Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-06-18

amounted to $593, 1877 ,292; while the ag-
gregate of imports was 1865 ,561 1851
thus showing q balance in our favor Of
over two hundred and twenty.seven |
millions of dollars.
During the same period, (which en-
braces one semi-aunual payment Of in
terest on United States bonds held in
foreign countries,) the export of specie
and bullion amounted to 29,077, 914,
while the imports of the same were
$25, 794, 400, thus showing an excess of
experts of the precious metals of only
81, 1854.
We may, therefore, safely dismiss all
apprshensions of danger from foreign
demand for our specie. On the contrary,
the large balance of trade in our favor
of two hundred and twenty-seven mill
lions, above referred to, will have to be
paid, either in gold and silver, or by
the return of our bonds held by foreign
ers.
think these figures fully justify the
confident belief which have expressed,
that we are on the eve of q renewal of
activity in business and of an era of
prosperity.
An increase of the volume of sound
currency will tend to enhance prices
and lower the rate of interest. It will
place capital within the reach of men
of moderate means, and ensure to labor
adequate compensation and active en-
ployment.
THE PROPOSITION TO TURN STATE
BANKS LOOSE.
know Of nothing likely to interfere
with our onward progress, unless Con-
gress should give countenance to the
wild and mischievoIs proposition which
has been suggested, of repeating the law
imposing tax of ten per cent. on the
issues of State banks. If that tax were
repealed, we should soon see the revi-
val Of State banks, with their extrava-
CANT issues of irredeemable promises
to pay" which would initiate the cur
rency-banish gold and silver from cir
culation and bring back upon us all the
evils incident to irredeemable paper
money.
The Constitution of the United States
has wisely delegated to Congress the
power ITO coin money, regulate the
value thereof, and OF foreign coin, and
fix the standard of weights and meas
ures." If there be any one subject
which does belong, and of right ought
to belong, to the domain of federal leg
islation, it is the regulation of the valu,
of the currency. No one questions thu
exclusive power of Congress to fix thu
standard Of weights and measures. If
then, it be proper that the Federal Leg
islature should fix the standard of th,
measures of quantity, what reason car
be assigned why it should not hav,
power to Jir the standard of vdIue I
will be dark day for our country
Congress should abdicate this salutar,
power, which ensures to us a currenc,
of uniform value throughout the Unite'
States.
THE EFFECT OF Low PRICES.
Before closing this letter, which is al
ready longer than intended it shoul'
be, cannot forbear from correcting
mistaken idea which prevails will
many. I often hear complaints of tn
low price of agricultural productions
People look back with regret to the da,
when they received $500 for barrel Q
flour, or $144 for good horse, and la
ment that now they can get only $4.S
for flour and 800 for similar horse. T
all such I would respectfully say tha
the difference is only nominal. Whel
they were receiving the high price
above named, they were in fact gettin
no more actual value for their -four an
horse than they are now getting, TIL
reason is this-when they were receiv
ing the high prices, gold was at pre-
MUM of A per cent. A gold dollar j
currency was then worth but SO 32-10
in gold, and the $500 which they &c
for their flour was worth exactly $4.8
in gold, which is the present marke
price, and so with the horse. The $14
which he would have sold for in 1861
when gold was at a premium of "A pc
per cent, was worth but 500 in gold.
GOOD POLICY FOR CREDITORS TO WAIT
In conclusion, I beg leave, in view {
the bright prospects ahead of US, to ap
peal to creditors to extend all possibl
indulgence to their debtors. Enlight
ened self-interest. as well as humanity
dictates this policy. Everything is nov
at the lowest point of depression T
enforce payment, under existing Gil
cumstances, will involve the sacrifice {
property and very probably the loss c
the debt, which by little indulgenc
might be rendered secure. Let us mu
tually bear and forbear. By generou
indulgence for another year many debt
ors will be able to retrieve their circum
stances, who, by a contrary policy
would be stript of their property an
left homeless and desOlate.
Very respectfully,
Your friend and fellow-citizen,
ALEX. II. H. STUART.