined issue again
and came of conquerers. This was
the first blood fer the people, but after
la desperate conflict only did the Ring
surrender. Alter this, gold went down,
our public credit went mp at home and
abroad, clearly showing that as political
economists and financial geniuses the
money rings are not reliable, and that
we should not take for granted all they
have put forth in favor of the contrac-
ton policy, which has SO well nigh
ruined the country. After the denoue-
ment on the silver bill the August Bel
mont, agent Of the Rothschllds, frankly
admitted that the Money Kings should
withdraw themselves from the public as
utter and absolute failures in finance.
With there experiences and conces-
slons have we ne lust cause OF CON-
plant" against the policy OF our gov
ernment? Our own Sir Oracles OF
Gotham yielding our right 10 complain.
we have only the Fiscal Monarchs OF
London to consult; and when these
oo,,Jov,, ,,o ~, fha n tfhorifv &C Mr.