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

issued vast quantities OF paper money called
greenbacks, which represented, really, tie
losses sustained in property, values, sc.
After the war madness TO become sud-
denly rich seized upon the people the old
doctrine that capital was the result OF labor
was discarded men held their land at fabu-
lous prices, clinging to war rates, but for
getting the character of war money, and a
season of wild extravaganza succeeded. We
flew in balloons, lived in dreams, but the
bubble burst at last, and the dream had
rough awakening. The crash came, and swift
upon its heels came hard times. and with it
the cry that contraction was the cause.
Like man diseased, who resorts for years
to doctor, and is bouyed with the hope of
getting better If time and nature are allowed
to assist science. Suddenly, fin despair, he
turns to quock. The quack tells him he has
not dyspepsia but asphyria. So quack has
risen in this country. Who is he? A brave,
honest, high toned man? No, it is General
3. F. Butler. He feels the public pulse and
pronounces the disease contraction, and he
and Kearney set to work to cure the coun-
try. They say the country has contraction
of the pocket. Wen initiate you-blow you
up-give you more money"
There are several classes of these quacks. But
Ter represents the most advanced. Some say we
want SIP 900 900, others 81, O0O0O0.OOO. Some
call for irredeemable greenbacks-fat money
Some time ago, IN reading the papers, saw the
word, and my eye-sight being bad. said "What
tn 10 H0fI moi
money means that Government shall issue pieces
of paper, stamp them $40, $780, $50, and say that is
money. He knew old fellow who was great
wag, but always hard run. friend loaned him
$50 and took his note for it. In about three years
he asked the lender if he had that note. The re-
ply was "yes." "Where is it ?" SIN my pocket
| us it worn out ?" almost what are you go
ing to do about it ?" "Well, Just step into my
shop and will give you another just like it, and
when that is worn out, come back and you shall
have another STILL" That is the theory OF the ex-
treme greenbacker. 1t will be a sad day for the
nation when it had a currency without coin me-
tallc basis-a currency that Government cannot
redeem. We want currency that will enable us
to know just what we have. The people of Shen-
andoah should not forget the old Jacksonian
Democratic principles.
This idea of fat money is not new one China
tried it in the 9th century with ruinous effect,
| though they would have decapitated man who
| refused it, France tried it with the same result
| We tried it in the Revolution-the old continen-
| tai money. 1t took the whole of the eight years
| wages Of a soldier to pay for his dinner on The
way home after the war. Confederate money was
an irredeemable paper currency. and the ruin
and disaster that followed in the wake is not yet
| forgotten.
Are the hard times attributable 20 the scarcity o,
money! From 1865 to 1868 things sailing along
| gloriously, and yet there contraction of
$3.50, 100000 in that time. From 1868 to 1873 the
volume of currency was increased $56 600 900, and
yet the crash came. They have mistaken the dis
ease and the remedy. The real cause was the OBJ
ration of 600 OF values This loss has
to be made up.
| After the war we became derange1. A corner
lot paper in city to be built hereafter, was
thought fortune. Those who wore homespun
dressed themselves in broadcloth and silk drove
fine equipages !; drank costly wines, and ran into
every extravaganza We forgot that day OF
reckoning must come. From 1865 to 1868 our inn
ports exceeded our exports 81, 600 200. We for
got that, in reality, that was debt we had to
pay, and sped on the crash came in 1873.
They say more money will relieve What
would you do with it /? Invest in railroads
| Thousands of millions invested there nov
paying no interest. Invest in shipping the same
fact faces us. Put it in business there has beer
$4,000 failures in the last few years. If you car
show how money can be invested at 8 per cent
you can get $50. 900, 600 in New York tomorrow.
| What will restore confidence Economy, indus
try. living within means. Wealth must be dug
| out ofthe ground forged from the anvil, wrough,
| out of the mines. That is the only source to
wealth-it is the edict which went forth from
Eden. It is the product of hard honest labor and
| Of If cIp uv,d oil
| Men tell you that we want irredeemable pape
money What good would it do if we have moi
value to give for it? Ifyou have goods you cal
| get it now,-you can get money-not Confederate
| money-not Confederate prices-but their worth
| in gold.
We are told that contraction caused the crash
| but the crash came at the same time all over tn
world, except in France where frugality savet
| her. 1t was brought on them by ruiIous war, a
here.
My opponent objects to National Banks, ant
says that am not the proper man for represen
tative because 1 am President of Nationa
Bank He thinks the other candidate unfit. ant
for what reason? Because he imagines that no one
| can fill the position but himself I acknowledg,
that there may be objections to the National Bank
ing system, but do say that it is the best the wi
| of man ever devised Under it the note holder il
| absolutely secure, because the Government is
| the gaurantor. He says they exclusive. An
| foe men here or elsewhere can OBJ tain a charte
| ffthey go to Washington and buy the bonds
| For what would he repeal the Resumption Act
| We have been struggling for five years to arriv
| at staple standard of value. and so nearly has
| success been attained that the Government couI(
resume tomorrow is it chose. Congress has
| said specie payment shall be resumed Januas.
| 1st., 1879, and resumption will therefore be al
accomplished fact before the next Congress take
its seat.
Now that we have touched bottom, let us have
quiet and wait until the reform takes place. as Il
Let the people know that We intend to settls
down on the hard solid basis Of the system of on
fathers. Let every man work. 1 greenbacl1.
must come, let them come along with the ability
to redeem them.
JUDGE HARRIS
followed General Echols and combatted him 81
every point, except that he thought the State
debt question was not pertinent to the canvass
but he felt called upon to discuss it for the reas
ceeded to defend the course of the re-adiusters
meeting the arguments OF his opponent. and ex
pressing his views in pretty much the sam
strain as IN his s!taunton speech.
In replying TO Gen. Echols on the finance ques-
ton, Judge Harris asked if we really did hav'
money enough. How does the sale of land COM
pare now with six years ago. Ready sale OF lane
is what increases currency. Before the war wheI
prices were moderate you had your own laborers
q do vnuP WORK nnw IL is done nv eyD pusiye ma