The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-01
C0rrecfIon.

In the editorial article last week, noticing
the speech of Judge Harris, there was pal
pable error in the figures quoted from the
Cincinnati Price Current and Weekly Re
uieao. In the haste of reading the proof we
did not verify the calculation. Indeed, we
were so much engaged in other business, we
had neither time to prepare the article as we
should like to have done, nor to revise it
after it was written.
The amount of currency stated in the
Rerieac, is as follows
Legal Tenders, fs34G, 6S1, 0l6
Fractional Currency, 1903, $50
Old demand notes, G., 297
National Bank currency notes 322, 500, 800
National Bank gold notes, 1882, 100
Subsidiary Silver coin, 100000
Standard silver dollars, $1,000
Gold coin, 200, 100000
Total, SSeS, 393,0SS
ESTIMATING the population OF the Unite d
States at 40, 100000, this makes s21 for each
man, woman and child.
'Under the modern facilities OF bank
checks and clearing houses it requires in cur
rency only about per cent. OF the business
transacted each day to settle the exchanges,
so that we have currency enough for daily
transactions amounting to the enormous sum
of $I15.756, 4lS.2SS. The daily transac lions
do not probably amount to more than one
half OF the currency we have, so that busl-
ness could be increased to thrty-three times
its present volume without Increasing the
currency dollar. There is money enough,
and largely more than enough now, to give
ready facilities for all the business which is
likely to be done for a long time to come"
1t would be well enough for those who are
clamoring for more currency to carefully
consider these figures. The finance OF the
country is the most important question that
can engage public thought. There is
very loose notion prevalent with the people
in regard to it, and because s'times are dull
business somewhat stagnant, and money
limited in circulation, as q consequence. the
popular impression is, that the issue OF an
unlimited quantity of paper would change
this condition of things. Itwould undoubt-
edly change it, but would it better ID? John
Randolph once said, ''every change is not re
.fo,m," and so it would prove in this case.
The people would be deluded with q belief
that initiation was business wild spirit OF
speculation wasrealp rosperity, when it would
only be paving the way for more severe
prostraton than that which we are now
struggling to recover from. Those who are
playing upon the feelings of the masses in
this way, are only deceiving them. They
are either designedly misleading them or
unaccountably Ignorant of what they are
talking about. All interests OF society,
whether classed with labor or capital, de-
mand that the business Of the country should
be guaged by standard oil value, and as
gold and silver is the standard established
by the government, it is essential to sub
stantal and permanent prosperity that the
currency which moves business should be
based upon it. The figures given above
show that we have ample money in the
country to meet all the legitimate demands
of trade, and that what is wanting is conf
dence between men and in business endeav-
ors. Capital is working against its own Sc
curity when it retires from the avenues CT |
enterprise and shuts itself up behind strong |
bars. 1t antagonizes in this way tbs. We
element that gives its life and usefulness,
and the mistrust that it thus encoui-
ages gives growth and audacity to the con-
f1ct between Itself and labor, which must
work together, or there can be no mutual
benefits or understanding.