The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-26
The President on the Currency.
In his speech at Madison, Wisconsin, on
the 18th, the President said

/ the 18th, the President said
Some of our good friends think that our
currency is not cheap enough. They tell us
that they want currency cheaper than gold
or silver, and of such quality that it will be
good at home, although it may not be good
abroad. Truly that must be very desira-
BILE quality in CURRENCY currency that
will always stay by you. The champions of
this currency tell us what they ought to
have-a species of paper which by act of
Congress should say one dollar upon it, and
be worth one dollar in this country. ssOf
course we do not want it counterfeit,' they
say; but am afraid it would not be great
while after it was issued before it would not
be OF sufficient value to be counterfeited-
They would have the dollar printed on good
paper-a good looking picture, showing good
engraving. What does such dollar cost ?
They say they want good currency. With
us that meansa coin dollar. We know what
such dollar costs. That it represents a
DAVIS work or a bushel OF wheat Does a
paper dollar represent any such unit of la
Dor? No. The cost of its production is
| less than one cent for each dollar bill. Here
in we certainly have great saving-a saw
| ing OF nlnety-nine cents in labor over the
gold or silver dollar, that cost bushel of
wheat or days labor, as we have seen.
NOW, as it costs no more to print the wo~d
two than the word 'one, let us improve the
opportunity to make the bill read 1.-TWO dol.
lars, " and we shall save one hundred and
ninety nine cents. Now, my friends, if we
were to undertake to make two dollars out Of
gold it would cost two days labor or two
bushels of wheat. The advantage then sp-
pears to be on the side Of the cheap currerl-
cy +; and let us improve the opportunity Of
tered us and make our bill read ten dollars,
instead OF two or one, as the cost is only one
cent, instead of ten days. labor or ten bush
els OF wheat-multiples Of ten, with no
more cost than for single dollar. We are
doing we'll, but not wisely, l fear, for we
might not choose well: and now we will
pay off the national debt with it, and then,
Mr.. Senators and Mr.. Congressman we will
pay you off in the same, and l fear they
might turn upon me and say "Well, Mr..
President, we will pay you off in The same
kind of money" My friends. does it rot
begin to dawn upon you that there is some
mistake about this !; that this is really infla-
ton, and if Congress can pass law for
such currency, which will not be good be-
yond the boundaries of the Union, why may
not Wisconsin adopt currency which will
not be of value beyond the State limits, or
why may not this city of Madison adopt a
currency which would not be accepted else.
where, or J. Smith issue dollar in the
words, some dollar, John Smith,. 1t would
certainly stay at home and that may be an
in its favor. But, my friends, we
cannot if we would, we should not if we
could, isolate ourselves from the rest of the
commercial world in all our measures for
the improvement of our own financial con-
dition. We should remember that the me-
cessities of trade with foreign nations re-
quire that our financial condition should be
based upon principles whose soundness and
wisdom are sanctioned by the universal ex-
perience and Judgment of mankind. ''Bal-
ances must DC settled in cash." in the money
If the world. With dr. :shAd and still
burdens, public debt, expenG
lures and interests with an improved con-
lition of currency and foreign trade, we
nay surely predict that we are about to
Welcome better times; but we must not for
ret that the surest foundation of restored
financial prosperity is sound constitutional
currency and the national credit unfair
lished.