The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-10
Princlple-Not Personal.

for common-sense reason has no place where
the worst attributes of human nature are
inf1amed and in active play. This was il
Illustrated in the announcement of Gen.
Echols as candidate for Congress. No
sooner was his card published, than Harris
men construed it as an insidious scheme to
elect Paul, and Paul's friends put the en-
quiry on foot, if there was not an agree
ment between the alleged supporters of
Echols and Harris. Allegations ucceeded
enquiries, and the air was full of rumors
that Gen. Echols' candidacy was nothing
more than trick which the partizans of each
OF the other candidates assumed was designed
to injure their favor lite. Judge Harris him.
self was not innocent of unjust suspicious,
constituting visit of several gentlemen to
Charlottesville for consultation, as evidence
Of personal, enmity to him, ignoring the
fact that there is an important and vital
principle of governmental policy, directly
involving the interests of the people and the
country, in the canvass, and that large
majority of the intelligent and substantial
citizens of the district differ with him in his
views on national finance. Certainly we
are not aware of any person al enmity to
Judge Harris in this contest. We have heard
no sentiment expressed of personal dis
like or i'll will for him as man, but on the
contrary universal concession of amiabil-
ity, kindness, and disposition to accommo-
date, which is really the great leverage he
has upon the people. 1t is this, that influ-
ences many to lose sight of the principles and
measures involved; which disarms opposi-
tor with many who condemn his views
and lends reluctance to the position of an
tagonism which others are compelled to as
sumo from sincere conviction of duty.
The paramount, controlling issue in this
canvass is not Judge Harris as mar, or
Capt. Paul as man, nor Gen. Echols as a
man. 1t is question of deep interest and
significance to the material welfare of the
people; of national character and progress,
and duplicating and involving all the great
interests of the country. When Judge
Harris proposes to revolutionize policy Of
government the wisdom of which has been
demonstrated by results, and destroy sys-
tenn OF finance, which presents consumma-
tons which excite the admiring wonder of
the world, and this too, without offering any
defined or adequate substitute, he throws
down challenge which thoughtful men
cannot hesitate to accept and ask that the
issue be submitted to the arbitrament of
those who are the most directly and deeply
interested
He proposes to repeal the resumption act
the national bank law; the internal revenue
laws; the tax on State banks to issue over
$45O,000,Q00, in greenbacks to pay off the
outstanding five-twenty bonds, all of which
would give over sl,1O0,OOO,oOO greenback
currency, when the solemn pledge of the
nation has been given that there shall never
be over s400, 900, 0OO,-a pledge given as one
of the conditions of the public loan effected,
and which we cannot disregard without ma
tionol dishonor and disgrace These va
rious propositions which he advocates, con-
stitute simply total destruction of the fl
ough and complete revolution in all the re-
latlons OF trade-a radical disturbance of all
of values. With these effected,
the business of the country would be thrown
into perfect chaos, and the widest disorders
pervade all the channels of commerce.
Results demonstrate the wisdom and eff
cheney OF all theories and systems. With
out results, we must trust to speculative no
tions as to what will be the effect of any
given theory. While the methods of carrying
into effect the present financial system might
have been improved on, if we had had the
light of our present experience, yet that is
of the past. Whatever mistakes may have
been made in the estimation Of men now,
in so rapidly reducing the public debt, is not
a practical question now. We are to deal
with the facts as they are presented to us,
and study the results which have been ac-
and while the process of secur-
ing these results, might not be precisely
what would we would now adopt, the ends
which have been reached, are matter of SUI
preme congratufation with every good cit
zen.
The national debt has been reduced one
;hird
The interest charge has been reduced from
s150, 100000 to 1914, OeO 900, nearly one
lalf;
The taxes have been reduced. .one-half;
And the industries of the country have
'een so stimulated, and productions so en-
as to change the balance of trade,
With foreign countries, against US in 1875
o the amount of s100,000,000, to $751;
100, 900 in our favor in 1878.
Our national debt, which was almost ex-
lusively held in foreign countries in 1876,
nd all the interest on it paid in gold to be
distributed among foreign capitalist, is now
cid by our own people, with the exception of
bout one-sixth of it, and the interest paid
, the citizens of the United States. {
These results have so inspired the conf
ence, not only of our own people, but of
IL civilized nations, that we have been ena-
led to refund our six and seven per cent.
ebt, into four per cent bonds; with lrea-
unable prospect, by a continuance of the
resent financial policy, of reducing the in. {
rest to three per cent. within the next two
ears.
With our debt held by our own people, i
Id the interest distributed throughout our I
,untry, the returns from our balance of T
AIDE will, of necessity, have to be paid in T
I'D, which will add that much to the circu- p
ting medium of the country. The esti- Fl
ates for the balance during the present d
seal year, based upon the excess of ex- 3
,rts over imports since the first of July J
st, give us s3OO,OO0,OOO, or s43, 100000 tt
ore than last year, which will be paid in Il
Id and be thrown into the business chan Il
els OF the country. VI
We have now nearly $500, 900 of pa O.
r circulation, equal with, land after the first L
January next, if the policy which Judge P
arris and Capt. Paul advocate is not T
opted, convertible into coin. We have r
out $3.50, 900 in coin now in the coun- tt
!; the minis are turning out now from
0OO 00o to a nm mn ~ e;1,or nv, .,,,,,4t