The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-01-31
Matthews Silver Bill.

Congress cited in the preamble ''are payable !
principal and interest, at the option OF the |
Government of the United States in silver
dollars of the coinage of the United States
containing 4l2aa grains each of standard sill
yer. and that to restore to its coinage such
silver coins as a legal tender in payment of
said bonds, principal and interest, is not in
violation of public faith, nor in derogltion
Of the rights Of the public creditor
The issue was pointedly made between the
financial policy inyolved:in this resolution
and that maintained by its opponents, in
the amendment offered by Mr.. Edmunds,
which provides for the payment of the bonds
in gold coin, or its equivalent, and that any
other payment without the consent of the
creditor would be in violation of the public
faith and in derogation OF his rights" which
was voted down by is ayes to A noes.
The resolution was communicated to he
House, and will doubtless be speedily and
afiirmatiyely acted on.
The probabilities of two-thirds vote,
should the bill, after its passage by both
Houses, be returned with the objections Of
the President, are specialized upon in the
Washington Star, of the Goth, as follows:
The vote on the adoption of the Matthews
silver resolution in the Senate, which lacked
only one of two-thirds, has elated the silver
men, and they claim that when vote on the
silver bill is reached. there is an assured two
thirds in its favor in the Senate. This seems
not unlikely. An analysis of yesterdays
vote. which was AZ yeas to % nays, shows
that the silver men have 43 votes for the
bill to begin with. Then there is to be added
to this the four Senators paired, who would
have voted for the resolution, which makes
AZ votes. Mr.. Paddock, who voted against
the resolution, in doing so said that he wa:
willing to vote for the most liberal coinage.
but considered the resolution premature,
because it placed the cart before the horse.
He will vote for the silver bill, which gives
. the silver men IS assured votes. Mr.. Win
dom who also voted against the resolution,
said his vote did not indicate how he should
vote on the silver bill. 1t is claimed lie will
vote for it, which makes 40 almost sure votes
for it. kellogg, who didn't vote yesterday,
is claimed for silver, and ingalls,, who was
absent impaired. would have voted aye had
lie been present. This makes 81 votes; only
ore short OF two thirds in full Senate. Ii
Sharon remains absent 81 votes is more than
two-thirds of the Senate, and even if he re-
turns the silver men claim his vote. Yes
terday's action rather clearly decided that
with full Senate there are 50 members
who will vote for the pending silver bill.
The passage OF the Matthews bill. is pre-
liminary to the more important contest on
the Bland bill remonetizins silver, and
making it legal tender. and intro dncing it
as a standard of value with gold.
The friends and opponents of these bills
have their theories as to the effect upon the
business of the country, the silver men con-
tending that the demonstration OF silver in
the legislation of 1873, Or in the revision OF
the statutes in 1874, daed the beginning oil
business depression, and the restoration Of
silver to its rightful relation to trade will bring
back business enterprise and prosperity
while the opponents maintain that such leg.
islation will impair national credit, with.
draw confidence, and prove disastrous tc
the business interests of the country.
We attach very little importance to the
theories of public men. They are just a:
fallble as other people. While they pro-
fess great confidence in their own opinions
and talk freely OF results, they as frequently
fall short of prophecy as the unpretendins
private citizen, who feels the effects OF
Frustrated trade. The people generally, out
side of capitalists and those who hold securi
ties whose value would be enhanced by {
single standard Of money, believe that the
passage of the silver bill and the restoration
nf TIM v0li1n nf silver q will friy
fresh impetus to business, inspire conf
dence and insure prosperity. 1t is useles;
to legislate or argue against this conviction
The more determined the opponents, thu
greater will be the excitement and dissatis
faction of the people, and the best way is tt
give the matter test. We are satisfied
that the passage Of the silver bill, in con-
nection with the Matthews bill, would have
a good effect upon the business OF the coun
try, although the abstract theory we incline
to would be opposed to it. We have ex'
perienced enough, however, to know thai
abstract theories are not what the practi
cal common sense of the country wants. The
people want useful, tangible results, and
these they believe they can get by the ope
ration Of the Matthews and Bland bills. II
their passage will have the effect to satisfy
the popular mind. to inspire confidence and
stimulate enterprise, no harm can grow onl
Of it. We do not believe in legislating ex.
cludvely for capital, nor in following the
line of policy of those representing the
money power of the county. The Labor
inf re ,of ho 10
spised, and if the sentiment OF the great mass
Of the American people is in accord with
the financial policy indicated by the bills to
which allusion has been made. it is the duty
of their representatives to reflect their
wishes. The effect of unwise legislation
would be still more to depress and dis
hearten the labor element, and we have no
hesitancy in saying that the primary duty
of Congress now is to SO shape its legisla-
ton so as to inspire confidence and hope with
the people. 1t is necessary as a means to
allay Apprehension of still greater business
prostration, and mere important still to the
peace and quiet of the nation. Men claiming
to be able statesmen sit in the Senate and
House and cody discuss their financial theo-
ries, without thought of the disturbed
and infamed condition OF the laboring ele-
ment as to bread. Are they insensible to
the fact that from one end ct this country
to the other the laboring men are organ
izing for the purpose of making direct
issue with the representatives of capital in
the next Presidential election? Do they
not know that the longer the present pros
trated condition of the country continues,
the more formidable will be these organi-
cations, and the more determined in their
resolves: All rejecting men must believe
that further contraction of the currency
still more stubborn isolation of capital,
must bring about results fearful to contem-
plate.
There must be something done to stimulate
enterprise and revive industries, 50 that the
willing labor of the country may be en-
pIoyod or tho ueyt Presidential alaot;on