Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-10-22
To the Editors of the Spectator:

your paper a letter was published signed
By number of the citizens of our Coun.
ty and City, addressed to myself and
other gentlemen inviting us to speak tc
the people of the County on the ques-
tions of finances and currency which
are in issue before the country, at such
times and places, as might suit our con.
venience. While am duly sensible Of
the honor done me by this Invitation, ]
am constrained to decline it, because ]
feel doubtful whether my strength
would enable me fulfil, in a manner
satisfactory to myself or the public, the
task assigned to me. I am gratified,
however, TO see, that the people are
awakening to a just sense of the impor-
lance of the questions which now occu
py such prominent position in our
State and National politics.
These questions rise above the inter
ests of parties. They are of vital con-
Germ to the people of all parties. They
affect the business of the whole country.
We are suffering, every day from the
discredit that has been brought upon our
State, by her refusal to meet her Just
obligations.-Ift to this we how add, the
evils of dishon est and degraded cur
rency, no man can foretelI the evils
WHiCu ihhSb EpSHc.
Money is not actual value. 1t is The
mere measure of value, as the yard stick,
the, pound, and the gallon, are the mea-
sures of quantity.
a II men will readily recognise the fact
that tits essential to the proper transac-
ton of the ordinary business of life, that
the measures of quantity should be uni
form and unvarying. If the merchant
g hyy a n.
other, it must be m nifest, to the mean.
est capacity, that endless confusion and
injustice must follow
The same Inconvenience must ensue
from an unstable and nuctuating stand
ard of values. All bargains will become
| contracts of hazard, or in other words
gambling transactions.
The people of the South have had an
experience of the effects of a deprecated
currency, which should admonish them
of the evils of it, and induce them tc
frowp upon every effort, to return to it,
We have borne ill the inconvenience
which it was necessary to encounter, te
restore the currency to sound and
healthy condition, and it would seem to
be madness, now to reverse our policy,
and plunge the country again into the
confusion from which it has been rescu
ed. When the subject is properly ex-
planned to the people, their good sense
will enable them TO detect and rebuke
the mischievcus fsllacies by which dem
agoguas are seeking to mislead them.
There can he no doubt that the wal
has tended to lower the tone of mora
sentiment of the community. Ideas are
now advanced, with boldnsss, which, in
former Years, no man would have dared
avow.
1t is thou hit by many, that there is 8
deliberate purpose, to repudiate both the
State and national debt, and ultimately
by indirection, to substantially repudiate
or scale all private debts.
If the public mind can be educated
do,OnVdrd, to the reputation Of the debt
of the State of Virginia, which all must
admit 10 be just debt, contracted by
our own representatives, and for which
we received full consideration, and the
benefits of which we are every day en-
joyinG in the form of increased facilities
for travel and reduced cost of transpor.
tation afforded by our Railroads, which
were built with the money which we
borrowed, with how much more readi
ness, can the Southern people be per
suaded to repudiate the national debt,
which was contracted when the South
was not represented in congress when
U. s. Treasury notes were at a heavy
discount; and when the money was bor-
rowed to accomplish the subjugation Of
the Southern States!
When these measures nave been accom-.
plished, the reputation of county, city,
and individual debts will soon follow
The spirit of communism is abroad.
Every one who has loaned money to
States or Corporations is now denounc
ed as a "bloated bondholder" and every
creditor of individuals, as a ''Shylock ~
To accomplish this latter part of the
programme, the power of the Federal
government is to be invoked and pervert-
ed. The States are prohibited by the
constitution, from passing any law i'm
pairing the obligation of contracts, OF
from making anything, but gold and
silver legal tender. The States, there
fore, are powerless to repudiate debts, OF
to dilute or debasa the currency. Bu'
there is no such positive prohibition i'm.
posed on Congress. The Supreme Court
of the U. s. TO which two justices were
added to ensure such o decision,) has
solemnly adjudged, that Congress hai
the power to make U. S. Treasury notes
legal tender. Under this decision, thu
power of congress over the currency
would seem to be unlimited. If, there
fore, Congress think, proper, it may in