Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-10-11

the members of the legislature to try it.
If we fail, let us look each other in the
face as honest men and raise the tax to
meet it. Some say ten, fifteen, twenty cents
in the 500 will be sufficient increase. The
speaker thought twenty cents would be a
sufficient increase even ifsthe creditors re-
fuse to compromise. 1t would only be 500
more tax to the man who owned $4,000
worth of property. Is there man in
Shenandoah worth 900 who is not will
ling to pay 500 more to have this matter
settled and out of the way? But the
speaker thought there were other sources
of revenue yet untouched-the wealthy
SPECTATORS in tobacco who make from
ten thousand TO twenty thousand dollars
year. They should be taxed. He beg
ged his hearers when they went to their
homes to think over these things.
THE NATIONAL FINANCES.
The speaker then went into the national
finances. His statement was exceedingly
simple and clear. The $4,000, 00O,O 900 which
the Federal government came out of the
war in debt, represented just that much
absolute loss that had to be made good.
Not by legislation. for legislation can re-
store nothing that is lost: not by doctoring
currency, for that could not bring back
the lost property and life and muscle of
the country, but by time and work. But
that was not the idea with which those
who survived, came out. Money-curren-
cy. had been so plentiful during hostilities
that every man at the end was filed with
imitation ideas. With us at the south a horse
had brought 81, 500 or $4,000. We esti-
mated ourselves at many times our value,
and as time passed we had to simmer
down. The money doctors tell US now
that our collapsed condition comes from
another cause. 1t is the old story of the
quack. The man has dyspepsia; he has
been eating too much and suffering in pro-
portion. He thinks it strange he doesn't
improve, and rails at his fate. At last a
quack comes along and tells him that he
hasn't dyspepsia at all, that he knows
what is the matter with him, and has the
very thing to cure him. Is this new doc
tor one who has had much success? Not
much! Or is he philanthorpiSt, seeking
others good? Not much! He is DR.. But
Ter, who has rushed forward and grasped
the public pulse. He cries, 81 know what
is the matter with you; you are suffering
from contraction. I'll cure you. I'll in
fate you Great laughter). You are suf-
fering from the want of money. IA voice
That's what we want.) Ill give you
greenbacks.''
There are various shades of greelbackers.
They go all the way up from initiation to
the issue of two thousand millions of il
redeemable greenbacks. Some want "fiat'
money, which is printing the denomina-
ton on the note and letting it go, on the
principle of an old saddler in West Vir-
ginia, who used to give his note and then
give another when that wore out. That is
the practical operation Of the idea of the
extreme greenbacker. 1t would be a bad
day for the United States on which it is
sued money not on gold and silver basis.
Foreign nations have tried it; the faith
ers of the times of the Revolution had
tried it, all with disastrous result. And
another government, said the speaker,
fumbling in a bundle of papers, has tried
it, and here (Eolding up a bundle of SIS and
$40 and 500 of Confederate money! is some
of the result. The crowd laughed heartily
as it recognized the old familiar currency.
Irredeemable money had brought destitu-
ton and ruin to all who had anything to
do with it. The audience well remember
ed how at first there was an old issue of
Confederate money; then the new issue;
then the cotton bonds of the Confederacy,
all getting worse and worse, and all based
upon nothing.
THE ALLEGED CONTRACTION.
The advocates of flooding the country
say that the present hard times come from
not having money enough. Now everybody
will admit that 1860 was a prosperous year
and then there was only $207, 100000 OF
currency in the country. This year There
is $685. 900 ,OOO-three TINES as much. So
much for scarcity Of money. But they say
contraction brought on the crash OF 1873
Well you all agree that from 1865 to 1865
business all over the country was flourish
ing and yet you will be surprised whenyou
are told from the official records of the
government that in those three years the
currency was contracted by the sum OF
1920, 1000. The panic didn't come till
five years afterwards. So contraction
didn't bring on the calamity. Then what
did? From 1869 to 1878 the currency was
increased S56,000,000. 1t is more likely
then that expansion did it instead. But to
90 back to the real cause. the country has
lost $4,000 100000 worth of property and
the men and women of it instead of econo'
myizing and trying to retrieve the loss have
been living beyond their means. Between
1865 and 1875 our people imported $780,
100000 more than they exported. And
this had to be made good. The crash that
came was inevitable But when it came
men looked around bewildered forgetting
the cause and only writhing under the eff
feet. They cry give us more money. Very
good; now, give you more money and what
will you do with it Go into building
railroads why $2.5OO,oOO,OOO have been
sunk in railroads which are not yielding
cent. Build ships? There are 100000,
900 worth of ships rotting at our wharfs
without employment. Ships are carrying
wheat from Chicago to Buffalo at II cents
bushel. Put it into lumber ? The lum
Der that is cut and lying idle would load
thirty thousand miles Of railroad cars.
Put it into commercial business? Thirty
thousand merchants have broken up and
sunk 81 ,OG0, O00,0 900. Where could you put
money if you had it. A capitalist in New
York recently said if you can show me