The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-11-07
Senator Bayard on the Currency.

at the Academy Of Music, Philadelphia, on
the night Of the LIST instant, on the subject
OF national finance and currency. The Bal
tlmore San, of the 4th, has the following in
reference to the speech, and the patriotic
sentiments it proclaimed. We commend it
to our Democratic friends, who have ex-
pressed sympathy with the greenback move
ment and deprecated paper currency.
1t will do them good to have their memories
refreshed from such source. The Sun saws !;
While the meeting was called under democratic
auspices. the vast audience which filed the Acad
envy included members OF both political parties.
According to the Philadelphia papers, republi-
cans sat upon the stage beside democrats to listen
ito democratic doctrine from one of the abIest
democratic represe Natives The Union Repub-
lican Club illuminated its headquarters at Ches
| nut and Eleventh streets, and made the streets
| light as day with fireworks as the democratic
Amerlcus Club, whose especial guest Mr.. Bayard
| was, marched by escorting the Senator to the
place OF meeting. This generous union of both
parties TO do honor TIC statesman Of unsullied
character and of unquestioned ability and patri
otism was cred1tab1e to all concerned and, occur
ing in the city ofPhiladeIphia, where party spirit
mas formerly run so high, is particularly crafty
| ihS ahl oiSuiuCdul w lille IL was a Well-merlted
| tribute and compliment to the Senator and the
man, it was also popular dem onstration in favor
OF those principles OF sound political morality
and finance in advocacy of which he came to
speak, and which he claimed as the especial heri-
tage and tradition OF the political party to which
ne belonged The subject of finance Mr.. Bayard
recognized in the commencement of his address
as one better fitted for the council chamber and
Tor the political student in his closet than for the
hastings. About it there is little to kindIe popu-
lar enthusiasm and nothing to amuse. The ora
tors who conrive to be jocose over the subject of
the currency and to excite the merriment of their
hearers, for the most part can only succeed in be-
ing amusing at the expense of being fippant.
The subject in its practical application is too
serious for laughter in its details necessarily drv
and yet, as Mr.. Bayard Justly observed, in its es
sent1ai principles it is one which, in a popular
government like ours, ought to be understood
by the people. 1t is one of the responsibilities
imposed upon US by the very nature CT our insti-
buttons; fact which only makes the responsi |
plllly ooubly great OF those who undertook to |
solde' TO instruct and inform the public mind |
1t is case, unhappily where demagogues rush in |
where statesmen fear to tread. All the more val
liable. therefore, are the clear, Ineligible, |
straightforward utterances of a man like Mr.. |
Bayard, Who evidently has no copcealment TO
practlce, and is deferred by no fear of giving Of
tense from frank and manly exposition of his |
opinions Upon the relation of the democratic
party to the subject of resumption he was par
ticuarly explicit and happy. He denied that
there was any hostility to resumption expressed |
IN the platform adopted by the national conyen.
tlon OF the party at ST. Louis in 1876. In that |
platform the rep al of the resumption act was
demanded, "but why? ?" he asked and answered
1t for himself by saying: Because it was consid-
cred an obstacle to reSumntion
ton, then, denounced? Why, no the republic
can party was blamed and justly blamed, for not
having taken one honest step towards it, If if
lie rule OF law that when the reason for the law
ceases the law ceases also, then further talk of
the repeal of an act that is already accomplished
Is idle We must not stultify our record by talk
ing against resumption. Whatever was the OBJ
lect OF the act, whatever the real or pretend.
ed necessity OF its repeal it certainly does not ex-
istnow.' Mr. Bayard held that the democratic
party was committed by every tradition of IFS
history, by the teachings and example OF its most
llustrious and trusted leaders, by its own repeat
ed and solemn pledges to be "hard money par
ty" He said: II have rubbed my eyes in won
der when have heard the republican arty claim |
10 be the party OF honest money. All the conse-
quences OF to-day, due to the vicious legislation
OF the period between 1861 and 1875, are dine to |
Them" While thus emphatic, however in the as
Sertlon ana V1ndlcatlon OF the political consist
ency OF his own party, Mr.. Bayards speech was
anything but partisan address, He showed
that all the trouble and depression of the present
times were largely due to the adoption of a false
standard of values, consequent upon the intro
duction OF an irredeemable paper currency. and
OF the extravaganza national, State, municipal
and individual, encouraged by the same cause |
He contrasted the dition of the United States
in 1885, without one dollar of national debt, and
a surplus in the treasury which had to be divided
among the States, with the condition to which we
have been brought by wars cruel waste and de- |
struction and by the evils of an inflated currency
At the same time he recognized how much pro- Z
sress had already been made, in spite of bad lep
Station, in the way of paying off the enormous
burden OF Indebtedness and preparing the way for
return OF prosperity, when more economic
Dract1ces and wiser counses shall prevail in the
of the government. The recen.
ion accorded to Mr.. Bayard's speech, of which I
III the Philadelphia papers giving glowing ac-
counts proves incontestably that, SO far as this
altitude is concerned, in the middle tier of States
% which Maryland and Pennsylvania land we ;
nay add New Jersy equally with Delaware) he n
ong Mr.. Bayard is representative man, and his T.
views upon the subject of the currency are those II
leld by the great mass of the people. Financial
leres1es and novelties have found no root among l
he sober-minded, conservative people of this
'art OF the country. If they have seemed to have
cquired summer growth anywhere among us.
he November frost will be pretty ant TO xiii
hem off.