Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-10-09

SNPPNSN' ihO iS-duJuolCio say iildt
nothing will meet the interest as it
stands except anincreasc of tax, which
no ore can deny would be hardship, a
calamity at the present-time. ---------
On the currency question, General
Echols, beinga National Bank pres +
dent, says nothing about National
Banks, but, saying nothing against
them, is, under the circumstances, pre-
sumed to support them. He supports
a currency based on coin (National
Bank currency Of course.) He fails to
say whether he believes in further cen.
traction and the continued issue Of
bonds. Finally, he appeals to those on
his side of the question to vote for him.
How are we 10 know whether or not we
are on his side when he thus avoids
particulars and expresses Himself in
high-sounding gencralitics?
Letus examine in few words these
two questions of State Debt and Cur
rency in the light of political economy,
which is in the light OF pure democratic
doctrine.
1.sAs to the State Debt. 1t is well
recognised principle that when a man
promises solemnly TO pay, he should
sacrifice everything in the world to
meet his obligation. However, If it
transpire that the amount he is obligated
for IS through fraud largely increased
over what he Justly owes, then he
should pay only SO much as he justly
owes. This amounthe should pay, 10
the sacrifice of everything. ne want
proof teat the debt has been so increas =
ed, or that il has not.
.. As to the currency, 1t 10 ac-
knowledged that the State, or the
National Government, should establish
a currency, so issued and so managed
that its value should fuctuate as little as
possible and be sunicientin quantity for
the'demands of trade. From experience
il has been found most desirable for the
National Government to have entire
control Of the currency. The question
then arises what shall the currency be
and how shall it be issued. The history
of the world teaches that no currency
lncontrovertible into coin has ever
succeeded. There must be property OF
some kind te back it. For instance, a
man having large unepcumbered estates
gives his negotiable note. 1t passes,
where he is known, as currency, at its
full value. Again. a man seemingly
very wealthy, yet having all his pro-
perty tied up so that law srit RECEIVERS
nothing from him, gives his negotiable
note. 1t passes probably among brokers
but at a very much reduced value. The
Government, being extensive and
seemingly wealthy, issues negotiable
notes (gleenbacks and National Bank
Notes., payable in property, in coin.
They pass current every where, so long
as people believe they Will be redeemed
Let the period Of redemption be tar off,
or the issue excessively large, and no
man will take them at full value. n
government as wealthy as the former,
which is. however, so situated that no
one can sue it and recover damages
(as the United States governmenO,
gives its notes with a general promise TO
pay, but giving no guarantees, as coin,
property, agreeing merely to. receive
them in dues. Ii the amount issued
were emily so much as became due the
government, so far it would be a valid
promise to pay and would pass current
This small, paltry sum, however, would
not he ssliicient currency to afford
circulating medium for three States. It
is certain, then, that a currency must
be redeemable in something possessing
Acknowledged valne. Shall 1t be
orecnbacks or Nat. Bank Notes
Evidently the former. The National
Banks merely trade on the necessities
of the people for money, charging the
Government for circulating It's money
and charging the people for giving them
what belongs to them, what is due
them. We do not need any middle
men to furnish rs money, making l. per
cents out Of us and the government.
What shall be done with the nom
taxable bonds? The Democratic doc
trnc is that all property shall contn
butte its prorata share towards deiraying
the expenses OF the government. Be-
ing, then, unjust in incipiency, they
should be made taxable Immediately
and be redeemed IN currency based on
coin in prop srtion TO the demands eI the
for circulating medium.
Comparing the tcnets of the gentle
mer above named with these manifest
democratic doctrines. we find them all
hating, adverse, ambiguous. if we are
to be guided by their past uttcrances'
What good can We expect from any OF
them? Most probably any OF them
would in the future be the hero OF some
such brilliant achievements as dazzle Is
ON taking a retrospective view OF the
acts of the present incumbent Truly
1t is a wonderful deed Of DARN g and OIL
right to help defraud an honest man.
fraud and sanctiiJ his title
by trailing the purity Of the tlme-honor-
cd Democratic party in the dust at The
feet of vituperatiye Republicanism!
II.
The suffering occasioned by the yellow