Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-08-27
country. This could only be found out by sx'

country. This could only be found out by sx'
perience. and then only approximately.
He claimed that there was not enough cur
rency in this country to meet the wants of bu'
siness, and claimed that it was less per capita
than in any country.
From experience, he reasoned that the
amount per capita at present, which he PLACED
at less than sl2, was insufficient, for whilst Il
Virginia. before the war, we had, with our Stat
banks, twenty millions Of dollars, we now
| have only three millions. This result had been
| brought about by contraction. Whilst just aftel
the war we had in this country 81 OOO 900 OOO now
we only have $500, 5000, when the agriculture
and commerce of the country is greatly in.
| creased.
| He then reviewed the action Of Congress since
the war, claiming that it had made, through
the influence of the monied interests Of New
England, the bonds, originally payable IN
greenbacks. payable in gold and specie.
The legislation of Congress in contracting the
currency. had resulted just as he had fOreseen
In reduction of the value of property and 9
proportionate increase in the value Of money
and read from a speech delivered in Congress
| IN 1874 to substantiate this point,
He claimed that he was an older GreenbackeI
| sAtsA oAy VI 1hO Cttuuludtes, luz III ul6 SpCCCu
| In 1874 he had demanded the payment Of the
outstanding bonds of the government In legal
| tender greenbacks.
He charged that all the oppressive legislation
| of Congress- had been procured by the repre-
sentatives of the monied power Of New Eng
land and the East, through its experienced,
long-headed. and trained representatives..
On the subject of the readjustment of the
State debt, he admitted his inferiority to hts
competitors, and thought they ought to con-
tinue at home, where they could do much more
good than he could. They had been sent to the
Legislature to adjust the State debt and they
ought to stay there until they. had accomplish
ed their task.
Though he did not favor State banks, yet he
thought there were some features of the system
better than the present. He had always favored
the repeal Of the tax on State banks. If State
wanted to have her own banks, why let her
have them.
He was in favor of issuing greenbacks to pay
off the interest-bearing bonds, and, If necessa-
ry, bonds bearing interest. payable in green
backs; thus, as he claimed, making a self-ad-
justing system which would adapt itself to the
wants of trade and the country,
He believed that the recent acts of Congress
in checking contraction would have benefi-
cial effect in time, but did not think it would
be immediate or speedy as the Treasurer was
using all his power to nullify these beneficial
effects
He wanted the government to issue enough
of money to meet the wants of the people, and
this would bring about an 1ncreasein the prices
of land and of productions
Whilst he did not think that the subject of
the State debt had anything to do win the can
vass. yet he believed that the State was sover-
eign over her own revenues, and that SELF pres
ervation and the support of the public schools
was the first duty, and the creditors should
take what was left little or much.
Had he been Governor. he would not have
vetoed the Barbour Bill.
He had opposed the removal of Gen. Walker
from the Gubernatorial ticket, because, at the
meeting at Harrisonburg, he did not want to
break up the Conservative party.
He was a modest man, and did not like to
speak of his brains but his two competitors
were distinguished Senators at Richmond, and
he was willing that they should go to Rich
mond again on this important mission and let
Long John go to Washington"
REV. JNO. z. MASSEY
was very much pleased at the large audience
present and thought it the most hopeful sign of
the times that the people were beginning to
take interest in the discussion of the important
questions before them at this time.
He claimed to be the first readjuster in the
State and reviewing the losses Incurred by the
people in the war, the subsequent legislation
on the State debt, he declared 1t was unjust
that the people should pay it and demanded as
an act of justice and right that the bondholders
should share with the property owner Of the
State the losses which had been suffered from
the war.
He then bestowed a few remarks up his con-
uerts as he called Paul and Harris and made a |
point of the fact that Harris in reading from
his speeches had not given the date of the last
one from which he read and desired to know
where it was delivered. "a voice. 'Tell him."
Harris explained that it had been published
according to the custom of Congress in the Re- |
cord on the 10th of May, 1873.
Massey made very good point on this and |
proceeded to inquire what benefit the people !
had received from Harris's long service in Con- |
gress. |
He hastily reviewed the legislation resulting
in the funding bill and that subsequent there |
to, condemning the whole as a wrong against |
justice and equity.
The State could not pay q greater tax than |
she now pays, though he respected the man
who fairly and honestly favored an increased
rate of ta4ation for the purpose Of paying of
the debt.
His ground for refusing to pay the debt, |
though we had 800 900 in the Treasury, was
that it was unjust debt, including the war
interest and the interest during the years of re-
construction. He maintained that the Bond
holders and the. Landowners should share the
losses incurred by the war.
He argued that an Increased prosperity in
the State was only to be brought about by an
increase of the currency of the country,
SO that the monied man would find .mose
profit in Investment in lands than he
does in lending out his money. He favored a
judicious imitation of the currency as a means
to an increase of business and commercial
trade and direct help to agricultural pursuits.
Ee also touched up the farmer with the falla-
cy that he is the man. who ultimately pays all
the taxes. And after paying his respects to
Bradley r. Johnson 4 Co., hpapchea opt into a
humorous explanation of why the other two
candidates should be left at home and he the
"original readj uster'' sent to Washington to
give relief to the people and make the land
beautiful and fruitful from the flower and gar
den seed which his predecessor had SO lavishly
scattered tlroagnoAt tna N.9fh ana breadth Of
of this prosperous and grand District, the rep
resentation of which in Congress belonged 10
eastern side of the Blue Ridge.
Ober Fertilizer.-Before buying. call and
see certificates of Augusta county farmers.
agls2t J. E, GRAHAM.
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