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


so that we have currency enough for daily
TRANSACTIONS amounting to the enormous sum
of SIS, 1855, Ais, 2S3. The daily transactions
do not probably amount to more than one
half of the currency we have. so that bust
ness could be increased to thirty-three times
its present volume without increasing the
currency u dollar. There is money enough.
and largely more than enough now, to give
ready facilities for all the business which is
likely to be done for a long time to come"
With the restored confidence, which must
follow the resumption Of specie payment,
and legitimate stimulus to industrial en-
terprises, it will be found that the gold, sill
yer and paper issues, will seek the avenues of
trade, and with this triple agency, the coun-
try move on in her grand career of progress
and Development.
We have so frequently corrected the falla-
cy about the internal revenue paid by Viz
einia, and the Eastern States, that it is not
necessary to more than repeat that the tax
on tobacco and whiskey is paid By the con-
sumer. whether he lives in California or
Maine. and that Virginia only pays on what
her citizens consume. The millions men
toned do not come off of Virginia, and it is
sheer buncombe to assert it. And so with
the bank circulation. There is nothing to
prevent the people of Virginia from having
as much bank circulation as they have money
to buy the bonds upon which to base it. They
cannot get that money by complaints, phil
ippics, Or begging. 1t has to come from pro-
auctions, and until we produce something
to bring money in we will rot get it. Nor
do we want the volume, as represented in
the figures adduced, controlled by the New
England States. They are manufacturing
localities. They have to have the currency
to purchase the raw material we produce,
and pay the labor that utilities it. Asapro-
ducine section, we could have no use for the
millions employed in New England, and not
until the people of the South realize that
manufactures must be encouraged, will we
have use for it.
The history Of the world does not present
a page of more axalted craftsmanship, than
is found in the management of the finances
of the United States since 1865. With q
whole section torn to pieces in her industri-
al, political and social relations, and
two millions of discharged soldiers TO be
assigned to places and pursuits-with
business Generalization pervading the
entire nation-tbe angry feelings grow
inc out of conflict and reconstruction
to assuage, and the forms of law. consistent
! chr 80 n,
forced-yet the government has successfully
grappled with it all, and year after year re-
duced the national debt, at the same time
the taxes were lessened, and an inflated
currency gradually brought TO u solid STAN
dard until now the paper issues of the gov
ernment are substantially on par with gold
and silver. To reach this result, it could not
nationally be expected that there would be
no fluctuations liz values especially when
we remember the wild speculations encour-
aged and stimulated by the redundant cur
rency entailed upon the country by the war.
To have permanent prosperity, we must have
a solid basis for business, and this could not
be assured so long as we ignored the only stan
lard Of value recognized in civilized govern
ments.
We are not disposed to hastily criticise the
| views advanced by Judge Harris as to green
backs. We are inclined to the belief that
their substitution for bank currency would
be an advantage, for the saving to the PEG.
pie would be something over SIG, 200, 900,
and not $21, 100000 as heasserts, in interest,",
| by retiring the bonds held by the banks as
the basis OF their circulation. for the tax On
the banks now amounts to about Sc, 900, 900,
which should be deducted from the interest
on the bonds held for the $3.50 100000 Di
bank circulation. 1t would not follow that
the banks should not be continued for dis
count and deposit. They could do this and
realize as much net profit as they do now,
while the people would be relieved of the tax
to pay the interest on the bonds they now
hold. Whatever the currency, it should be
kept at par with gold and silver and made
redeemabe therein. But Judge Harris is
unfortunate in his reference to the receiva-
!. bility of greenbacks for import duties. That
it is not so is due to his party friends and HIM
self in Congress. The Senate's substitute
for the House bill repeating the specie re
sumption act. which was reported by the
Senate Finance Committee, and passed by
the Senate June IA, 1878, provided "that
from and after the passage of this act United
States notes shall be receivable in payment
for the per cent. bonds now authorized by
law to be issued; and on and after October
l, 1878, said notes shall be receivable for du'
ties on imports; and said notes in the vol
ume in existence in October, 1878. shall not
be Cancelled nor permanently boarded, but
| shall be re-issued. and when again returned
to the treasury they shall be not Cancelled OF
destroyed, but shall be re-issued from time to
time with like quantities." This act, pass
ed by the Republican Senate, was defeated
by the Democratic House, with the aid Of
Mr.. Harris vote. The object in this defeat
was to force the repeal OF the resumption
act, Notwithstanding that by bringing green
backs to par with gold and silver, the whole
volume of currency could be controlled, max
| ing nearly thousand millions of coin and
currency, for the use of the people.
While we differ with the views of Judge
| Harris on public questions generally, and do
not think il his theories were carried into
effect it would take very long to run the
country to ruin, yet his personal record i;
above reproach. He has kept aloof from the
rings and jobs which have brought so much
scandal upon the country, and maintained a
high reputation for industry and efficiency
10 attending to the wants of his constituents,
independent of all partisan considerations.
Revival of Business in England.
The New York Herald of the 23rd has the
following cheerful paragraph under the
above caption:
sWhatever English politicians may think
OF Earl Beaconsfield's policy business men
approve OF it as an assurance Of peace. Bus
| mess is reviying, new enterprises are begun
and there Is a general expectation of better
times. This feeling will have q beneficial
influence here also, because larger purchases
will he made of our products for general
| consumption and for manufacturing purpos-