The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-31

was as follows:
beautiful and historic valley of the Shenandoah
was obtained in the rough school of the great
civil war, and with the aid of very competent in
structors engaged on opposite sides of that terri
BILE conflict. 1t is great satisfaction to revisit
this valley, andto refresh my recollection of its
superb scenery, and of the places made interest
ing and famous by the war. now meet its peo-
pie under circumstances far more auspicicus
than any of US, whether we were soldiers or citi-
zens, during the contest, could then have deemed
possible within the period of our lives For the
first time in many years we see tn American peo-
pie, in the midst of interesting and important
selections, with their attention chiefly engaged
about questions relating to the material and bus
mess interests of the country, and i'll regard to
which, in all the States, the people are beginning
to take sides, without much reference to sectional
bitterness may be Exhibited in any other ma part Of
the country, we know that here the general wish
Is that the sectional controversies which have
long disturbed our American society may be per-
manently settled, and that, in pursuance OF the
Constitution and laws. peace and union may be
Dnr,ne the last month + visitaS sar;c,,+,ra,
fairs in several Northwestern States. In address,
ing the people on those occasions it seemed to me
not improper to call their attention to the condi-
ton of the financial affairs of the Government of
the United States. This was done with general
aSd nOPs @ 6oss give en-
| looking anxiOusly but hopefully for better times
hoped also that the facts and figures presented
would aid IN the formation OF correct opinions
the subjects which now mainly interest the peo-
pie. With the same general purpose now desire
Of some the fathers yo 81 our
whose names and characters and services are
| very familiar to the whole country. and very
| dear to the whole country. In this part OF Vir-
| ginia especially, with which some of them were
identified, and among the descendants of those
| who were associated with them, the opinions OF
| the men who made Virginia so famous will, 1 am
sure, be received with more than ordinary con-
Sideration.
On the subject OF money, and on the question
Of what is sound safe and stable currency, let
hear and heed the advice OF the fathers.
| Washington, in a letter to Thomas Stone, dated
Mount Vernon, February 16, 1887 said:
81 do not scruple to declare that, if had voice
decidedly against paper emission, upon the gen.
eral principle OF its utility as representative,
and necessity of it as medium"
| II contend that it is by the substance
| not with the shadow OF thing, We are to be benz
Gifted. The wisdom Of man, in my humble opin
ion, cannot at this time devise plan by which
the credit OF paper money would be long sup
ported; consequently. depreciation keeps pace
with the quantity OF the emission, and articles
for which it is exchanged rise in a greater ratio
4 than the sinking value of the money. Wherein,
then. is the farmer, the planter, the artisan bene
served, he gives the shadow in lieu of the SUBJ
stance; and, in proportion to his gain, the credi
legal-tender OF not, it will as has been observed
| very truly, leave no alternative
- = 81 shall, therefore. only observe gener-
ally, that SO many people have suffered by former
| emissions, that like burnt child who breads the
fire. no person will touch 1t who possibly can
avoidit. The natural Consequence will be that
the specie which remains unexpected will be in
| stantly locked up.9 eli 20 40 -s---sf
/ In letter to jefferson, August J. 1885, Wash.
| ington said Some other States are, in my opin-
ION falling into the very foolish and wicked plans
Of emitting paper money. I cannot give up my
4 more Just, and liberal system of policy
I, In a letter to Richard Henry Lee. President of
Congress, dated Mount Vernon, August 27th, 1885,
Washington said: II have never heard, and 1
/ hope never shall hear. any serious mention of a
paper emission in this State; yet such thing
| may be in agitation, Ignorance and design are
| productive of much mischief. The former is the
toolof the latter, and is often set to work sud
denly and unexpectedly. Those with whom 1 have
| idea exceedingly" at@
| Jeffersons opposition to irredeemabIe paper
money was decided, and is too well known toned
many citations. In his day schemes of imitation
were mainly proposed by the friends CT unlimited
issues OF bank paper,and his most vigorous de-
nunciation were directed against such issues, but
his arguments apply with equal force against all
| To Colonel Yancy he wrote, January 6, 1916:
| tThe American mind is in state of fever, which
the world has often in the hi story OF other
| nations. We are now taught to believe that leg
| erdemain tricks on paper can produce as solid
wealth as hard labor in the earth. 1t is in vain
for common sense to urge that nothing can pro-
duce but nothing that it is an idle dream to be-
ieye in philo sopher's stone which is to turn
| everything into gold and to redeem man from the
original sentence Of his Maker: In the sweat of
| his brow shall he eat his BREAD"
jefferson s9 in letter to John ". Epps Noyem-
said is that our medium should be so proportion
| ed to our produce as to be on par with that Of
the countries with which trade, and whose
medium is in sound state; that specie is the
most perfect medium, because it will preserve its
own level; because having an intrinsic and uni
versal value, it can never die in our hands, and
1t is the surest resource of reliance in time of
war that the e trifiing economy OF paper as a
mission, weighs nothing in opposition to the ad-
vantages OF the precious metals that it is liable
to be abused, has been, is, and forever viii be
abused in every country in which it is permit
ted
To Colonel Carrington May ~, 1888, he said
and not money itself" 3,,ai.I,.--.7-
James Madison, in letter to Thomas Jefferson.
dated August IL, 1766. said: whether Virginia
is to remain exempt from the epidemic maIady
will depend on the ensuing Assembly. MY hopes
the failure of experiments elsewhere. That these
must fail is morally certain for. besides the
proof OF it already visible in some States and the
intrinsic defect of the paper in ALL this fictitious
money will rather feed than cure the spirit OF ex-
asa @ the coin to pay the
carried to market to buy up coin for that pur-
pose. From that moment depreciation is inevi--
it will serve. Specie will all the uses of pa
per; paper will not serve. one Of the essential
uses Of specie The paper therefore, will be less
Madison, in letter to C. D. Williams, dated |
February. 1920 said Whenever the paper has
not been convertible into specie and its quantity
has depended on the policy of the Government, |
depreciation has been produced by an undue in |
In letter to Thomas Jefferson dated July 49, |
1877. Madison said Nothing but evil springs |
and yet the appetite for it where it has not been
tried continues to be felt. There is great reason
to fear that the bitterness of the evil must be |
tasted in Virginia before the appetite here will be
at an end .rftr, ,o,ff r1e.-rel
Richard Henry Lee. in 17eE, in letter to wash
already quoted. asks: rs it possible that plan
can be formed for issuing a large sum of paper
money by the next Assembly ?'' And adds: II do
verify believe that the greatest foes we have in
the world could not devise more effectual plan
for running Virginia should suppose thatevery
friend to this country. every, honest and sober
man, would join heartily, to reprobate so nefari-
GUS plan Of speculation
later date. wrote 81 have heard nothing from
the Assembly. except vague reports of their be-
principle or funds, / know not; perhaps upon
the old threadbare security of pledging solemnly
the public credit. believe such an experiment
would prove similar to the old vulgar adage of
car. yiug horse to the water They may pass
law to issue it, but twenty laws will not make the
Chief Justice Marshall, in a decision of the su-
preme Court said: .Such medium paper mon
cyl has been always liable to fuctuation its yane
is continually changing and these changes.
often great and sudden, expose individuals 10
immense loss, are the source OF ruinous specu-
lion, and destroy all confidence between man and
man." tlAA aE w ~ 4 u
1t is not necessary for my purpose to make fur
Their quotations from the fathers. They embod-
led their opinions in the American Constitution |
The money of the Constitution IS coin. In maxi |
money WHICH mas lnlrlESlc VaJne, The CODSti.
tutlonal money Of country, the fathers adopt-
ed the money of the world. BY law resting on
Jhe concurring judgment and common consent Of | l
mankind, in all ages and countries the precious
metals have been the measure of value, the money
of the world 1t is a law that is fundamental and
rrepealable. 1t can no more be repealed by act t
II Congress than the law of gravitation. II we
would have an early return of business prosperi-
~, let us not try to be wiser than the fathers.
wiser than the Constitution. and wiser than hui,
nan nature. In the present condition Of our
country, our progress towards prosperity as a
lation and as individuals depends upon having a
rood public credit and sound constitutional il
currency. HseN taFTr fFa n
The President was frequently interrupted nv 6
pplauSe. = !
Governor Holiday then introduced Secretary
thompson, who said he came here not only All the .
idding of the President but because he had an g
nalenable right to visit this, his native State !;
ONE OF the happiest days of his early life were
asSed in this vicinity. He had travelled much a
yer the United States, but had never seen amore y
eautiful country than this Shenandoah Valley a.
lie counselled his hearers to strive that none !!
light surpass them in agriculture. Let the dis II
greeabe events of the past live only in the 81
lemory. It was the duty OF all to maintain the :.
ational glory, and swear on the altar of COM "
ION country to unite in its defence against ali
nemles [Applanse.1 The band then played :
Hail Columbia" ~ pT2l.---- -
The Presidential party then visited the various \
arts OF the fair. They dined at Judge PendIe- |
ms where Inequalities were richly dispensed. I'll
nd returned from the fair grounds when the ex. in
lbition closed for the day.