Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-10-15

have voted for either one in the field
Then taking up the two questions in the can
vass-the State debt and Federal finances b.
said that the former was not properly an issu'
before the people, for Congress can have no con
troll over the settlement of the State debt. ant
he would pretermit the whole subject, but fear
ed his doing SO might be misinterpreted. H,
had already expressed his views on this subjec
In several counties, and couldSnly say here, a
he he'd said there, that he was unalterably op
posed to any forcible readjustment of the Stat,
debt. [Great applause.] First, because in it
self it was wrong; and Second, even If no
wrong, it cannot be accomplished.
he then gave a brief review OF the way il
which the debt was incurred, showing that thu
people to-day were enjoying. in facilities o
transportation, the benefits derived to the Stat
by this Indebtedness.
He spoke of the great losses, both private ant
public, suffered during the'war of the differen
steps of legislation finally resulting in thu
Funding bill, which was q proposition mad
by the State herself to her creditors. After
wards, in 1872, the Funding bill was repealed
and the bonds not funded are now outstanding
known as Peeler bonds.
The Courts. up to the highest have held tina
the State was bound by the contract, and bounG
to pay the debt as compromised. The men OPP
posed to the Funding bill propose to turn GU
our present Judges of the Supreme Court, ant
put in men who will decide as they desire then
to do Shall we aid in this attempt to destroy
the liberties of our country and the purity O
our judiciary?
And even should this be accomplished, Their
Is still another Court of higher authority
whose decisions are recognized by all the PEG
pie as the law of the land, and which will holt
the contract binding. What would be the re
suit? We would see State, ever proud of he
glory, failing to accomplish her own disgrace
without reaping even the poor reward of get
ting rid OF her debt.
He believed that the debt could be readjusted
and that the creditors would accept new bond
bearing per cent. interest. Wherever he ha
been in the District he had challenged tho re
adjusters to try this proposition of compromise
He spoke of the extravaganza of the Stat
government, whose expenses in 1860 were $500,
900, and which after the war, with reduce,
territory. were run up to 81 600. He was II
favor of cutting down expenses and shove,
how this In great measure had been accom-
plished in the criminal procedure of the State
and in the substitution of biennial sessions o
the Legislature for biannual sessions.
But If cutting down the expenses of the gov
eminent tails to sufficiently increase her reve
nues to pay interest on her debt he was in ia
vor of raising the taxes and do all that may b,
necessary to save the honor of tne State lad
plause.l
He claimed that an increase OF twenty cent
on the 500 would pay the interest on the debt
| and did not believe there was a man in tn,
State, worth $4,000, who would refuse to pay S2
to save the honor of his dear old mother. L
you go to the rich man; he will say increase tn,
tax; but if you go to the man who pays no tax,
es, he will say, with an air of great Importance
can stand no increase of taxes.
He quoted tie remarks of Lord Macaulay
in reference to the disgrace which falls upon
State when it forgets the policy of honesty, ant
cited the case of Mississippi who forty year
ago refused to pay her just obligations and has
ever since been disgrace and a reproacl
among the nations of the earth.
When in Albemarle, recently, he was inform
ed by the county treasurer that the county tai
had been increased ten cents and that he had
yet the first man to see who had ever noticed
the increase. So, he said, it would be with in
creased State taxation; if it could be don,
without SO much talk about it, scarcely MAI
would know the difference.
Apologizing for having devoted SO much
time to the outside question Of the State debt
he said the other issue in this canvass which
does interest every man in this Town, County
State and whole Country is.
WHAT SORT OF MONEY SHALL WE HAVE?
He drew vivid picture of the fictitious pros
perity which prevailed just after the war, ant
of the great desire that everybody had to max
money all at once, and regain the time lost du
ring the war, when there we're, necessarily, s,
many persons changed from producers int
consumers. The people had been accustomed
to an inflated currency and they could no
come down to the prices which prevailed when
as before the war, we had a hard money basis
We began to lay out towns and corner lots ant
demanded high prices for them. Nobody
thought OF paying their debts; no. no, speeula
bion was rife in the land, and in a few years al
of us would be rich. Everything was love
ly, we lived high, spent money freely, gave
our sons good educations and presented GU
daughters with pianos, harps. &c. But the da,
Of settlement was bound to come. When tn
report went abroad that Jay Cooke Co., hat
failed, and one after another of the great firm
OF the country had gone under. every bod,
wanted at once what was due him and Their
came the panic. The creditors demanded wha
wait, wait, wait until 1 realize ON my Goa
lands, or my corner lots.
Over speculation has been the cause of ou
troubles. We must economize and labor. La
Dor is the foundation of all capital, and capita
is nothing but the result Of labor. economy ant
industry. Capital must be blown out of tn
earth and dug out of the mines.
This had been forgotten but now, we begin t.
remember the :edict which went forth at tn
beginning, that man must eran his daily brea,
by the sweat of his brow.
The quack political doctors tell us the coun
try is suffering from contraction, and the grea
leader of them is one not noted for his patriot
ism or honesty-General B. F. Butler, and h
proposes to cure the country by imitation
Now what was the condition of the countr
from 1865 to .1S6S? Everything was bloomin
and money was everywhere, and yet this is tn
time during which the greatest contraction
took place. In 1865 the currency was S9S3.000
&C., in 1885, SS9l 000 in 1867 1926 OO0 in 1S6
500, 10000 In 1869 the Government began t.
increase the currency. in which year it amount
ed to $685. 600 900, in 1870 1t was 500 0OO il
1871 s7l7, 100000 in 1872 s73s 900 O0o and in 1877
500, 100000, when the great panic. cmae. Ca
any one with thse figures before him believ
that contraction caused the crisis.
The Government of the U. s. spent during t.:
war $1,000, 100000, and this had to be replaced
she issued her promises to pay it and the
were taken up by the monied men of the coun
| try The country was flooded with money, blu
| the reaction was bound to come and it ha
come. During that time our imports exceede
our exports, but now our exports exceed GU
| imports by many millions of dollars.
THESE Greenbackers propose to flood tn
country with irredeemable money and compe
the country again go through the same f1nan
clal difficulties from which she is just recover
| ing.
| In Missouri they want $4,000, 900, 900 and ther
| is one man in this country who wants Green
backs twoand.a half feet deep all over the lant
All this cry for irredee mable greenbacks is
mere bubble, and in less than two years no on
| will be found to say that he ever advocated il
He opposed the repeal of the resumption ac
becaused he believed it unnecessary as we ar
now in the very act presumption. The Gov
eminent has been preparing for 1t for the las
five years and greenbacks are now virtually on
par with gold.
It is said that money is scarce but it Is onl
scarce because we have nothing to buy
| with. Ifyou have anything to sell you cal