The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-07-25

lation, not including mutilated notes in
transit, upon the LIST day of January for the
last ten years, and also upon Nov. LIST Of the
present year,
Iomit the five years preceding and read
the table which shows the decrease in the
circulation for the last five years, as follows:
January l, 1874. 478
January i. 1879. s47 s5s Al
Januery l, 1876. 54I,ooS,oE
January 1871 S oIe o99 o94
November l, 1871. 3lo,o8l99o
Further, to show how steadily but surely
this work Of destruction has marched on to
its object, / will quote the following from
the same report:
The following summary exhibits concisely the
operations Of the acts Of June 90 1874 and Of jan
uary IA, 1875. down to December 1, 1878:
National bank notes outstanding June
Amount nc int. Of same issued '''''
from June 20. 1874, to Jan
January IA. 1875........... $4,734,50O
Amount redeemed and re-
tired between same dates 2.767,2Ss
Increase from June 20, 1874, to jan
uary IA, 1675..... l9b1zoo
Total amount outstanding
January IA, 1876. ......... 35l ,Sel,45O
Amount redeemed and re-
tired from January 18th,
Amt. surrendered between
same dates .!3......... 9,25o,lU7
Total re'd and surrendered 7O,s66,4sl
Amount issued between
the same dates ........ s8,324.64O
Decrease from January A. 1875, to date 32,641,s51
Natl bank notes outstanding at date 319219,5s9
Greenbacks on deposit June 20, 1874, to
retire notes Of closed banks ...... s,S13,675
Deposited from June 20, 1874, to date,
to retire national bank notes. 1859, l45
Total deposits .............. 76.4s2,s2O
Circulation redeemed by Treasury be-
tween same dates without reissue. 64,495.6l6
areenbacks on deposit at date. ....... 11,s87,sO4
Greenbacks retired under act of Janu-
GreenbacSs outstanding at date. s5lsao28s
The above table shows nominally that on
the LIST of December 1877, there was in cir
culation the sum of $319, 219, 500 in bank
notes. The report of the Treasurer of June
l, 1878, shows Of greenbacks the sum of
$500, 412, 900, making the entire circulation
$679, 631 ,599. say nominal, for since the
1st of December the banks have surrendered
many millions, and have been boarding, pre-
paratory for resumption, So that to-day
there is not one dollar over $500, 100000 in
active circulation, or about $12 to each per-
son in the United States. have examined
with great care the finances of other coun-
tries, and cannot find civilized government
on earth that has not 100 per cent. more OF
circulation than ours yet we are told that
we have an abundance Of money that if we
have anything to sell we can get the money
| IL E., a. hale kIn
cultivated lands of the United States are for
sale, and that we cannot get the money for
them; let the low price of tobacco, of wheat,
corn, beef, pork, bacon, and every product
of the farmer answer this false assumption.
These are stubborn and painful facts to the
debtor and the farmer whose taxes have not
been reduced, and whose debts have gone
up while their property and products have
come down. Their liabilities have expand
ed while their means of payment have enor-
mously decreased.
Having traced the cause of our troubles to
class legislation and the financial system OF
| the Government, let us search for remedy.
| Mr.. Chairman, this House has been ear
| nestly at work to remedy the evils of past
legislation. Feeling the crushing effect Of
the resumption act, bill to repeal the same
passed the House at the extra session last
fall. But 1t sleeps in the Senate, and fear
sleeps the sleep that knows no waking. The
House also passed the silver bill, the bill to
remonetize silver, by which s4S.0OO,000
year is added to our circulating medium.
This bill the Senate concurred in and it
became law. But what signified that, for
as that law put silver in circulation the Sec
rotary of the Treasury under the resump-
ton act was curtailing the paper currency
interest Of the money-holder. The House
waited in vain for the Senate to agree to this
bill to repeal the resumption act. Finding
| this would not be done we rendered them
the bill to stop contraction. This the SEN
ate agreed to, SO there is to be no more con-
traction, and it is to be hoped from that
cause we have touched the bottom of our
troubles. As silver goes out under the silver
bill. to that extent our circulating medium
will be increased and the people will be re-
lieYed.
Mr.. Chairman, during the past winter the
Legislature of my State passed resolution
instructing her Senators and requesting
her Representatives to vote for repeal OF
the following law passed by Congress March
8, 1878:
''That every National banking association
State bank, or State banking association,
shall pay tax Of 10 per cent. on the amount
Of notes Of any State bank or State banking
association paid out after the LIST day Of July,
1862
In obedience to that wish thus expressed,
l offered bill to repeal the same, and found,
upon inquiry, that majority OF the commit
tee to which under the rules my bill was re-
|, ferred. and to which alone it could be, were
! fopposed to it. Therefore no action could be
taken on it at this session Of the House. The
old State bank system is no favorite of mine
r yet ! am opposed to the Federal Govern
ment saying in an humanity way, or in an,
Y CONCLUDED ON FOURTH PAaE.l
l.