The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-17

Gus and happy. the paper currency was
| $207, 900, 900; now it is 1858, 597, 275. But
we are told that the trade and population
has increased, and therefore there Is great
er demand. Has it increased threefold?
But look little further. From 1865 to 1868
there was contraction of $3.50, 1000, 900, and
yet no one thought Money was scarce then.
From 1869 to 1873 there was an increase of
$56, 000, 900, and yet the crash came.
And what was really the cause of that dis
aster? 1t was the inevitable result of the war.
1t was the day Of reckoning when the ac-
counts had to be squared. During one year
OF that war the National Government spent
81, 000, 100000, and the whole expense was
three times that amount. Three thousand
millions OF dollars swept out Of existence as
completely as il it had been tossed into the
crater OF burning volcano. The Govern
m mt had issued Its promises to pay land that
immense sum represen ted simply the amount
of her debt. Not only this, but million men
were taken from the ranks of the producing
class and placed on the list of consumers.
The Government had to 60 into the markets
and buy,anl as consequence prices went up
and money went down, so that at one time
gold was worth $500 in greenbacks. When
the war closed, this immense oss and accu-
mutation of debt, faced the Government. At
the South the situation was even more des-
perate. Her fields were laid waste, her homes
made desolate, and the flower of her man.
hood was sleeping beneath her soil. Millions
upon millions were swept from the face Of
the earth. All OF this loss had to be made
up. No nation has ever yet engaged in war
upon whomIthe same blight did not fall. 1t
| is the inevitable result OF war. The reac-
| ton must come, the wounds must be healed,
and it is this process Of healing that bears
so heavily upon us now.
After the war, to augment the obligations,
came the period of speculation and extrava-
gance. From 1865 to 1875 our imports ex-
ceeded our exports ST. 900, 5000 Which
meant that the people had gone into debt to
that extent. Since 1875 our exports have
exceeded our imports $500, 900, and thus one.
half OF that debt has been discharged,
and each year it is rapidly diminish
ing, and it will be but short time
before the balance is in our favor.
The Government has paid off one third of its
immense debt Of So 1000, O0O, 900, and now at
time when the promise is so bright before
US, when every indication points to pros
perity based upon solid foundation, when
each man feels that the bottom has been
touched and new business life opens be-
fore him, when we have passed through the
agonies and healthy vigor once more is man.
ifest, when the government, after years Of
trial, stands ready to redeem in coin its every
obligation at such time the greenbacker
steps to the front and says that it is more
money we want. They propose to undo all
that has been accomplished, and throw us
back into the mire from which we are just
emerging. Are you willing to again run
into debt? Are you willing to again endure
the fearful trials you have endured? Are
you willing to throw away the results of all
these years OF hardship?
How much more money do they want ?
The Missouri inflationists demand s2,0O0,-
$1,000, and that means that the govern
ment shall again run into debt to that
amount, and, if the history of the world is
not lie, it means disaster.
1t is the laboring man who is most imme-
diate!y interested in having sound curren-
cy. Upon his daily wages does his bread
depend, and he must see to it that the mon
ey for which his strength is expended, is
such as will enable him to provide for the
necessities of life. When wages were high
every thing else was higher in proportion,
and to-day the money for days work will
buy more than it has ever bought before
Has reason fled. that you should imagine that
however plentiful money may be, it will fall
into your lap, unless you have something to
give in return for it? Don't suppose that
the days of mamma are to be repeated Hard,
honest work is the only remedy, and two
years from now you will scarcely find man
who will be willing to acknowledge that he
ever favored this wild imitation scheme.
Some say repeal the Resumption Act. For
years we have been struggling to resume,
and now just as the prize is within our
grasp, shall we throw it aside? What good
would it do? We have passed through hard
ships, and now all that is wanted is peace
and quiet. Resumption is already accom-.
plished. Don't plunge again into the mad
innate ruin.
Is there too little money? If you have
anything to give for it, it can always be
found. To be sure the farmer thinks it hard
when he gets but IS cents for his wheat, but
that 90 cents will buy as IN UGH as 81. so would
three years ago. 1t is not the amount. it is
the value, the purchasing power Of the mon
ey that should be considered. Towards the
close of the war, there was man in North
Carolina who wanted to sell miserable old
mule ard cart for $4,000. The purchaser
objected, saying the price was enormous
But" said the mule owner, ''you must
remember the kind of money! swell, u
said the purchase, ''what do you say to this p
pulling out 800 gold piece. 80 - was the
reply, ''if that's the money you want to pay
with, III give you the mule and cart for the
gold piece and $400 in change"
Ard now as to this fiat money. What
does it mean? 1t means that by the decree
or fiat of the government, piece Of paper
shall be stamped $40, $40. $50, &C.. and
hall be legal tender for that amount. This
idea is by no means new one. China tried
it in the 9th century, with disastrous effect
France tried it with like result, and it met
the same fate in this country in the days o.
the Continental fathers. Later, it again
came into notice. You remember these Tex
bibiting handful of Confederate notes. and
what are they worth? And yet the fiat mon
ey is not as good, for these promise to be re-
deemed two years after the ratification OF
a treaty o:peace, and the fiat money prom
Uses never to be redeemed. The history of the
world does not furnish an instance in which
an irredeemable currency has not brought
disaster upon the people.
Gen'l Echols closed his address, which
was frequently interrupted by enthusiastic