The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-10-17
IHE PRESIDENT IN VIRGINIA.
Speech of the Chief Magistrate
on the Currency.
QUOTATIONS FROM THE FATHERS
Washington, Jefferson and Madison
on Paper Money.
QUOTATIONS FROM THE FATHERS.
INTERESTING VISIT TO THE FAIR GROUNDS.


The President aud party arrived here at eleven
o'clock this morning In addition ~ The President
were Mrs. Hayes. Webb G. Hayes, General and mrs.
Hastings, Secretary Thompson and others. They
were met at the railroad station by large crowd and
thence proceeded tho residence OF Governor Hoil
day under OF the Winchester Light Infantry.
Governor Holiday courteousy received The visitors,
and, alter bre rest lie party proceeded 10 the fair
grounda
GovgRsoR HOLIDAY.
Upon arrivin. al tho tair grounds Governor Holiday
addressed the large assembly front Of the main
and, aliudng, among other things, TO the President
II the United States He knew they would warmly
Welcome MIN on account OF his exalted position.
lApplause.i 1t had beon the lot OF Virginia 10 play
marked, q varied role, SINCE colonial times. She
gave to the country The founder OF the Republic,
whose romans Ito in view OF thos VINO administer
the government and another of her became the
father OF the constitution Yet when Virginia thought
lhsI the constitution had been violated she went out
81 the Union and appealed to the great arbitrator OF
natsns for the vinaication OF her During four
pears she denied her allegiance to the constitution,
I'll the verdict being against her she. tattered and
Torn by Strife yielded to the oecison having written
upon her pages many incidents Of noble achievements
and heroic suffering, without, he believed, spot OF
shame. (Applause.) Sho has returned onco more to
lake pacs the Union, and pledged integrity
II there was man IN he State high or low, in phi
vate or official station who denied their position he
The Governor briefly spoke OF the beauty ana of
the fertility OF the valley and said that sxhb-
smooth whatever remained OF the asperites
casoned ny the late In conclusion, he formally
intro the President to the men ana women liy
Ing in the Shenandoah Valley.
SPEECH or THE PRESIDENT
When the President rose 10 reply ne was greeted
with applause. He spoke as follows
FELLOW CITIzENs-My first knowledge of the boau-
tiful anu historic valley Of the sneuandoab was o.
tanned the rough school OF tho great civil und
with the aid Of pa.cnt instructors engaged
opposite sides oil that terrtEle conflict. IL is
great to revisit the valley ana to refresh
my recollection OF superb scenery una OF
The places made Interesting ana famous by
inc war. ! now meet It's peopls under
OF US, ~hethcr we were soldiers or citizens during
the contest could tbeu have deemed possible within
the period OF our lives For the FIRST time In msny
years we see the American people, IN The midst OF
Interesting and important elections. with their
non chiefly engaged about questions relating 10
The material and business interests Of the country,
ana III regard TO which, in all the states tho
people are beginning 10 take SIDES without
ush reference 10 sectional color limos. wnatever
evidences OF the OLD bitterness be exhibited any
sni wish Is tnat the sectional controversies which
nave so long disturbed our American secretly may be
permaEsnty settled, and that. IN pursuance Of the
constitution and the laws, peace snd union may be
restored and forever firmly established
THE FINANCIAL QUESTION
During the last montn visited agricultural fairs in
several OF the North States In addressing
people those occasions IT seemed TO proper
call their atten lion 10 the ndon OF the hnan-
cnl affairs OF the govern rent OF the United States
This was done WITH n double purpose. IL my
hope that II would givs and confidence
10 those were looking anxiously bat hopefully
Tor better timcs hoped also that the facts and n.y.
urxs presented would AID IN the OF correcs
opinions the subjects which how mainly interest
the people. With the same general purpose
now desire to spread before you, very briefly,
The views OF OF the fathers OF country
patriots whose and and services are
very familiar 10 the whole country, and very dear TO
nxxl. IL
ciaIly, with which some OF them Identified and
smong the descendants OF those VINO
riatcd with them, the opinions OF the men VINO made
virgi mia famous will, am sure, be with
more than ordinary consideration
ADVICE OF The FArHKRa
On the subject oil money, aud on the question OF
what Is sound, sale and stable currency let hear
ana need The ADVICE OF the Fathers Washington, IN
a ctter TO Thomas stone, dated Mount Vernon, Feb
ruary IT, 1857, said
do scruple TO declare that If had voice your
PAPER emission upon tue principle Of Il. sslsy
Representative and the necessity Of Il ~ medium
the shadow OF thing, are 10 be benefited The wis
~ ss sPss 81 papes sas wound
be long sapportsd consequently depreciation keeps p.os
which it 10 exchanged rise in greater ratio than
iarner the planter the benehteaf Tho aostor
Iy leu ia proporon 70 h ssn ns
rsdtor tue body poiisic suffers Whether be legal
shall thsreiors only observe generally that many
burnt child, who breads the nte will touch IL
whcn will De- that the specie, which remains xportsa
will be instantly locxed up.
In letter TO Jefferson, dated August 1Ts5, WASH
ington said:-
Some other states are In my opinion. falling into the
ssy ,S1sn sna s,esoa pans ., paper on,
adopt more just And liberal system OF policy.
In letter 10 Richard Henry Lee. President OF Con-
gress, dated Mount Vernon, August ~, 1885, WASH
ipgtOn ssid:-
have nsser heard. aud hope never shall hear.
sse un @ay 81 Ia s,atio" or and
are productive Of much mischief III former il the tool
psetedly. insss with whom this part
OF ths state reprooste me idea exceedingly. ;
JEyPRRsos's OPINIONS
Jcfsrson's opposition 10 irroaeemsble paper money
vas decided, ana Is too well known 10 need many
mainly proposed by irends Of Unlimited Issue Of
bank paper, and MS most vigorous denuncialions
we're directed against sucn issues, tut his arguments
apply with equal iorce against all iorms OF irrodes
able paper mOuey. 10 Colonel Yancy ne wrote ugder
date oil January 9, 1sl6:-
word has 70 often seen IN the history other nations We
paper produce solid wealth .. hard labor tue
earth Il Is % VAN or TO that nothing
produce but nothing khat il Idle dream TO 20
evs in philosophers stone when everything
bis mAker-in the sweat Of his brow shah he eat his
Jefferson 10 letter TO John W. Epps, dated Novsm-
Der =, 1914, said
The Of what ba. medium should
nat o. other soaG,res With ealsn We trse aud wso
medium IL in sOund state That " the perfect
MEDIUM because IL will preserve IT, level
aavins intrinsic and universal value IL never
ard IL IL tho ln
tins o. MAR; that The trihine economy OF paper
che medium o. Its convenience Tor
weighs nothing in opposition ~ tue avsnages the
sious mctals at u - liable 10 be abusod has
and will DO abused, IN country IN waien
permitted
To Colonei Darlington, unaer date Of May %, 1885,
he said -
Paper is poverty; IL only ghost money and not
money ITSELF
MADISoy.
hNHl GnH lll "A llAf q nm
dated August IL, 1856, saia.--
whether Virginia 10 to remain exempt from the cpl.
de,n,c tnaiatiy viii tue Assembly,. dy
hVpcs chiefly on the exertions o Goone Aaon ana
tailure uxperincnts elsewnere That these must
fail IL morally certain Tor besides proof
OF IL already visible In states and th0
intrinsic defect OF the paper Ia ali this fictitious
feed than tue spit VI exrssAaance which
coin to pay tbs unavorane balance, and
will the soon Ue carried market W GUY cola
that purpose. From that moment depreciation y IN
vain yrulsts