The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-11-07

ter OF complaint that this discrimination was
not removed as soon as practicable. This is
now almost accomplished, and who would
desire it otherwise? All money should have
equal value, and the best standard is coin
money. do not say that coin money should
be the only money /; for believe that paper
money equal to coin is, for current purposes,
more convenient than coin money ; but the
only test of its equality to coin is that it is
redeemable in coin on the demand Of the
holder. IhaVe no wish to enter upon the
controvelted political question whether the
best mode has been adopted to bring this
about, for upon this point we might honestly
differ; but upon one point | think we can
ali agree, that having gold, and silver, and
paper money so near to each other, we will
not allow the gap to: widen again, but that
all money shall be Of equal purchasing pow
er. SO that the rich and the poor, the bond
holder and the noteholder, the landowner
and the iaborer, may have, as he chooses,
either form of money for his labor and pro-
auctions. I am frequently asked whether
We can maintain the equality of this money
after resumption. l say, without hesita alton,
that we can do SO, but we must not force
the issue of either form OF money when its
convenience, the popular demand for it, and
the separate uses for which it is designed,
will not keep it at par with the other.
"Under the resumption act of 1875, the
maintenance Of resumption after January,
1879, was a very easy problem. 1t was re-
sumption upon 100000 United States
notes, and upon one coin, that of gold. Con-
gress, by law. requires resumption upon
346.000,000 of United States notes. [taIso
requires resumption upon gold and silver
coin, but the bullion in the two coins is of
unequal value, the silver in the dollar being
worth. in gold, only eighty-three cents. If
the market value of these metals was at or
about the relative value fixed by law for
their coinage, resumption in both metals
would be much easier than in either. It
would be very easy to resume in silver dol
lars alone, but it is resumption in gold coin,
as we'll as silver, that is provided for by law
as Wei as by public policy. The coming of
100000 monthly of silver dollars of full
legal tender is a disturbing element which
we cannot now compute. We can only hope
that, before its issue is greatly increased,
Congress will either limit its amount, or
make it contain enough silver to be equal in
value to gold.
''We have now in circulation $346, 900. 900
of greenbacks, Of which more than sixty
millions is held in reserve. We have now
sl37, 100000 in gold and silver coin and bull
lion in the Treasury, over and above all 9TH
er coin liabilities, to redeem any notes that
are presented. 1t is believed that the su-
perior convenience of paper money for all
the uses Of life will make it pass readily in
preference to gold and silver as long as the
government shows determination to main
tain it at par with coin, and will freely use
its ample powers for that purpose. Gold is
now coming to US from Europe for our pro-
auctions. We are now buying gold and sill
yer in North Carolina, Colorado, Nevada,
California and Montana at par with paper
money, and our mines are now yielding an
nually one hundred millions of precious
metal to reinforce our stock. We have as a
supplemental or ancillary paper money three
hundred and twenty-five millions of bank
notes, absolutely secured beyond danger of
loss, issued by corporations scattered through
the country, and abundantly able to and re-
qulred to keep their notes at par, and if they
fail, with assets in our hands, ample to make
their promise good. | therefore say with
confidence, that, unless the people prefer ir-
redeemable money, we will have redeema bic
money at par with coin, and that will be
gold coin. unless the people demand that
silver coin of kind less valuable than gold
coin shall be Issued in such quantities as to
drive out of circulation gold coin, and thus
become the sole standard of value.
'But the brightest promise of the future
is that our peop.e, inhabiting the fairest por-
ton of a continent fresh for profitable labor,
are becoming day by day one people, united
in hope, confidence, and fraterni:y-that the
jealouses, dissentions, and sectional con-
tests of the past are disappearing. Accused
be the man who would reopen these dissen-
sions, or who would deny to any man the
free and equal and peaceable enjoyment of
any right given him by the constitution and
laws of the land. 1t is only on this platform
we can build our hopes for the future. If
we can all stand on this there is no hope or
aspiration for our country we may not in
dulge-peace, plenty, and prosperity liber-
ty, equality, and frasernity-the law as our
master and guide.''