The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-03

those in favor of paying the last dollar
and advocate an increase of tax to what
ever amount may be necessary to pay
the interest on the whole fifty to seventy
five per cent, or on the other hand Join
with the Readjusters who favor the alb
solute control by the State of her reve.
nues, the maintenance of her education
al and charitable institutions, in short
the preservation of her very existence
as Commonwealth and thus give to
the people peace and prosperity and to
the Halls of Legislation freedom from
this vexed question.
THE CURRENCY.
In regard to the currency the Gene
raj is equally as unsatisfactory as to his
own position, while he greatly misrep-
resents mine. | have constantly said
that l did not think we had money
enough to answer the wants of the Coun-
try, but that great caution should be OBJ
served in its expansion lest we might go
beyond the point of sound and stable
medium. That as contraction had
brought ruin on the country, was and
am IN favor of reversing the action of
the government and increasing the cur
healthy circulation and as there was no
mode of ascertaining just where infla-
ton would begin, that experiment alone
could determine the question.
The General is again indefinite in the
statement that he favors as far as posi-
BILE return to the principles of finance
which were understood and practiced by
the Fathers of the Republic" Does he
mean he favors shin plasters, repudia-
ton or making contracts payable in to-
bacco, all of which were understood
and practiced by the Fathers?n or what
does he mean?
Near five years ago in speech on this
question in Congress [ closed with the
following summary:
1t has been my effort, Mr.. Speaker, to
show that all legislation for internal
revenue looks to the protection of the
capitalist and the consequent destruc-
ton OF the prosperity of the producer
is in the interest of money which has no
intrinsic value, and against labor which
is the sole foundation of wealth.
1t has been my effort to show that
the national banking system has GEN.
tralized the money of the country in the
cities, and that distribution of its circu-
lation has by unfair discrimination de-
pleted and Impoverished the South and
West and enriched and made despotic
the New England States and the great
commercial centers, and that the only
remedy is to repeal all legislation that
looks to the protection of money; that
legal tenders be substituted for national
bank currency IN amount sufficient to
meet public demands, andIthat all unfair
discrimination against labor and the
products of the soil be abandoned.
am glad to know my views then ex-
pressed have become the policy of great
party. What the Generals opinions are
as between greenbacks direct from the
Government and National Banks, no
one knows. The true issue is, aboli-
ton of the National Banks and the sub
stitution of Greenb backs in amounts suffi-
cent to restore the country. And here
may as well state this will be one of
the first questions which will be before
the next Congress. How will the Gene
raj vote on that? or can he vote at all ?
for the 10Th Rule of the House reads.
mo MEMBER SHALL VOTE ON ANY
QUESTION IN THE EVENT OF WHICH HE
is IMMEDIATELY AND PARTICULARLY
INTERESTED" Now as the General is
President and stakeholder of a Nation
al Bank, with a salary, is he not SO inte-
rested that he could not vote on uues-
ton to abolish his own Bank and his
office. Upon seeing the rule
and it's propriety, the general will have
to withdraw from the Bank or from the
Canvass.
| think it is sufficient to show this at
least, that the General is not in a posi-
lion to be an impartial Legislator in a
contest between the people and the great
monied monopolies which have wrought
heir ruin. That however honest, his
Judgement would be warped by that in
iuence, for his own line of thought
md action have been all in that direc-
ion.
To further illustrate my views on the |
question, 1 give another extract from
hat same speech. OF course, had no
eference to the General-and earnest |
hope he will so understand it-for [ |
lad no idea he wonld be a candi-
late for Congress, and never dreamed |
hat any Bank President would; when
he existence of that Bank will be the
'reat question before Congress and on
which he will have to act: =
ut will not, believe, be denied that
he average rate of bankers loans ex-
leeds 1Oper cent. per annum. The Gov
rnment pays on the whole sum depos-
ted as security 6 per cent. interest in
old, which, taking the five years last
'ast, has equaled per cent in curren-
y, making the aggregate rate of interest
Il this financial policy of the Govern
nent against the people II per cent. per
,aeaeatns, rate denounced as usurious
nd unlawful by almost every civilized
lation on earth a rate which no people
an carry and prosper; that rapidly
entralizes the money in the few and
makes poor the many"
| leave the people to determine where
be interest of the country would be
confided to Congress composed
7holly of Bank Presidents and those
Tho are large holders of Bank stock
n that event New England and the
1oney changers would rejoice, while the
eople would mourn. Then, indeed,
7ould the cry go up from an oppressed
eople, God save the Commonwealth.
81 JOHN T. HARRIS.
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