Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-10-11
s the best ever devised. The note holder

Is GL0 UcSL oVeI U0VlS6u. luo uOGc uoAuoA
| is absolutely safe, the government secures
! him /; the system is absolutely free-any
five men in Shenandoah or elsewhere that
have the money to buy the bonds, may
start bank. AS to the immense profits !;
the men who start a bank buy 100000 OF
bonds and deposit them with the govern
ment getting $4,000 IN notes OF clrcula-
ton; which is Il 10 per cent. reduction OF
the capital. then the government requires
them to keep Is per cent. Of their clicula-
ton in greenbacks in their vaults for re-
demption which makes 25 per cent. reduc-
ton and then per couJ. is required to be
kept in Washington To redeem their Elutl-
lated currency giving reduction OF ~
per cent on the original capital. Then
the government taxes the banks in the
United States 1000, 900 more than it pays
them interest on their bonds. But this
discussion OF the national banks is super
f1uous. They are chartered for twenty
years and their charter expires in about
five years, so the question concerning them
need not he agitated.
RESUMPTION ACT.
Why repeal the Re. umption Act? The
currency is in fourth of one per cent. OF
gold. Resumption is practically accom-
plished, and where would be the good Of re-
peal of the act. In a few days the act al
ready passed goes into effect, and the con-
gless you are now electing does not as
semble for year. The people want rest
from this tinkering and disturbance of the
currency. If it is best for the country to
have more greenbacks, I say pour them
out in plenty, just so they are not ire
deemable.
REPLY OF JUDGE HARRIS.
Judge Harris said this was the third
time since the recess of congress that he
had appeared before the people here, but
the field had changed; ''new issue" had
appeared, which made it proper for him to
appear and attend to the ''new ISSUE
(Laughter). He proposed to indulge in no
badinage, as was sometimes his style, but
to Great the grave questions at issue with
the gravity they deserved. He agreed
with Gen. Echols that
THE STATE DEBT
was not an issue in the congressional can
vasS, but it had been forced into it. He
would like to know what Gen. Els posi-
tion on it was. He starts out by saying
that forcible adjustment is dishonol able.
Why, every act of Legislation egarding the
adjustment of the debt has been forcible
The State to-day in not paying, is exercis.
ing her sovereign right not to pay. The
General himself says forcible adjustment
when he talks about going to the creditors
and telling them that we can't pay. What
does that mean, but that we can't pay all,
and they must take what they can get.
Judge H. held that on the day the Fund.
ing Bill was passed our creditors expected
nothing from us, and that WAS the time to
tell them the truth about our condition,
and offer to pay what We could-25, 40 or SO
cents in the dollar, as we were able, and
they would have accepted it. But the lie.
gislature chose to offer two-thlrds, and in
the two-thlrds included war interest, some
| thing allowed by no nation on earth. AS
to Gen. ELS plan about going to the credi-
| tors and telling them; there is no difference
| between passing law telling man a
thing and going to him and telling, and
the object accomplished by either is as
| forcibly done. But the creditors had the
| offer made them in the Bocock-F Fowler bill
and not one of them has accepted it. Gen.
| E. was sent to the legislature on this issue,
| on account of his great financial ability,
| but what has he done? He didn't offer a
| single bill on the subject. And that is the
way we are to have this thing year after
year. Gen. 3. estimates the needed in.
crease of the tax and thinks 20 cents in the
| 500 is enough. Why it would take that
amount to pay the deficiency in the money
due to schools alone. He ought to have
| settled the question while he was in the
| legislature. Instead of that he IS like the
| Irishman who bored for petroleum until it
| gave out, and then announced the opinion
| that he had bored through (Laughter).
| Let Gen. Echols remain in the legislature
and settle it next winter (Applause).
NATIONAL FINANCE.
| Gen. Echols tells you that there is plen-
ty of money to buy anything you have to
sell. Is that so d? You know whether you
can get money for anything you have to
sell. Is that SOP With your land worth
! 800 for which you can OILY get S., is that
getting money for anything you have to
sell ? Take your wheat at 80 cents, leaving
you only 20 cents after paying for fertili-
zers, cost of machinery, &C., and does this
look like there was enough money? Cot
the blacksmiths shop and he will offer to
pay you in trade, to any mechanic and
they will buy goods with labor given in
trade. Every man knows that when a
people are driven to bartering, there
| is not enough money. That is sure test
and shows that there is not money enough.
Y our wealth is in land, cattle and grain,
and if you can't get a fair price for them
in currency, there is not money enough,
Judge H. said he was as much opposed to
imitation as Gen. Echols was. Gen. r. had
held up some Confederate notes before the
people as sample Of irredeemable curren-
cy, but he had forgotten to tell them that
the notes Of his own (Gen. E's) bank were
not redeemable in gold. Plenty of money
says Gen. E. and yet the record shows that
in 1860 there were $4,000, 900 currency in
the state Of Virginia, while to-day
there are only $a,OOO,OOO. He says too
that there has been no contraction. The
coRptroller's report shows that in August
1865, there were $l,Gl5, 100000 and $242,-
600, 0OO-making total of 1857 ,00O, 900
in currency, and now it is only $685.
100000.
/