Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-10-22
Stauntott Spectator.
TUESDAY, OCTOBER %, 1878.
Whom Shall we Follow?


The country in unquestionably upon
the eve of one of the most critical crises
that any ACKNOWLEDGEMENTS or
monarchcial-has ever been called upon
to meet. The close of the war left the
U. S. with an imprecedentedly large
debt and a volume of deprecated paper
money that was sim ply appalling. In
the thirteen years that have elapsed
since the close of that war, our debt has
been rapidly reduced, our paper money
has become as good as gold. and until
the "Greenback craze" was agitated, the
credit of the Z. S. was higher than it
had ever been before. This is absolute
ly demonstrated by the fact that the
Government has been enabled to call in
a very large number of five and six per
cent Bonds, by issuing new ones, bear
ing only four and four and a half per
cent. These Bonds found ready sale in
the money markets of the world, land the
only check there has been to their sale
Is the Greenback lunacy, which is very
perceptibly weakening faith in the pub
lie credit of the U. S. and proportionably
affecting the sale Of these new Bonds
whereby the U. S. saves..millions of dol
lars annually in the cutting down the
rate of Interest on her public debt.
Our monetary system is upon basis
that will challenge comparison with
that of any other country in the world.
We have at last, after most severe Or
deal, rendered inevitable by the i'm
mense destruction of property during The
war. by wild and extravagant specula'
lions in Railroads and real estate, reach.
ed the moorlug of 1860. We are to-day
to all practical purposes upon specie
basis-the only recognized standard OF
value the world over.
And the question to be solved by the
American people at the November cleo
tions is: Shall we be wise enough te
grasp the golden fruit for which we
have been toiling.and.struggling so hare
since the crash of 1873, by planting our
selves firmly upon the vantage ground
already gained and declare by our votes
that we will not be led astray by politi-
cal quacks, or shall we. by undoing wha
we have accomplished in the last fiv'
years, draw down upon our country con
sequences more dire than any we have
yet experienced ? This we repeat is thu
question that will he decided, one way
or the other by the November elections
Unless we are vastly mistaken the peo
pie of this District desire good money
They have suffered enough from ire
deemable paper money. If the immense
losses produced by redundant issue o
rag" money under the old State Banl
system and the Confederate issues
which bore a strong analogy to the yfd
money of which we hear SO much, does
not satisfy every thinking man tina
nothing but gold is the true basis for al
money, wethen say, men are worse thar
children, incapable of profiting by TIN
blunders of others; and past experience
which should be beacon to warn us Of
the shoals upon which the ships of State
always founder, must be totally disregar
ded.
The issue between money founded
upon gold basis and a flood of ire
deemable, worthless paper money ha
been made. This issue must be decided
there is no escape. Where shall W.
stand
When we see Bayard, Pendleton and
Seymour, statesmen of the first order
counselling the people to stand by {
sound, redeemable currency, and sucl
man as B. f. Butler, the author of thu
Greenback move, advocating fiat
greenback flood of stamped paper to b.
called money, we feel confident that tn
people of this district will declare by
their votes in November, in the selec
ton of a Congressman, for that candi
date, who stands up manfully against
the heresies of the day and advocates
good, l.onest money. That they will be
found following General John Echols
and his platform rather than either Har.
ris or Paul with their exploded dogmas.