The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-17
The Evils Of Euctuating Standard OF
Va1u0

In an address before Republican meet
ing at Concert Hall, Philadelphia, on Sat-
urday last, Hon. G. A. Grow made some
sensible remarks with reference to the evils
of fuctuating currency
He began his speech with some general remarks
as to currenc y and the payment OF debts by
States and nations. and after quoting from the
arate distinct pledges of the nations faith First
to collect its duties on imported goods in coin.
and to employ The coin so collected in the pay
ment OF the interest on its bonds and notes, and
to the purchase or payment annually of not less
than one per cent. Of its entire debt; second,
that It's egatender notes, issued or to be issued,
should never exceed in total amount $500, 900 ;
third to make provision at the earliest practical
period for the redemption OF the legal tender
notes in coin.
''Will the nation redeem its plighted faith and
pay as promised? The redemption OF these notes
| as promised, by the resumption OF specie pay
mentS, does not mean the actual handling OF a
| gold or silver dollar in every transaction in bu-
| siness. 1t simply means that the dollar repre-
resented by the medium of exchange used in the
| transactions, whether draft clearing house GER
tifcate. or paper money, shall be the equivalent
of the standard gold or silver dollar that the
countless millions OF business transactions shall
| be measured by one and the same fixed and uni
legal gold dollar would at different periods pur
chase from 1905 cents to 285 cents in the legal
dollar The gSa doiar IN number 9r bs
whole period was identically the same yet it
would. at different times buy these varying
| amounts in paper money. Had all the products
| of labor dealt in by The pound been determined
| by standard weight, varying at different times
from five to sixteen ounces, or II the measure OF
all fabrics had been aScerJained by a yard-Sttck
varying in length from twelve to thirtysix inches,
the evils resulting to steady. permanent business
| and trade would not have been greater than have
been those following from like fuctuating stan
| dard OF value in paper money. It would be WnoI-
if not i'm impossible to Wsgn 1hs
weights. Yet with The improved mechanical
conIrivances in use. it is quickly done. and the
enormous bulk is reduced accurately to pounds,
| each one of which is exactly sixteen ounces
| avoirdupois. So it would be utterly impossible
actually to pay in coin, or in any other kind Of
year; yet. by a system OF sdrafts. checks, clear
ingho certificates and bills of exchange, it is
all paid for in dollars every one OF which is an
equivalent OF the legal standard dollar at the
time Of the transaction, And.if that is OF va
rying amount in real value. it gives to trade the
uncertainty which leads to speculation and reck-
| less venture. cOrrupting sound business moral
M and nsy 81 al II
| educate and lead business community into the
| ways of the gambler, none Is so perniciouS as an
uncertain and notwithstanding measure OF real
With the resumption OF specie payments, the
% m be
per capita any time previous to 1660-composed
OF paper and coin, all Of which would be ex-
the will of the holder into fixed and certain
standard, recognized by all commercial nations as
iation Of the country be as good with half Of it
gold and silver, and all OF it based upon fixed
standard OF value, into which it could be con.
verified at the will OF the holder, as to have it all
paper, based upon nothing but the fiction that
promise is performance, and expectancyis more
| certain than reality.
| Mr.. Grow read from the laws to show that
| bonds were issued to pay greenbacks, not green
backs to pay bonds. The prospect OF early re-
| sumption revives business He showed the in
crease in the iron business the last year, and in
| the number of miles of railroads built over that
| OF 1875, as evidences OF revival of home indus
try. IL presented the statistics to our foreign
| trade, showing that never was that SO much to
our advantage as in the last five years. With CO.
| pious extracts from leading statesmen and his
tory Of irredeemable paper OF different nations
that have tried it, he closed an address that con-
| sumed an hour and a half in delivery.