Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-08-16

~6TAUNTON. VA.
FRIDAY MORNING. AUG. 16. 1878.
THE NEW QUESTION.
We said some months ago that the
PRESENT administration of the nation
il government constitutes a neutral
,eriod in politician administration in
which war ends and peace commences.
Both of the old parties are held at arms
Ienpth-that which would have continued
strife, and that which has been
opposing it for thirteen years.
Into this open space both Of the old
parties, and several bringing new ideas,
are pressing to obtain a foothold, and the
leaders of the former are striving to adjust
themselves to the latter and capture their
followers. These new ideas, it is curious
to observe, are heralded by old politicians,
who are in the main counting on a conf
dence previously placed in them, and VINO
urge with the vigor of an original paten-
tee. A sample of this confidence opera
ton may be found in the sudden rushing
to the front Of the %greenback question IN
the congressional elections, shortly to come
off. No man who is familiar with national
affairs need he told that the members
elected next fall will have literally nothing
to do with the currency question. They
do not take their seats until December '79,
and nearly q year before that period
the resumption of specie payment law Will
have gone into effect, as, indeed, it is al
most now practically in operation. No
body can suppose that the present congress
will repeal it next winter.
Thus, there car come no present or near
relief from electing greenback candidates.
So, crediting the leaders of the movement
with long-sighted sincerity, we must pre-
sumo their Intentions exist for the future.
There are SO many phases Of this idea that
it is hard to classify its advocates under
one head. Some demand an unlimited
issue of greenbacks by the government.
Fortunately our people have too lately
gone through a flood of paper money, That
turned to ashes, to be deceived with the
idea that a plenty of money means pros
perity. Others want the payment of Inter.
nal Revenue by the people suspended,
the government, in the meantime, to 81
into gigantic public improvements, to pay
for which, and also to pay it's own ex'
penses, it shall issue g~reenbacks, which is
but another way to make money ~valueless
Still others wish greenbacks to be made
legal tenders for everything, including the
bonds, which by law are made payable IL
coin. This all thinking men will recog
nizs as q violation of faith. And if WI
were to do this where would be the gain
Coin and ~greenbacks are at par. Unless, in
deed, the lunacy of ''irredeemable" green
backs was adopted. in which case the people
would still be as bad off as the bondhold
er. No farmer would be willing to sell hi
produce for notes which were never to b.
redeemed, and which, while congress
passed a law saying they were of one dol
lar in value, his neighbor, with whom hi
did business, would only give him goods tt
the amount of ten cents for.
If we Of Virginia, which is a State thai
grows something to sell, would protect oul
own interests we would strongly resist any
tinkering with the currency which will i'll
crease its volume and must lower
its value. All these propositions
to increase the currency are but pro
positions to doctor a patient that is JUS
recovering. The mere putting a new sui
on a c~onvalesent sick man does not maxi
him robust. And besides, his " cloJhe
are waiting for him when he is stroni
enough TO wear them. 1t is not hard t.
show that they are. All that is lacking
confidence, which is health. Take this ex
tract from the Chicago Tribune"
s4n 1862 the total paper money was $334. 452,0 O, an
was equivalent to $2sS. 1884, 500 in coin; twoy years Ia
terthe paper had increased to 1884, us, 1884, but woul
then purchase only 1922, GAS. 246-the increase OF $oOo
10000 in paper dollars having added only $34.0oogo
to the value of De whole sum OF paperdollars. VIM
THE amount of paper dollars had been increased la
per cent. within two years, the aggregate value o
the increased sum of paper had been increased onl
ten per cent. To add $780, 600, 900 to the paper cm
rency at this time, and have the same irredeemabl
in coin, would not add one per cent to the eoin yala
of tae aggregate increased issue OF paper.
ssIn 1876 the outstanding paper money was $7S1,S76
SIS. and had a coin value Of $3.50, SAG, 1893, while a Yea
later the fractional currency having been withdraw
the amount of paper was less by a., 10000, and tn
value of the reduced sum Of paper money was $aN
600 greater than that Of the whole one year before,
To-day we have in the United State
1924 800 ,78S in bank notes, $346 .Ssl ,Ol6 IL
legal tenders and SIG ,975, All in other pspeI
making $6Ss ,597 ,275 of paper besides 1882,
OOO. 600 IN gold. And every dollar OF thi'
aas the purchasing power OF a dollar il
\old. If the paper money Was increased
Axt month to twice that amount, lrre
Unable in coin, it would not add pefeep'
0@ to the purchasing power of the mon
ev.To an agricultural people like those
IN 1ASouthern States it is vitality impor
ant at the money they receive fol
thelr pducts shall be real Hataaey. It i
1helr lnl-est to see to it that totAe tasKten'
OF their lhuence, the Democratic party
winch the seat majority belong, is moi
msde the ad\cate of wild financial scheme
that must sim us deeper. Let the green
back be made receivable by the government
for a l'dues; it hs always been unjust tina
nation should disredit its own money
let the national banA notes be substituted
by Treasury notes. hus let us firmly set on
faces against anyth;SE that looks to an il
responsible and irredeems54s currency.
~==--
TIE RAHAGEs OF YELLOW FEvERasoaG
Che Mississippi river are frigbtful: Wed
nesday there were in New Orleans 134new
cases and 20 daathss in Memphis, Tenn.
9 new CAGES and 8 deaths, and tp Grenada
Miss. there are not enough wSl5 people