The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-15
Resumption Of Specie Payments.

The Bankers Association, which met last
week at Saratoga, on the Sth inst, adopted
the following resolutions
"Resolved, That in the opinion of tLis as
ISOLATION the near approach of the day ap-
pointed by law for the resumption of coin
payments and values is to be hailed as an
event of the highest Significance to The pros
perity and welfare of the whole nation. be-
cause it is the only means by which indus
try, trade and general tranquility can be
restored to the people. The American Bank
ers'. Association, therefore, pledge aid and
support to the government in return to the
specie standard in the financial affairs OF the
country.
s'Resolued, That the resources of the
country, arising from abundant crops IN
several successive years, extraordinary min
eral wealth, large credit, balances OF trade
with other nations, and from the rapid de-
velopment of mechanical inventions and ap-
D liances by which productive industry has
been facilitated and increased, all happily
concur in supplying necessary means for coin
resumption
The sympathy thus declared with the pol
icy OF the Government, in bringing the COM
merciai affairs of the nation to solid basis,
and giving stability to the transactions in
all kinds of business enterprise, is shared
in by representative men from all sections
of the Union. And one feature of the pro-
ceedings-the unanimity of the voice in ia
vor OF the resolutions-is very significant,
coming, in some instances, from gentlemen
who are surrounded by inflationists, and
from others whose education had inspired
antipathy and antagonism to everything
connected with the administration of the
government, and especially the Treasury
Department.
/ This declaration is still more significant
when we reflect that it is the management
of the finances of government which gives it
character, and that when q party has sue
essfully devoted its efforts to establishing
national credit and a safe, reliable and sta
BILE financial policy, 1t has achieved the high
est mission of political organization, for by
this is all other interests of government
guaged and the prosperity Of the people as
sured. Republicans and Democrats partici-
pated in the proceedings of the association,
and all accorded to the administration the
highest wisdom in the courageous manner in
which the Secretary of the Treasury has,
under storm of denunciation from super
fetal demagogues, steadily moved forward to
the achievement which is now about to crown
his labors and his patriotism.
How much more is there in the deliberate
Secretary of the Treasury and the admin
istration, in common with the true interests
of the people, than the wild and reckless no.
tions OF ranting politicians about an9 I'M
limited issue of irredeemable grecnbacks:
In the one policy we find solidity to values,
safety to business enterprise, solid growth
to prosperity, and the healthy advancement
of all the material interests of the country.
In the other, imitation to values. I'M
certainty in business, reckless spirit Of
gambling in all commercial transactions,
with the certainty of eventual revulsion and
ruin in all industrial endeavors.
The common sense OF the country must
recognize that to have substantial prosper.
itY we must have substantial basis for it.
1t must be further recognized that the con-
summation of the aim of the government
in reaching resumption, is necessarily the be-
ginning of solid prosperity, for it gives en-
enlargement to enterprise, assurance te
capital, and forces into the channels of trade
the enormous volume of currency now ex
isting, much Of which has been inactive, fol
the very cause which is removed by resump
ton.
Why should the people-those who live by
their labor-ask to have inflated currency
now more than equal to twenty times the
business transactions? Why should they de-
sire to see wild spirit of gambling in al
the avenues of trade, the certain disturbance
of all values, fluctuations in all enter
prises? This country, since the organization
of the government, has never been in so prom
Using condition. With balance Of foreigr
trade in our favor equal to two hundred mil
lions of dollars in gold with two millions
of coin in the treasury, ready to be let on
to give health to trade as soon as resump
ton is consummated an enormous and in.
calculable volume OF gold coming in witt
immigration from all the nations of the
earth /; our mines pouring out ninety mil
lions annually; our minis coiningl near fifty
millions of silver annually; and all this
supplemented with nearly seven hundred
millions of national bank and greenbacl
paper, giving he currency available far be.
yoDd anything ever before known, and fal
beyond the demands of all legitimate trade
yet developed, what do the people want with
an inflated and irredeemable issue of green
backs? 1t is an insult to their intelligence
to assume that they do not understand the
motives of the insufferable demagogues who
are clamoring for that kind of initiation, Fhe
people are not all fools, that they can be
thus deceived and deluded by the miserable
politicians who are either incapable of COM
pretending the subject they pretend to dis
cuss, or are criminally wicked in the cruel
deception they are att empting.
What the people-the country wants is to
stop the agitation of the financial policy OF
the country. 1t has a policy. well defined
and safe-looking to the maintenance Of
the high character of our national credit-the
resumption of business enterprise upon a
healthy basis-and the advancement of the
interests of the people, and the steady de-
velopment Of our agricultural and mineral
wealth. Political agi.ators. who have no
real moral force to commend them, may seek
to dash down this cheering promise, and by
their appeals to the cupidlty and blind pas
sions of the masses, with assurances they
know can never be realized, swindle
themselves into Office and position, but fair,
honest presentation of the facts will thwart
the purpose of these designing tricksters,
and bring the common sense and common
honesty of the people to a verdict at the
ballot box. The issue should be courage
ously made everywhere, and on all occa-
sions, until the truth finds Judgment in the
popular understanding, and these dema-
gogues driven into retirement.
The awards by the Paris Exposition have
not yet been made public in Paris, though