The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-05
Objectionable Propo sitlons.

pulmonary views as So tile ulauclal pollcy VI
The government understand what they are
saying or pretending to think about. At a
time when the business of the country, ac-
cording to the judgment of patient students
of the situation, is about to resume normal
and healthy condition, consequent upon the
return to specie resumption-when values
depressed by the effects ofreaction from the
excuses which have prevailed. are advancing
to legitimate prices and all the indications
point to period of solid business prosper
ity-at such time, and with such assur-
ances, to propose to unsettle everything
by reversing tine financial policy of the
government, seems to be midsummer
Madness Those who demand the repeal
of the resumption act-the internal revenue
law-the national bank law, and the flood
ing of the country with a volume of ire
deemable paper money, surely have not
thought over the results such legislation
would effect, in the general arrangement
of business it would entail. When they as
sumo that there is not money enough in the
country they do not invite confidence in
their information, for it is a demonstra-
BILE fact that we have more, ntrinsically. than
we have ever had before, and with the sys-
tenn of commercial credits by which nine
teen-twentieths of the business of the coun-
try is transacted, is more perfect and eff
Gent than ever before known. We could give
opinions of the most sagacious and reliable
thinkers and statcians to establish this, and
official statements to verify their conclu-
sions. These we have quoted before, and
clearly refuted the delusion about the con-
traction of the currency and the assump.
ton that that has been the cause of the gen.
eral revulson in business. The prostration
in trade, which we have experienced, has
not been confined to this country. 1t has
prevailed in all the civilized governments of
the world and therefore is not traceable to
any legislative action in the United States.
Equally without reason is the proposition
to repeal the internal revenue laws. The
simple agitation of the tax on the two
major sources Of this revenue, during
the last Congress, caused more distress
and oppression than have ever been expe-
rienced by the operation of the law. Mil
lions of dollars were lost to dealers in liquor
and tobacco, and also in one year $685.
0G9 to the government by the discussion and
agitation of the tax on tobacco and whisky.
And how would the repeal of the law bring
any relief to the people? 1t should be REL
membered that the revenue derived from
this source for the year 1877 was Sis, $685.
1SS-nearly half of all the revenue Of the
government, and that this is derived from
the tax on tobacco and whiskeY, and from
adhesive stamps and from forfeitures and
penalties for the violation of the law. 1t is
admitted that so long as the credit of the
nation demands the necessary revenues. to
support government and pay the interest on
the national debt, that no more appropriate
subjects for taxation can be presented than
whiskey and tobacco. Take the tax off of
them, and it will have to be placed on some
thing else, and what that else would be- let
the common sense of every farmer in the
country answer.
We have no especial partialty for the ma
tional banking system, and especially for the
abuse of it, but until better is procured,
we can see no public policy in changing it.
1t was adopted after mature thought, and
with especial reference to the security of
the note holder. 1t provides safe currency
for the people of uniform value all over the
country. If abuses have been practiced in
the operations under the law, provide rem
edies for them, but it would be disastrous
to the country to attempt to destroy the
system, while two thousand of them are in
existence, with their business connections
and relations ramified through every channel
of trade. 1t would simply mean chaos to
trade and anarchy to business.
We have no insuperable objection to the
greenback currency, redeemable in gold and
silver and made equal Herewith, But to
legislate to destroy the national banks and
to call in the national bank currency, iden-
titled as they are and interviewer with all
the enterprise and business of the country,
would be the very consummation of inan-
cial lunacy.
The discussion of these topics by aspi-
rants for public position i'll the loose and
reckless manner in which they are treated,
IS doing a great deal of harm to the country.
Those who undertake to explain the finan-
cial policy of the government, do not I'M
derstand what they are talking about. They
have never read or thought on the subject,
and can only say enough to excite the peo-
pie and raise expectations which can never
be realized. The thought that the fallacies
of the greenback lunatics, the anti-resump-
tionists, the clamorers for the repeal of the
internal revenue laws, are to succeed,i is SIM
ply preposterous. The craftsmanship of the
nation..would soon come to the rescue, if the
demagoglles would ever attempt such a revo-
luton in the financial system of the govern
ment. The only harm to be feared from such
agitation is the disturbance Of the business of
the country and to arrest the return Of bust
ness activity and prosperity. What the
people want is quiet-cessation of excite
ments-a settled condition of trade and bu-
siness, that legitimate endeavor may be re-
warded and encouraged, and the basis for
substantial prosperity established.
Secretary Sherman's Speech.