The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-08

ing IN the legislation OF the country or the
policy of the government which has cause
the shrinkage of values, the suspension of in
dustries and the ''hard times" complained
OF. These occurred in obedience to a law
of trade, as well as of nature, that excuses
must have their reaction,and that it is more
difficult to recover from the prostration
incident to the reaction than to create the
excess. The history of all civilized govern
ments demonstrates this, in the periodical
panics which have occurred in every gener-
alton. They follow periods of prosperity
which lead to speculation, to unnatural slim.
lus, unhealthy excess, and consequent col
lapse, and will continue to do so as long as the
mental organism of man is as it has been
and is now. The influences controlling in
all these things are invisible, intangible,
inexplicable, yet working oat visible,
tangible, and demonstrated results No
party, no craftsmanship has ever yet been
able to provide against this, and never will
be. 1t may answer the purpose of super
fetal demagoguery to inflame the passions
of the people against this or that party be-
cause it may happen to be in power when
these periodicals disturbance OF values and
the operations of industries occur, but no
party has yet been able to offer successful
remedy. All theories fail when tested, and
all study of the intricate problem of finance
amounts to nothing when guaged by ac-
tual experience.
One thing we may safely assume and that is
that an inflated currency such as is proposed
| by the wild greenback movement, will not
add to the prosperity of the country, nor to
the interests of labor. We have now, with
our system of exchanges and checks, ten
times the currency that the business of the
country requires. What is wanting is con-
fidence and not too much of that, for it is
just as fatal to health in business endeavors,
by Initiating the operations of credit, as too
little of it. We are now recovs ring from IN
.fated credit, and not inflated currency and
it would be the supremest madness to en-
ter again upon period Of speculation, after
the experience we have just gone through.
While we differ with the facts and conclu-
sions of Mr.. Stuart, we recognize in his rea-
soning a safe conservatism, wise consider
alton for the true interests of the people
and of the country, and legitimate line of
thought and endeavor to encourage. 1t
is an appropriate time to warn the people
against the extravagant suggestions relating
to finance which are being flooded before
them, and to point them to the fact that the
labor of the country is just as deeply inter
ested in having solid basis for the circu-
lating medium as any other class. We may
not rush along so madly under the stimulus
of steady value to money and property, as
when the country plunged headlong into
speculation with an inflated credit. but
we will have the substance Of prosperity
rather than the shadow, and learn the i'm
portant lesson that a limited amount of SOL
id values. is better than airy castles, which
must tumble down upon us at the first Sc
we're adverse wind of fortune. We can look
all around us and put our fingers upon the
results of inflated conference.-the effects of
reckless Notwithstanding upon expecta-
ton, and thus mortgaging the labor and the
energies of the people. This greenback lu-
macy has in it nothing. but ruin and desolation
to the laboring classes, and danger for the
man of property. 1t may carry them up
for while into the very delirium of excite
mcnt, and then suddenly drop them with
nothing but their squandered enc rgies and
Frustrated hopes to cheer them.