The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-03
This Congressional District.

This Congressional District.
We publish elsewhere this morning, the
card OF Gen. John Echols, of this place.
announcing himself candidate for Con-
gress from the Seventh District. He states
that this position is assumed in compliance
with solicitations from various portions of
the District, and that two questions are pre-
sented for consideration in the canvass that
is to be made. First, the State debt, and
second, national finance.
AS to the State debt, he declares against
"forcible re-adjustment," and expresses the
belief that a compromise can be effected bv
friendly negotiations with the creditors, SO
as to bring the obligations within the ca.
pacity of the resources derived from the
present revenues to meet. Failing in this,
he would favor other means to satisfy the
emergency, consistent with State integrity.
lie declares, as to the national finance,
emphatically against an imitation of the cur
rency, and for solid coin basis for the cir
culating medium.
As to the State debt question, the editors
OF this journal have very decided convic-
tons. They have been SO frequently ad-
vanced that it would be superfluous to re-
peat them. We may remark here, howevog.
that it does not require further argnmehs 90
settle that question. By the operation Of
the existing legislation, the State has been
brought to that condition that one OF rhrf,
things has to be done. There is no yay i,
evading one or the other of them. There
must be REIMBURSEMENT of the debt, an in
crease OF the taxes, or the utter destruction
OF the pubic schools, in violation of the
Constitution. These memorable facts have to
be confronted and grappled with. We be.
lieve If the true condition of the State : ifs
resources; and the equities of the case wero
presented to the creditors in friendly spir-
1t, they, as business men, would recognize
the necessity, as matter of self-interest. as
well as intrinsic right. OF Reimbursement
Ihey could not fail to understand that an ar
rangement, by which the State could
promptly meet the interest on the agreed
debt, would enhance the value of the bonds,
and while relieving the people of the unjust
burdens imposed by the Funding Bill, would
stimulate enterprise and add to the paw
Ing capacities of the Commonwealth. IT
such reasonable considerations do not con-
troll with them, then the necessity will arise
Tor the State to vindicate her right to the
control OF her own revenues, by fundamen-
tai enactment. The life of the State must
be preserved, let come what may.
1t is true tie State debt is not directly a
practical question in canvass for Congress,
yet it's not out CT place for gentlemen who
may seek popular suffrage to Indicate their
views on matters of immediate domestic in
terest. There is, however, another question
more pertinent to the Congressional issue
one OF overshadowing interest to all classes
OF citizens, which lies at the base Of all gov
ernmental policy-regulating not only adj
minlstrstive practices, but shaping the char.
acter, and we might say, the destiny of the
nation. That is embraced in the second
proposition of Gen. Echol's card-the ma
tional finance.
Upon this question his position accords
with sound public policy, and addresses
itself to the approval of our Judgment and
conscience. In his views, as we understa nd
them from his brief publication, he differs
from both OF his competitors. He accepts as
a TACT that no substantial prosperity can
ever attend the progress of people, that is
not based upon recognized standard OF
value, and that all classes of citizens are di-
rectly Interested in having for medium of
exchange Notwithstanding currency. This
we regard as paramount consideration in
the legislative policy of the country, and
shall lend our aid in educating the popular
mind to full appreciation of the vital i'm
portance OF this essential principle. 1t is
The old Democratic idea of the basis of a |
financial system. 1t comes down to us
sanctioned by the best intellections America |
has produced, of every party that has had
respectable existence, and it is the only
idea upon which any party or government
can permanently exist,
If we properly understand Gen. Echols'
lard, he is satisfied with the present finan-
sial policy of the government, and is OBJ
posed to any rash disturb of system
which has achieved such marvellous results
rs are presented to us in the condition of
our monetary affairs. These results are
bersely and plainly stated in another col
umn. in an extract from a recent speech of
he President. They need no explanation
or elaboration. They are so clear that the
most superficial reader can understand
hem. They are consummations Of which
every American citizen ought to feel proud.
they vindicate the wisdom of Republican
md Democratic statesmen who assisted in
maturing the system which has effected
hem, and mark the progress of the nation.
1ot only in material development. but in
agacious state craft, which has elevated the
standard OF American character and credit.
md invited the admiration of the world.
hat a people should so speedily recover
rom the wastes and desolations of war and
narch to the front of all the civilized gov
rnments in national credit.
1t is this financial system that Judge Har-
is and Capt. Paul would tear to pieces
ush through it the plow-share of revou- ,
on, and throw the business of the country |
Ito utter chaos, at time when all values '
re settling upon a solid basis, and the coun-
y gives every assurance of unexampled
rogress and prosperity. The notions these
entlemen advocate, if put into practical ,
peration, would destroy, not only national |
edit, but plunge the country into inevita- c
e ruin. Although somewhat differing in t
le methods they propose, the result that il
ould follow from the adoption of the theory r
either would be the same. Judge Harris
onld repeal the Resumption Act, without
hich solid basis for the currency cannot
secured repeal the national bank law, u
which the people are protected in the II
oney they handle repeal the internal S,
venue laws. bv which one-half NJ tho row | Il