Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-10-04

if they can get it, and when they agree
to take less, it is only because they can
not avoid it. And this is ''caled hon
orable and friendly negotiation.
1t is to the creditor .forcible readjust-
n1e7t, for he is only driven to it because
he cannot get the whole. But when are
these negotiations to end? They have
been promised for thirteen years, and
not single offer has been made by the
creditors as class, or by any consldera-
BILE portion of them. The Gen. wholly
fails to tells US. He can drift along on that
non committal and high Sounding plat
form for many years to come. In the
mean time, what is to become of our
State government, our charitable and
nalinstitutions, our schools, our
unpaid teachers-perhaps he would en-
ter into '..triendy negotiations" with
them-while our debt is growing daily
and the State committing the disgrace"
of misapplying the school fund, until
now it has robbed that fund Of about
eleven hundred thousand dollars. But
we receive some consolation from the
General, wherein he. says if we have to
meet the debt it will mot be as oppres-
sive as the advocates of forcible read
justment are in the habit of represent
ing"
How can you do it without increasing
the taxes for that purpose Why smpth
er it with vague generalities? VIII not
state explicitly a0hat you propose to do,
and aOhe9a you propose TO do it?
Why not come squarely down like
those in favor of paying the last dollar
and advocate an increase of tax to what
ever amount may be necessary to pay
the interest on the whole fifty to seventy
five per cent, or on the other hand join
with the Readjusters who favor the alb
solute control by the State of her reve
nues, the maintenance of her education
al and charitable institutions, in short
the preservation of her very existence
as Commonwealth and thus give to
the people peace and prosperity and to
the Halls of Legislation freedom from
this vexed question.
THE CURRENCY.
raj is equally as unsatisfactory as to his
own position, while he greatly misrep-
resents mine. [ have constantly said
that [ did not think we had money
enough to answer the wants of the COun-
try, but that great caution should be OBJ
served in it's expansion lest we might go
beyond the point of a sound and stable
medium. That as contraction had
brought ruin on the country, [ was and
am in favor of reversing the action Of
the government and increasing the cur
rency until we reached the point of a
healthy circulation and as there was no
mode of ascertaining just where infla-
ton would begin, that experiment alone
could determine the question.
The General is again indefinite in the
statement that he favors as far as posi-
BILE return to the principles of finance
which were understood and practiced by
the Fathers of the Republic" Does he
mean he favors shin plasters, repudia-
ton or making contracts payable in to-
bacco, all of which were understood
and practiced by the Fathers? ' Or what
does he mean?
Near five years ago in speech on this
question in Congress 1 closed with the
following summary:
1t has been my effort, Mr.. Speaker, to
show that all legislation for internal
revenue looks to the protection of the
capitalist and the consequent destruc
ton of the prosperity of the producer
is in the interest of money which has no
intrinsic value, and against labor which
is the sole foundation of wealth.
the national banking system has cen
tiles, and that distribution of its circu-
lation has by unfair discrimination de-
pleted and impoverished the South and
West and enriched and made despotic
the New England States and the great
commercial centers, and that the only
remedy is to repeal all legislation that
looks to the protection of money that
legal tenders be substituted for national
bank currency in amount sufficient to
meet public demands, and that all unfair
discrimination against labor and the
products of the soil be abandoned.
[ am glad to know my views then ex-
pressed have become the policy of great
party. What the Generals opinions are
as between greenbacks direct from the
Government and National Banks, no
one knows. The true issue is, aboli
ton of the National Banks and the sub
stitution of Greenbacks in amounts suffi
cent to restore the country. And here
/ may as well state this will be one OF
the first questions which will be before
the next Congress. How will the Gene
raj vote on that? or can he vote at all
for the Goth Rule of the House reads.
mo MEMBER SHALL VOTE ON ANY
QUESTION IN THE EVENT OF WHICH HE
is IMMEDIATELY AND PARTICULARLY
INTERESTED" Now as the General is
President and stock of a Nation
al Bank, with salary, is he not SO inte-
rested that he could not vote on a ques-
ton to abolish his own Bank and his
precuniary office. Upon seeing the rule
and its propriety, the general will have
to withdraw from the Bank or from the
Canvass.
I think it is sufficient to show this at
least, that the General is not in posi-
ton to be an impartial Legislator ia q
contest between the people and the great
menied monopolies which have wrought
their ruin. That however honest. his
judgement would be warped by that in
fluence, for his own line of thought
and action have been all in that direc
ton.
To further illustrate my views on the
question, [ give another extract from
that same speech. OF course, [ had no
reference to the General-and | earnest
ly hope he will so understand it-for
had no idea he Wonld be d candi-
date for Congress, and never dreamed
that any Bank President would; when
the existence of that Bank will be the
great question before Congress and on
which he will have to act:-
at will not, believe, be denied that
the average rate of bankers loans ex
ceeds 10 per cent per annum. The Gov
eminent pays on the whole sum depos-
tied as security 6 per cent. interest Hi
gold, which, taking the five years last
past, has equaied per cent. in curren
cy, making the aggregate rate of interest
of this financial policy of the Govern
ment against the people II pr cent. per
amman, a rate denounced as usuri"u..
and unlawful by almost every civilized
nation on earth a rate which ne people
can carry and prosper; that rapidly
centralizes the money in the few ana
makes poor the many"
I leave the people to determine where
the iinterest Of tn. country would be
if confided to a Congress composed
wholly of Bank Presidents and those
who are large holder of Bank stock
In that event New England and the
money changers would rejoice, while the
people would mourn. Then, indeed