The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-03-07
The Effect of tie Silver Bill.

The theories of those who are called states
men, generally resolve themselves into fall
lacies when put to the test of practical ope-
ration. We attach very little Importance to
the speculative notions OF public men i'll re-
gard TO public questions. With the wisest
of them it is mere guess work, and expert
ment can only prove how nearly the guesses
are right. We have the truth of this premise
in the results thus far of the passage Of the
Silver BILL The opponents Of that measure
predicted sudden and widespread disaster
should legislation confront and antago-
nize the heartless money power Of the
country-that gold would instantly advance
and that national credit, represented i'll
bonds, would rapidly depreciate. The very
reverse is the fact, the actual effect con-
founding both the anti-silver and the silver
men. We find in the New York correspon-
dence Of the Baltimore Sun, both the cor
respondent and the San being opposed to
the Silver bill. the following very significant
paragraph-signiicant as to the facts in the
fluctuations in gold and bonds, and doubly
so in the assurance that business has re-
ceived favorable impetus under the in
fluence of recent national legislation. The
SUMS correspondent says, referring to the
effect OF the passage of the silver bill ON
Wall street:
Plenty ofpeople confidently expected that gold
would promptly leap up at least ten per cent and
| government securities decline proportionately !;
Ia Darfr nato tod mn in
significant fraction, only to depseciate yet more,
and the latter were reported firm and active
| the discontinue of rash prophets was q ludricouS
commentary upon the fallibility of human wis
| dom. On the other hand, the most earnest sup
porters of the Bland bill as amended by the SEN
ate have not been free from certain private ner-
! vous misgiviDgs as to what the earliest popular
| effects OF the above important step might e,and
their congratulations among themselves when
| the tone OF 1.-The street. was known were made
moderate by obviously yet remaining tremors of
| doubt. SO far as New York is concerned the
general result thus far is plainly a pnrnose for
both sides in the controversy, because both had
vehemently predicted consequences disastrous or
suspicious far beyond the positive warrant of
the absolute knowledge possible to either. Hence
with gold going steadily downward and govern
nent bonds holding IL cir own at home, while the
London Times labors ingeniously to explain why
they are likely to rise, even, in Europe the jour
nails and people are anticipating incalculable ca
lamlty from the Congressional action comic
ally awkward in their desperate essays TO recon
Gle their past convictions with present facts !;
and the silver folks show through their natural
Wanting a cautious wariness not 10 be too far
carried away by the sometimes delusive encour-
agement of mere first appearances, But whatever
the ultimate permanent fruits of the remoneti-
zing movements may be, it is worth noting that
these earliest indications have certainly brought
swarm OF former doubters over to the silver
camp, and the immediate effect, however tran
sient it may be, is unquestonably stimulating, at
least to the minor branches of trade here. Silver
dollars change hands with far greater rapidly
than would paper ones, if only because they
seem to be SO numerous everywhere and are like
ly to become more So; there is at once doubt
about their present exact value, and all kinds of
wild speculations as to how high they may ap-
| preciate in future ard between the consequent
conflicting impulses to spend and to reserve them
| they have a liveliness of circulation generally
beneficial to the retail shops theatres and public
| vehicles.