The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-17
STAUNTON. VIRGINIA. OCTOBER II. 1878.
was the foundation on which the loan was
asked. [Applause.]


asked. [Applause.l
The eminent Senator Thurman. of Ohio,
recently made speech in which he took the
ground that the Government should issue al.
paper money. read his speech with the ut
most care, because thought if there is any
man who can give solution OF that question
it is Senator Thurman, Of Ohio; and when
he came to that point-as to how the curren-
cy should be Issued, with any limitation upon
the value-he did as the little boy does with
the hard words in the spelling lessons-he
skipped right over it, laughter He had
nothing to say. Well, the other answer is,
Congress has exercised that power, and may
be safely trusted again to do it. Aye, my
friends, that is the great mistake. Congress
has nothing to do with the demands of trade.
Congress was called upon by the pressure OF
war to say what was needed by the demands
of the Government regardless ofthe demands
of trade, and in violation of the demands OF
trade. That was a very different matter
There isn't merchant who doesn't remem-
Der that all prices were disturbed by the rap
id issue of paper money by the necessities
of the Government, creating an abnormal
rise in prices, and giving rise at once to an
unheard of degree Of speculation. Should
Congress again have to confront the needs OF
the Government, pressed by war, then for
time trade must step aside, because the
Government must look out for itself. That
was what was done during the four years OF
the suppression Of the rebellion. Another
way I have heard suggested was that we
should have constitutional amendment to
determine how much currency should be in
circulation in the country. That would be
very handy way. 1t takes two-thlrds OF
the Senate and two-thirds OF the House OF
Representatives to even propose constltu-
tonal amendment and then it takes three
fourths Of all the Legislatures or conven-
lions of the States to agree to that amend"
mendment. If every time you need an in
creased currency or a decreased currency
you are going to have constitutional amend
ment submitted to the people to determine
the amount, as the average time in which
constitutional amendments have been adopt
ed in this country is four years and half,
that would be handy way of regulating the
currency. You have got to propose it by
wo-thir DIS of the Senate and House of Rep
resentatives, and then it has to go to the
States and be agreed to by three-fourths of
the Legislatures. Yet / see it solemnly pro-
posed by some of the modern greenback
financiers that we shall arrange the amount
of the currency per capita, and then issue
it. The whole idea is so utterly absurd that
no man familiar with the administration OF
government should speak of it for moment.
They say that all communities should have
the same amount of currency. You might
as we'll say that this State should have as
much currency as the prairies of Illinois
You must have currency to do the business,
and the idea of distributing it all over the
country equally is aridicu!ous affair. Now,
Mr.. Chairman, there may be modes invent
ed and devised which will give us a curr en-
cy flexible in its nature, adapted to the wants
of trade, using a term so frequently en-
ployed, and adjusting itself to the varied
conditions of the country in different sea-
sons of the year. The Republican party, It.
self responsible for the financial legislation
of the country for the last sixteen years,
has never, in any platform OF principles
have seen enunciated, made itself RESPONSE
BILE for the National bank system. But was
in Congress during the legislation ON the
subject, and have never been disposed to
shirk or evade that issue and while L dc
not pretend to know enough of the science
of finance to declare that the National bank
system is the end of all wisdom on that sub
iect | do make bold to declare that there
has never been in this or any other country
a system Of banking which gave so much alb
solute security to the billholder, as the Ma
tional bank system of the United States
| [Applause.] When you talk flippantly II
party conventions and elsewhere OF abolish
ing the National bank system, l beg you tt
reflect moment and see what will be the
| effect of this step. There are three bills
pending in Congress for restoring the ole
State banks. Do you want them back
IA voice-"No."l They were very good /
the men behind the counters were honest
The Suffolk system in New England wa
considered the safest, yet, with all its safe
guards, it was simply good if the men VIII
run the banks we've good. If the men be
hind the counters were dishonest, it was
fraud upon the public. We had enorm gu
explosions among the State banks. Twenty
five years ago bank in small town
Maine failed. 1t had taken out $500, 900
bills from the engraver, and S275, 900 OF thos
bills were out when the bank failed an
they are yet out. The losses of the Amer
lean people through the failures and defal
cations of State banks annually was fl
larger than you can ever make by the sy
TEN of National banks, because the poop
had no mode of regaining their losses. If I'll
Republican party had no other claim for r.
spect upon the intelligence of the America
people, they would have large one in stel
ping forward and saying that these thlrt
; eight United States are not going to ha'
thirty EIGHT kinds of money, but one kin
circulated under the authority Of the Natio
[Long applause.] And then the Repubica
, party said another thing. Senator Thu
+ man describes the National bank system
an odious monopoly.
1 don't know what dictionary he studio
e In the dictionary read, a monopoly is dc
r cribed as something enjoyed by an indlvl
8 al to the exclusion of his fellows. Wh'
: the Republican party came into power
: found that the various banks existed large
It by special charter. They perfected the N
}. tional bank system. They said so far
h banking is concerned in this country
is should not be a peculiar privilege for A,
], or c, but anybody who chooses to engage
Is banking shall have as perfect liberty to
N so as any other individual, and this is
j way to do it. Any five gentlemen in
/ crowd, or any other crowd, who choose
le organize bank, are at perfect liberty to
Id it, with just one simple condition, and t
= is very important. The United States ST.
at forward and says you may organize "
TX hank hut before YOU do it YOU must S