The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-10-17
Speech of the Chief Magistrate
on the Currency.
QUOTATIONS FROM The FATHERS
Washington, Jefferson and Madison
on Paper Money.
INTERESTING VISIT TO THE FAIR GROUNDS

The President and party arrived here at eleven
o'clock this morning In addition TO the President
were Mrs. Hayes. Webb G. Hayes, General and hrs
Hastings, Secretary Thompson and others. They
met al the railroad station by large crowd and
thence proceeded 10 the residence OF Governor HoI
day under OF the inchester Light Infantry.
Governor Holiday courteousiy received tho visitors,
and alter brief rest lie party proceeded 10 the fair
grounds
~te SPEECH OF GOVERNOR HOLIDAY.
S Upon arrvin. at the tar grounds Governor Holiday
addressed the large assembly front of the main
,tand alludIng, among other things, TO the presiden
VI the UnIted States He knew they would warmly
Welcome him account OF his exalted position.
Applause.l 1t had boon the lot of Virginia to play
marked. q varied role, colonial times. She
gave TO tho country tho founder OF the Republic,
whose remains lie IN view Of those VINO adm ter
the government and another OF her sons became the
father OF the constitution. Yet when Virginia ought
Thai the constitution had been violated she went out
the Union and appealed to the areat arbitrator OF
natisns for the vnaication OF her During four
pears she denied her allegiance to the constitution,
III Tho verdict being against her she tatered and
torn by strife, yielded the decision. having written
upon her pages many incidents Of noble achievement
and heroic suffering, without, he believed, spot OF
shame. (Applause.) Sho has returned onco more to
lake place the Union and pledged integrity
10 MAINTAIN The constitution and laws. Applause
~,
vate or official station, who denied their position no
did not know him.
The Governor briefly spoke OF the beauty ana of
the fertility Of the valley, aud said that such exhibit
ttons US that before them would have the effect
smooth whatever remained OF the aspertIes
casfoned oy the late war In CONCLUSION, he formally
Introduced the President TO the men women liv-
Ing in the Shenandoah Valley.
SPEECH PRESIDENT.
Wneu the President rose 10 reply nc was greeted
with applause. He spoke as follows:-
FELLOW CITIZENs-My hrst knowledge Of tho beau
was OF
ained the rough scnoo oil the great civil and
with the aid Ut very COZ Instructors engaged
on opposite sides oil that terr,Se conflict. 1t Is
great satisfaction to revisit the valley ant to rcresn
my recollection OF us superb scenery and Of
The war. l now meet its people under
circumstances far moro suspicious than any
OF us, ~hethcr we were soldiers or citizens during
the contest, could then have deemed possible within
the period OF our lives. For the nrst time msny
in.sres ting and important elections with their aten-
non chiefly engaged about questions relsting to
The material aud business interests Of the country,
anu IN regard to which, in all tine states, tho
people are beginning 10 take sides, without
nush reference to sectional or color lines. Whatever
vdsncss OF the OLD bitterness may exhibited In any
other part OF tue country. Know that here the gen.
rave so long disturbed our American secretly may be
rmsEentIy settled, and that IN pursuance OF the
constitution and the laws, peace union may be
restored and forever firmly established
THE FINANCIAL QUESTION
During the last month visited agricultural fairs in
several oi tue Northwestcrn States In addressing the
people those occas scemod TO roper
10 call their attention TO tho condition OF the imam
cial affairs OF the govern ment oil the United States
This was done With double purpose. II my
hope that II would give and confidence
TO those who looking anxiousy bat hopeful
for better timcs / hoped the facts and ng-
ures presented would aid IN the formation oil
opinions on the subjects which how mainly interest
she people. With the same general purpose /
now desire 10 spread before you, very briefly,
patriots whose and Characters services are
very familiar TO the whole country and dear to
Inc whole country. In this part Of Virginia sspe-
0iallv htnh rf ham III tGaf.
amoug the descendants OF those VINO
slated with them, the opinions OF the men VINO made
virginia so famous WILL am sure, be received with
moro than ordinary consideration.
rHg FATHKRa
On the subject oil money, ano on the question OF
what IL sound, and stable currency st us hear
ana need the ADVICE OF the Fathers Washing ton,
iotter TO Thomas stone, dated Mount Vernon, Feb
ruary 10. 1851, said
do scruple declare that If had your
Les.lsurs would have been given dseaedly against
paper emission upon the general principle OF t utty
Representative and the necessity OF IL medium
the shadow Of thing. be Lenenled. he wis
com q man in my hanols opa,cn cannot at this time
be long SUPPORTED; consequently depreciation keeps
which |. Is exchanged rise in greater ratio THAI
,hs p.sr the .as r.a iss DC .se
may be- because as have observed he gives the shadow
rsasor or Tue body polite suffers Was.Ssr i Ss ioa"
sender not. IL win has been observed
shall. therefore only ossssv. generally. sAa. 50
burnt child who dread. the IRE, no person will touch H
when viii that the specie which rem aims uns
will be instantly locked up.
In letter 10 Jefferson dated August !, 1855, WASH
ington said
Some other states In my opinion falling into the
very foolish aud wicked plans OF emitting paper money
adopt more just 4nd liberal system OF poney.
In q letter 10 Richard Henry Lee, President OF Con-
gress, dated Mount Vernon, August u, 1855. wasa-
iDgton ssid:-
have never heard, and hope shall hear. any
serious mention 81 paper omissiop IN this state yet
productive uluch mischief In. former
.s With have
Of ths state reprooato me deA exceedingly .
JyyPERsoS's OPINIONS
Jensrson's opposition 10 irreaeemabe paper money
vas decided ana Is TOO well known 10 need man
citations In his DAY schemes OF imitation wero
mainly proposed by tao irienos Of Unlimited issue OF
bank paper, and his most vigorous denunciatIons
we're directed against sucn issues but ms arguments
apply with equal orce against all forms oil irrodee
able paper mOuey. To Colonel Yancy ne wrote upder
date oil January 8, 1sl6:--
word has 20 often seen IA the history o. other nations We
paper produce solid wealth ~ hard labor tue
earth IL % VAN for common TO that nothing
lieye in Dhosopners stone when 70 turn everything
into koid and 20 redeem from the original sentene OF
h- maker-"in The sweat Of hts brow shall he est mis-
Jefferson in letter to John w. Epps, dated Novsm-
Der = 1919. said:-
The sum has been said that our medium should
.s q Snsr eoaS,ro. sh asls We ,rss :" AID w 20
nsdnm T. 10 SQUAD state that 'p.e'e !, the MOST perfect
havns intrinsic end universal value IL eau never
de Ia HANDS ard IL Is the Ia
tins OF war; that The trininW economy paper a.
cheaper medium or its convenience Tor
weighs nothing opposition to the
metals tat ~ 10 liaDio abused has Deen
and forever will abused every country whch
permitted
To Colonel Darlington, under date OF May a. 1855,
he said IT,
Paper poverty; is only the gnoss money. not
money ITSELF
WINS MADISON
James Madison, Ia iettsr to Thomas yenofson,
dated August IL, 1856, SAUL
Whether Vlrnn.a 10 TO remain exempt from the cpd
denie naisuy Will depend the ensuing Assembly, My
hopes chiefly the Colonel Aa.On
the failure experiment, That these
fail Is morally certain. f0r besides the proof
OF IL aiteady visible in states aud the
intrinsic defuct 81 the Ia ALL tits fictitious munoy
viii feed than the spt which
,ends away the coin to the untavoase balance ana