The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-10
Democra, ic Demagogism.

When the greenbacks were issued as war
measure, the Democrats voted against them
in Congress, denounced them in their press
and declared them unconstitutional in their
conventions. After the war was over the
Democratic Judges of the Supreme Court
gave an opinion against their constitutional
ity. And now, when an issue that was jus
titled by the Republicans only on the
ground of military necessity, land which was
pronounced by the Democrats unjustifable,
even on that ground, is within half of per
cent. OF par, and the Treasury is prepared
to redeem it according to law, the Demo
Gratis demand its unlimited continuance and
its unlimited increase. When it was neces-
sary they opposed it; when it is less heces-
sary, they support it. They are opposed to
greenbacks in time Of war, when the pub
lie credit is strained to its utmost tension.
They are in favor of them in time of peace,
when the public credit is at the highes t
point. When opposition to the greenbacks
embarrassed the Government the Democrats
opposed them; when their continuance can
be dispensed with they support them. The
greenback was Republican measure but
coupled with its issue was the pledge of the
national faith that it should never exceed a
fixed amount, and that it should be redeem
ed at the earliest period practicable. Under
that pledge and with wise system of f.
nance it has rendered an important office in
supplying currency and in facilitating the
operations of the Government. Under that
pledge and with that system it has now
nearly reached the period fixed for its re-
demptiun and to postpone that period and
to increase the issue, as the Democracy now
demand, would be violation of the princi
pies of its origin, as well as of all sound
financial policy.
Hon. j. R. Tucker spoke to the people of
Bedford on last Monday, and from the re-
port in the Richmond Dispatch: declared for
judicious increase of the circulation me-
dinm,' 'founded upon a solid basis" and
that he maintained the resolutions of the
Convention which nominated him, every
one of which was extracted from his Buck
ing letter. If we remember right, the plat
form declared for the repeal of the "re-
sumption act," the national bank law, and
the ten per cent. tax on State banks. This
would be simply destroying the financial
system of the government and turning all
business into confusion. 1t would be de-
feating the very object Mr.. Tucker says he
desires, ga currency founded upon solid ba-
SIS" and by making the government q
banking institution, subject the currency to
tie whims and necessities OF politicians and
the ebb and flow of the success of parties,
making all values uncertain. Mr.. fuckers
objection to the present banking system,
and the ten per cent. tax, grows out Of his
extreme and impraetfcable State rights
views. These have been declared impracti-
cable and dangerous by the logic Of history
as applied to tie power of the State, and
they would be no less dangerous if applied
to finance as he now suggests. BY his meth
DDS solid basis could never be reached for
the currency, and all can understand the
harm that would follow revolution in the
financial policy of the government, such as
the legislation he would frame would entail.
Fundamentally, Mr.. Tucker is wrong, and
consequently his deductions are mischievous
and dangerous,