Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-06-12

volume reduced by demands for expectation. On
the whole, no method has hitherto been formed to
establish medium of trade equl In all its ad-
yantages to bills of credit made q general legal
tender
In these doctrines the American
statesmen generally acquiesced after
they had seen and known of the direful
consequences of Englands' abandon
meut ofthe wise policy that succeeded
her twenty years Continental war, and
had adopted in its stead the one which
we have just been following-cont rac-
ti0n and resumption-till she brought
poverty and desolatiop to almost every
hearthstone and reduced her whole
number Of landowners to 10000 re-
insiituting, under less approbrious
names. a system of feudalism and vas
salage that made slaves Of all but the
lords of her tenantry; every wage
aborer being dependent or a serf Of
which we hear little except as now and
then admenished that our manufacture
ers cannot compete with the pauper
productions Of Great Britain. If latter
day Americans had kept pace with the
advancement Of knowledge and science,
we would long since have fully compre-
hendcd the marked difference between
the tested policies of debtor and credi-
tor nations and, instead Of copying
after the wounded Emperor whose ran
SONS SO lately filled the German Golfers
to OVERLOOKING, we might have learned
wisdom from France, Italy, Austria
and Russia, as they emerged frem war
ordeals more severe than ours, and
without forced contraction, resumption,
or Mr.. Stuarts necessary sequence-a
period of depression and bankruptcy
resumed their peace prosperity.
BY what process of reasoning Mr..
Stuart has reached the conclusion that
$500. 100000 is the exact point in the
currency volume at which the reaction
| must begin is beyond conjecture. Per-
capita. our currency, with all proper
deductions. is a fraction less than 1890.
That Of England is $4,000 and Of
France $500. And the latter, with
double our volume OF National circula-
ton factionists still contending for the
mastery the whole social fabric oscil-
lstng between Republicans, Bonapar-
lists and Monarchists, McMahon's
ministry changing almost with the sea-
sons. has net yet had her paper money
atmore than % per cent discount, and
this only for a very brief period. Con-
sidering the vastness of our territorial
area and the diversity of our pursuits,
would we not nationally conclude that
= government with the credit of ours
should maintain for her people vol
ume of currency equal to either Of these !?
Instead Of this we have less than half
OF the least prosperous of the countries
of Europe. Pushing the comparison a
little further, with a federal debt less
lhan the debt Of England, our people,
thus stinted in the medium of clrcula-
ton, are called upon annually TO pay
$3.50 pr capita (men, women and
i,aldren) in taxation to support general,
state aud local government, as against
sll.4lin France, Sll.09 in England and
1921 ia Germany. Thus France ex-
acts Is Of her currency England half OF
hcrs and Germany less than half OF
hers pr cqpita, each year, while in the
United states each human being must
va his iurn. aud swap fer s.. Of an
others share of the currency to meet the
demand OF the tax galherers alone. The
political philosopher who can harmon
ize these things By any application OF
abstract theories deserves a higher
niche in the temple OF publicist fame
than was assigned to Jeremy Bentham
by the money changers OF the Old
World.
Acaln, we deny that our paper cur
rensv has been contracted" to gold
value. II has its gold value because OF
the scarcity Of money. Gold has still
/ its special customs-duty privilege, which
Government has withheld from green
backs. and despite this, the latter are at
par. VIII nor Mr.. Stuart concede that,
lif Greenbacks had been legal tender
for these duties.-as good for the gam
bier and bosrder as for the PRODUCER
as is the case with the paper money OF
similarly circumstance governments in
Europe, that they would have been as
near par eight years ago as now? 1t
cannot be maintained that we are just
now at the healthy" point, when the
contraction that brought US here has
made the money good for all demands
worth no more than that which is good
for 4 portion. This Is Of itself cOnclu-
slve Of an unhealthy financial condition.
Aside now, from the effects Of this
system Of currency contraction in bring
ingabout so much depression and want,
crushing labor and production, and
running manufactures down below the
value Of raw material, let us inquire as
to the manner Of its dong, and see
whether we have any 'Just cause OF
complaint" Two-thirds of the circu-
lating medium has been withdrawn at
the rate ola 100 millions per annum"
and is now represented by interest
bearing bends. This was commenced
lust about the end Of the reconstruction
period without regard to the conse-
quent increase Of territory and popu-
lalion to be supplied, and with criminal