The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-15
Resumption : Greenback Party-Dema-
g0gueism.

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itical and financial quacks, either to keep
themselves in position, or to elevate them
selves by raising new issues, and deceiving
5he unthinking, as to the causes of the bust
ness depression which has been upon the
country for the last five years. Now that
the Government is about to bring us to
firm financial foundation, by resumption
Of specie payments, when again, after the
lapse of SO many years, we will come to
specie basis for all values, these demagogues
attempt to deceive the people by the theory
that we can only be prosperous and happy
by an immense imitation of the papercurren-
cy Of the country, which shall be irredeem-
able, and which shall be in such quantities
as that every man shall have as much as
he wants. This in plain English is the
platform OF the 'sGreenback Party" The
leader of this party in the East, is Gen. B.
F. Butler, and all over the country we find
other leaders, subordinates Of his, but well
known politicians of the same ilk. The whole
land now resounds with their cries of ''Fiat
Money''-"more greenbscks'' and 'no re-
SUMPTION Our people are told that the
contraction of the currency by the govern
ment has been so great that there is not
currency enough left to carry on the bust
ness of the country, and that therefore we
are suffering from low values and general
financial distress. Ignorant and thoughtless
people are apt to accept this statement as
true, whereas nothing can be farther from
the truth, as tables lately most carefully
compiled from official sources will show.
We have before us now the official tables,
showing the aggregate of paper currency,
outstanding in the country each year, from
1860 to 1878.
In 1860, when the country was certainly
most prosperous, that aggregate was, in
round numbers, s207, 100000. In 1878, the
aggregate .iis,l s6Ss, 100000. Or in other
words, we have three times as much curren-
cy with which to transact the business Of
the country as we had in 1860, and, accord
ing to the theory of our "Greenback" phi
losophers, the country ought to be much
more prosperous now than in 1860. The
truth is that the causes of the business de.
preston of the last five years must be look
ed for elsewhere, and, although we have
net time to go into this discussion now, we
are sure that every thoughtful man will
agree with us that the evil is not to be at
tributed to contraction. We here in the
South have such vivid recollections of the
days of Confederate money, that we shall
always dread the time when again the coun.
try shall be Hooded with an irredeemable
paper currency. Let us rather 60 back to
the good old Jacksonian days, when gold
and silver were the circulating medium Of
our Fathers. Coupled with these demands
for imitation, we have the denunciations Of
the National Bank system, and urgent calls
for its entire abolition. People are told
that these National Banks are grinding mo-
nopolies, and that they ought to be substi-
tuted by State banks, chartered by the all.
thorities of the several States. Whilst we
do not pretend that the National Banking
system is not susceptible of some improve.
ments, suggested by experience, yet we be-
lieve that for the note holders, who are gen.
orally the poor people Of the country, and
for the depositors, it is the safest Banking
system which this country has ever known
Besides, it furnishes circulating medium
most convenient and uniform, the notes is
sued by one of our Staunton Banks being
as current and valua BILE in Maine and If
Texas as in the county of Augusta. Under
the old State Bank system the man from
Virginia, who had Virginia Bank notes, had
when he passed the State line. to exchange
his money as often as he came into the ter
ritory of another State, each exchange be-
ing made at loss and Inconvenience. These
National Banks, too, contribute very largely
towards the support of the governments OF
the United States, of the States and of the
municipalities in which they are located
the taxes imposed upon them amounting ii
some localities to nearly four per cent an
nually upon their capital. When it is re-
membered that there are upwards of two
thousand of these National Banks in thu
United States, with circulation of TIVE
hundred and ninety millions of dollar
1920, 1000, 000), which circulation is at pa
everywhere throughout the country, ant
which is secured to the note-holder beyond
all peradventure, and that there have beer
fewer failures and losses among these Bank
than among any equal number of Banks
in any country in the world, we confess thai
we have but little sympathy with those wht
now so clamorously denounce them, ant
cry out for a flooding of the country will
more greenbacks, and the circulation of tht
notes of hundreds and thousands of swilG
cat" State Banks, which, without check
and responsibility, would soon bring con-
fusion and ruin upon all classes.
Unless the people of the country who
are interested in its material welfare, shall
turn their attention to the financial and So
cial problems which are now being solved,
we must look for trouble. Butler and Kear-
ney in the North and East, and the dema
gogues and visionaries in our own section
are misleading many, and it ia evident that
new issues are to be brought prominently
forward for determination, and that party
lines must consequently be re-adjusted, and
in some measure new party associations
must be formed. This question of hones1
money is one that affects all classes, the poor
as well as the rich, and it is one to which
we propose to call the attention of all hon.
est men, to whatever parties they may here.
tofore have belonged, until it is settled as
we sincerely believe the true interest and
prosperity of our country demand.
We see the statement in Washington
paper that General Sherman is to visit the
Navajoe Indians of New Mexico. Some
years ago he madea treaty with them, and
it is claimed since then they have shown
marked evidence of progress. We know
something about that tribe of Indians, and
can truthfully say that they are a progress
sive nation, not because of General Sher-
mans treaty, but for the reason that they
are an industrious pastoral and agricultural
people. II the Indians were let alone, and
their treaty rights respected, there would be