The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-24

= or ought to mean, that after the LIST of next
: January the Government will lin fact as vel
z as in name, pay its debt. It means that any
citizen who prefers coin dollar shall have
the right to demand that coin dollar from
p the Government in exchange or payment oil
. the greenback dollar. 1t means the fina
fulfillment by the Government OF the prom
{ Use printed on the face Of every greenback
r So come back to the simple proposition
/: with which began, that coin, gold and sill
/ yer coin, is the only absolute money known
5 to the Constitution in time Of peace.
The Nation has deliberately pledged its
faith to redeem the greenbacks in coin on
] and after the lst of January next.
After the Presidential election of 1868,
5 Congress passed joint resolution promis-
ing to pay greenbacks and bonds alike in
coin. as soon as the Government should be
able so to do.
, In 1875 Congress passed what is known as
the Resumption Act.
! Every greenback, every bank note which
, IS redeemable in a greenback, and every
, bond that has been given or received since
1853 has passed from hand to hand on the
faith OF the solemn pledge of the Govern
!, ment SO made in 1868. Every greenback,
bank note or bond which has changed hands
since 1875 has passed from hand to hand on
the faith OF that second solemn pledge of the
Government so made in 1875. We have Civ
en- our word to billholders and bondholders
alike. We have said that the bill which the
workingman receives shall be redeemed in
the same coin which is promised to the bond
holder. We can not break this promise with
out being guilty Of the worst of falsehools
"a falsehood to labor and the laboring in
terest OF the country. The advocates of an
irredeemable greenbaok are the worst OF
enemies to labor and the laboring men.
Their plea is plea for National dishonor,
and they justify themselves by pretending
that they make this plea in behalf of work
ing men. The result of their efforts is to
lessen the value of each dollar which labor
earns. They thus rob labor OF its just re-
ward. It is very strange that men who work
all day to earn wages should lend themselves
to an effort to make their wages payable in
poorer money.
The Nation is now absolutely able to keep
the pledge which it made in 1868, and re-
newed in 1875.
First--There is an abundance of coin in
National Treasury to redeem every green
back that will be presented.
Second-With such economy as the Ma
tion n nrootioo ap1 oprht to oyoro;,o thn
income of the Government is greater than
the expenditures OF the Government. The
Government is therefore steadily accumu-
lating means for the final payment of its
debt.
Third-The refunding of the National debt
constantly reduces the rate of interest and
the amount of interest which the Govern
ment has to pay. We are paying off our six
per cent. bonds by the sale of four per cents.
As long as we keep every promise faithfully,
honestly and absolutely we shall maintain
our credit, and the people will be glad to
take and hold our four per cent. bonds.
When man begins to break his promises in
business, he loses his credit. Credit is only
another name for the belief which you have
in the honesty and ability of your neighbor.
When your neighbor by falsehood and bad
conduct destroys your faith in him, you stop
trusting him. Then his credit is gone. 1t is
JUS so with corporation. 1t is just so with
Government. The people are glad to SUBJ
| scribe for four per cent. bonds, because they
now believe that the Government will keep
| ire nrOEliSnc n6I fhcco ~,
When the Government shall proclaim that
| it intends to break its promises, the people
will stop trusting the Government.
| Fourth-The balance of trade is to, day in
our favor. United States bonds have been
sent back from Europe to this country until
only about one tenth of the National debt is
held abroad; nine-tenths are owned and
held here. We sell each month to the rest
of the world more than we buy from all the
rest of the world. Our debt, private, corpo-
rate and National which we once owed to
foreign lands, has now been largely paid off,
or is held by our own people here at home.
Henceforth the world ought to pay tribute |
to us, and we no longer should pay tribute to
other lands. We grow cotton tor English
looms let England pay us in coin. Unless
use, she must pay us in coin. We grow
wheat and corn for every Nation whose |
crops are insufficient for their needs Let |
them pay us in coin. They must, if |
we do not toolishly manufacture green
back wampun for their use. We make |
oknI,n hat ~,
in successful competition against the
best Swiss watches. Let them pay us in
coin. We send locomotives, steam plows
and horse rakes to Russia. Let them pay US
in coin. We send tools and cotton cloth to
Australia. Let them pay us in coin. Yam
kee brain, Yankee thrift and Yankee wit
beat the looms of Old England with the
looms CT New England. They beat the
grain fields of the Danube with the grain
fields of the Ohio and Mississippi Valleys.
They beat the iron mines of Great Britain
and Belgium with the iron mines of PENN
sylvania and Missouri. Our Rocky Noun
tains produce the great gold and silver sup
plies of the future. If we insist on coin as
the absolute and only basis Of all CONNER
cial paper, and as the absolute and only basis
of all issues of paper money, the world must |
settle IN coin whatever balances the world |
owes us. For this great, producing, work.
ing land of ours to talk about absolute mon
ey in the shape Of irredeemable paper is SIM
ply absolute nonsense.
Not only is irredeemable paper without |
warrant in the Constitution; not Only has
the faith of the Government been pledged |
again and again to the payment Of our green
backs in coin; not only are we to-day able
to keep the Constitution and to perform our
pledge, but it is the highest wisdom to make
and keep every paper dollar just as good as
the coin dollar which the paper represents.
Paper money can only be made as good as
coin by being always redeemable in coin.
No bank can long keep worthless paper
currency afoat when the holder of its bills |
can ''bring the bank to bOok' by presenting