The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-07-25

try is in It's lands, and whenever by an.
system OF finance Government reduces it
value, then to that extent it has reduced tn
wealth Of the country. Sir, if every man
every country and State were out OF debt
this doctrine would not apply. For it al
were free from debt, it would matter it'll
how much circulation there was In the coun
try all would be even in the race. There
could be no forced sales OF property; thu
holder of the latter would be as indepen
dent as the holder of money Or credits. Bu
the dollar now represents twice as mucf
land or property in the hands Of the debtor
as it did when the debt was contracted. The
result is, property must be sacrificed to sa-
tiate the appetite of the dollar. The friends
of this moneyed system cannot deny the
facts, but allege the crash must come some
time and as well now as any other. This
means everybody involved must be crushed
to restore prosperity, and the greater the
rapidity of the ruin the more creditable the
result and the more speedy the relief.
[ take it, Mr.. Chairman, that this theory
of finance is not consistent with the views
of the thousands who toiled for lifetime
to secure competency for themselves and
families, and thought they had secured it.
How will it suit the weeping mothers and
little children when they see their last arti-
Gle of property pass from them by this poll
cy? How with the laboring-man who has
struggled all his life against adversely, who
in best times one day could only provide for
the next, who sees those loving him and
looking up to him crying for bread that is
unattainable by constant toll? Not so
smoothly will the world move on to them.
Much of the trouble comes, Mr.. Chairman,
from the fact that those with whom the
world does move smoothly cannot appre-
ciate the wants, the suffering, and the con-
dition of those differently situated if they
could, then cannot believe there lives in
our broad country any set of men who are
so heartless as to impose this system upon
them.
Mr.. Chairman, more than four years ago
I took occasion to express my views upon
financial questions, and then foretold the
result of republican legislation. What 1
said then applies with great force now, for
the reign of ruin is now more universal, and
I take the liberty of reproducing portion
of it:
But Mr.. Speaker, we are told that there is a sui
ficient amount OF circulation to meet the wants
81 MFR 10 4
mine by any system OF calculation. We must
therefore look to the amount now in circulation
in other countries as well as in our own, before
the present state Of things existed, to act with
wisdom on this great question.
ENGLAND.
Total circulation. s7sI j;
Amount Of circulation to each person.. s24 IS
Total circulation ooo oog
Amount of money to each person...... $34.62
GERMANY.
Total amount in circulation. ,Osl Oo0 OOc
Amount OF circulation to each person $26,6O
UNITED STATES
Total amount in circulation .$669, 900 000
Amount of circulation to each person. SIG
SOUTHERN STATES.
Tn 186I-'62 bank circulation ST. 1888 400
Ia 1873 bank circulation. 80, l6O,3Oo
Tn 1850 hank circulation $40, Sl7 14S
Bank circulation to each person, $12.4l
In 1873 bank circulation. 3,9O2,342
Amount of circulation to each person.. 1926
Thus, Mr.. Speaker, it will be seen that while in
England, France aud Germany the average circu-
lation per capita is 1928 go, in the United States
it is only $l62 and in Virginia only IS 26 for each
person, difference in favor Of those countries
over ours Of nearly 100 per cent, and over my own
State of nearly 900 per cent.
But, sir, this is not all or the worst: Great
wrong and Injustice exist in the unequal dlStrl-
button Of the bank circulation. The facts and
figures with I give will startle gentlemen who
have not examined this question.
BANK CIRCULATION.
The five New England States have. 81 ,489 966
The five Middle States have. 124, e08, 139
Total in the ten States East........ 235,O9S 1O5
The fifteen Southern States and the
District OF Columbia have only. $36, l6O, 3O8
The twenty Western and Pacific States
oniy ,.,..................... 1886
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