The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-26
An Inflated Currency.

Judge Harris has a familiar way Of en-
forcing his theory Of greenback imitation by
abiding to those who were so unfortunate
as to purchase property at the inflated
prices, partly for cash and partly on credit,
and when the pinch came to lose the amount
Of the cash paid in the subsequent sale OF
that property, when the reaction from the
imitation occurred. He argues that this is
one of the results of the contraction OF the
currency, when if he would take the trouble
there has been no such contraction of cur
rency, as he asserts, but that it has been a
contraction of credit and confidence, follow
ing, as a natural result, the excessive spec
ulation that came on after the war, and kept
up until the strain became too great and
collapse took place. This condition of things
was no fault of the Government and was
effected by no legislation. 1t was the oper-
alton Of cause and overtrading, ex-
travagance, and speculation, upon expanded
credit, and the arrival of the day of settle
ment and adjustment.
His idea is that an imitation of the cur
rency would enable these unfortunate pur-
chasers to pay off their Indebtedness in a
deprecated medium Of exchange, which, by
the very fact Of its depreciation, would cir
culate more freely. Did it never occur to
him that this condition Of things would pro-
duce another class of unfortunates, who
would follow directly in the footsteps Of
those who had thus relieved themselves, and
that the same system of imitation would have
to be repeated to relieve them, and so
continued ad minimum? Another fact he
seems to lose sight OF, and that is, that it is
not the business of the government to SUI
pervise the investments of individuals, and
to correct all the b!unders into which they
may fall, fiom want Of judgment and prop
er caution. Its duty is to furnish safe,
solid financial system, uniform in its opera
ton and applying to all alike. And it is the
business of the people to regulate and adj
just their investments and trade transac-
tions by that system. With an inflated, ir-
redeemable, fuctuating currency. prices
would rise and fall, entailing perpetual loss,
and stimulating a spirit of speculation,
which would render all values uncertain and
unsetrle all the business relations of the
country. There can be no security to hon
est industry, no assurance Of legitimate pros
perity, no health to general trade, which is
not regulated by a recognized standard of
value and founded upon a Notwithstanding
basis.
We are glad to know that such thoughts
are rapidly taken hold OF the people-that
the views of Judge Harris and Capt. Paul
on the greenback question are condemned
by some of their warmest personal friends,
and that four -fifths OF the voters of the dis
trict are in direct antagonism with them on
this question. Harris men and Paul men
have told US within the past week, that Fly
do not intend to vote for men aRy longer,
but for naeGsares-that sbe# were tired of
the perpetual clamor about s'greenback
currency" and s'more money!" when all
know that no values worth having are ac-
ez1ired except by patient industry, and that
the government has nothing to do with the
management of mans private business.
This sentiment is steadily growing, as the
people get the facts, and reflect upon them,
and it will continue to grow as fair, legiti-
mate arguments are presented and pom
dered.