Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-06-12
Do We xurrmnr Wissozs cause,

lAOus
Mr.. Stusrt's views were sought be-
cause Of his large experience in, and the
great stsdy and thought he has be-
steved sron, this and kindred questions
Of public concern. What he says ON
this SUBJECTS entitled to, and must re-
ceive, the attention Of the reading peo-
pie Of the Valley who have known him
so lsHg and 90 well, 10 say nothing
Of the prestige which his honored
name carries throughout our State and
Country. We have read the letter
carefully, and as a journalist NE may
with becoming dfidencs, discuss the
same question, from tbs same stand
point, notwithstanding the great dis
parity between writers in all that Eould
attach weight Or Importance 10 cur
views.
Ezphstically, but with = Difference
ssssnsing slnest to reverence, Nj.
Stusrt's letter is such ar enc as we
esuls net expect frsn g Virginia pen.
II shocked st the sttersHces OF Lamar
aaa Hill or The deor Of congress, FROM a
Ssuthsrs standpoint, 81 the question ei
Q si-Eetslie currency, hsw cesla NE be
less than amazed at this remarkable
prcdactiss, excusios, jsstifying the
policy Of contraction psr,ued by OFT
government for the last tea years.
Passing ever Mr.. Stusrt's yer; natural
defence Of the Unitcd States Bank and
his interesting review Of the reyulsiens
aatecedcnt to this, We csme to notice
the real gIst Of bis letter.
Fira Expansion and paper money
were the result Ct war.
Second: A specie basis is the only
healthfnl, reliable, aud Notwithstanding
one.
Third: TithoHt contraction there
could be no resumption; and,
Found; "No .just complaint een be ms9s
against The sorGR~eaf So"
This last IS the logical deduction Of
the letter, expressed in the writer's
own language, and imports, when takea
IN conjunction with a,ub,equ,at para
graph and tbs "h7peful prophecy, " taat
We haTe just now reached the psut
when contraction sfould cease aud
relief begin.
(Te ere constrained IT. ask when Mr.
Stuart learned that there IL eeu,ral
financial depression sad how lar It has
see, felt by the psepl.. va &c only "a
d. or week bs!sTs lh;s letter was
written. - ves it rhea ta4 Congress
resolved, e fortnight sgs, lsai v.ntac-
ten must 60 re further: Sre'} Iii
StHsrt dsss set bcisus ia tia class o..
efese ststesren wis prsiess 10 bci.e7c
tsst sssn conceive strikes aud shed
bleed frsa the impulse Of Uncomfortable
Wickednsss implanted in them al
creation d. Or did itEeTer reach Staunteu
that wossa, with ssckliags in theirarm
rushed sadly en- ID the Strikers var.
sss urged their providers and protectors
to hazard death by the musket rather
than to return Is wretched homes
vithsut food sr rsiIasst for tseir Stare
lisss' mo just cause of complaint
siscs lhe panic q 1873, during all these
days AID ysaIs II al.sry among one
cls,s and snprostablesess with another
but jCst now re hare reached the goal.
the turning point, and every citizens
"stsrr duty" is.s hErrah for the govern
seat AID It's rulers, and be thankful to
his guardian angel that he got through
with bis life. y
Except tss frst-named, there is not a
isaintainssls proposition in the letter.
Mr.. Calhoun, Gays the writer, wa. Chief
ssenE thess who recognized tn. virtue
Of United States Bank, during Pres
idsst Asdissu's administration. But.
ks skszld have added, Calhoun. never
wsrshippsd the gelden calf. lie and
Mr.. jefferson are the accepted pro-
psanders Of the doctrine. ander our con-
s6tutien, that whatever the government
makes and declares 10 be money is
nsney; ard about the period Of which
Mr.. Stuart speaks Of Mr.. Calhoun, we
ascertain his views to have been as ex-
pressed in the following extract from
enc Of his justly celebrated speeches:
at appears to me. after be,towins the hast -
fsssion can give the subject, that 10 convertible
pspsr-thst 70, no paper whose cred. res.s on
vac promise to pay cosn--is suitable for a ei,~-
rsncy. lis the form OF credit proper i'm private
standard Of value. 20 perform exchange ecn-
orally, which constitutes the approximate Function
81 money or currency" 1hen seaiu: "No one
can doubt Out that the Cove BIlslt credit is beiff
than taat o. any bsnt-more stable a.d ,l'r.ra
safe 800. Bank paper il cheap 70 those .bs
make y, bnt dear, very dear, 20 those who sss H.
On the 9th trd the credit Of the Government
while u would greatly facilitate It's fuaacial srey-
sDons, would Goa. nothing, or noxtts notstua.
but 10 II aud The people, and would az f,,-,r =
ADJ noiains 70 tn cost Of prOdaction. ,afc6
Wocid gifc every branch Of or iudU.trias a-ri.
culture, conncrce and manufactures. - IA a. jas
circulation might extend, great adysutsess bafi al
home and abroad:
.-.-ana nov undertake 10 sfirn, and with
out tne least lcar .lat eau Do sn.us-as fi,.t q
paper issue cy cove nmert, with ID. si1ali.
promise T. receive Il, fOr all is dues leaxin it.
ereciters TO take IT, a gold or Ss.Ysr. Al fseit
option, "Oaia, to the extent It could circulate
TORN petiect paper circulation, which ccuId not
os aoased % tne Ooser-Iueui; that it Nouid be- a.
ami ia value az the laola.s ihamse.,e-. and ,
saaii be able 70 prove that il is within tie c,n-
stiAtion AID powers o. Congress TO use -ucb /.
paper IL ihs manage raent Of its finances. aceora-
lsy % ths aac-t rigid iule u csas-suin, tie con
situii0n."
Ia one Of Dir. JeAerson's pap rs We
find him briefly stating an opinion thai
went not only to the mere question Of
gold and silver, but also 70 THAI Of the
competitive experiment with u. S.
Banknstes and treasury notes. said
he:
aoali pt9er must be snpprecsed, and ihs aif
culs(lnf medium rust he 4o.f..rol ~ flr ,..tf0.