The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-07-31
Republican Financial Policy.

| fIepuUliCdu FINANCIAL EOilCy.
Taking the occasion of Secretary Sher-
mans discussion of the financial policy OF
the government in the speeches he has re-
Gently delivered in Maire, the New York
Times OF the 9th has the following rchec-
tions on the Financial policyn of the Renph
lican party, to which we invite The Impair
tial attention Of our readers:
We have not hesitated to point out xotn
time to time what we regard as defects in
the financial policy of the government and
the dangers which ought to be provided
against. But in the discussion opened by
Mr.. Sherman at Portland, the question
which will be most prominent is naturally
| not so much what remains to be done, but
| what has always been done. By this the
| tendency OF the Republican Party can be
| judged, and its probable course in the future
can fairly be placed in comparison with that
which is promised by the Democrats. One
| fact in this connection stands out clearly.
For the first time since the passage of the
Legal tender act the paper currency of the
country is eXchangeable at par with gold.
Whether bank paper or government paper,
every outstanding promissory note issued for
circulation as money is worth its face in
gold. From one end Of the Union to the
other there is NOT dishonored bill. Aud it
ought not to be forgotten that this is a state
OF affairs which never before existed. We
are so in the habit of using the term ire
sumption" that it is easy to fall into the err
ror OF supposng that in what we have done
we have simply returned to financial policy
from which we have temporarily and unfor-
tunately departed, But great deal more
than this is true. We have, in fact, made cnor-
nous progress. We have not only retraced
the steps which the Government felt itself
forced to take during the war by the issue of
irredeemabie paper, but we have established
system of banking which confers benefits
that the country never before enjoyed.
There has never been a time since the ma
ton became independent, that its people
could effect all kinds of exchanges so easily,
so safely, so certainly, and so cheaply as
they can now be effected Not only the
Government note but the bank note is worth
its face in every part of the Union, and with
this uniformity in the value OF circulating
notes goes an equal advantage in transfer Of
credits. The Greenbackers talk of the
wide territory and great population which
in the United States require greater amounts
of currency in circulation: but the national
qanking system has done more to increase
the facility of exchanges, to add to the eff
cheney of the currency, and to help the bust
ness community to carry ON its affairs eco
nomically and proftably than could have
been done by any possible addition of paper
money.
These results are due to the Republican
Party, and have been brought about IN the
face of the most persistent opposition of the
Democrats. Whatever may have been the de-
lection from the former or the aid given to
sound measure by a few of the latter, the work
has been done in the main by Republicans,
anG Democrats have, as body, steadily resist
edlt Mr.. Sherman does not eXaggerate the |
difficulties under which the task has been ac-
compllshed, and he has right to speak with |
confidence and pride OF the result. Even |
after the law OF 1875 had been passed and ND |
to the last moment that remained for prepa- |
ration for its enforcement, every effort was |
made by the Democrats to break it down.
They voted in the House, when they possess
ed majority, to repeal it; they largely ex-
tended the limit of legal tenders to be re-
deemed; they squandered the funds OF the
Treasury; they refused to provide additional
revenue; they reduced taxation; ia short,
they did everything in their power to make
redemption failure. If their efforts were
IN vain, it was because portion OF the pow
er OF the Government, and luckily controll-
ing portion, in a negative sense, remained
in the hands of the party which had estab-
lished the policy.
Mr.. Sherman is not content with vindi-
eating the part which the Republican Party
has taken in the accomplishment of edemp-
ton. He addressed a very lucid and reason
able argument to those who are still inclined
to irredeemable paper money to show where
In redemption, so far as it has been attained,
has conferred benefits. In the front rank of
these he places the immense Improvement
which has taken place in the public credit
and though it would be eXtravagant to say
that this is entirely due to redemption, there
can be no doubt that without redemption it
would have been impossible. The action of
the administration, when it came into power,
in boldly declaring its purpose to carry the
law OF 1879 into effect, and the firm and
energy with which that purpose was carried {
out, had an incalcllable influence upon the
public opinion th. Jughout the world. The ir-
legal-tender notes were always
The weak point in the Government credit. So
long as they remained irredeemable, they
were, themselves, dishonored promises, and
it was never perfectly certain that an at t
Tempt would not be made to discharge the r
bonds in them. They were standing men :
Ice, also to business. Their possible fucttl. =
atoms we're an element of risk in every enter
prise. The return of prosperity was hinder T
I'd if not absolutely prevented by them. To-
lay, the menace is, for the present removed. .
Z will never be revived by the Republican
Party, and only Through that party can the
LANCER which still remains be completely
lone away with. These are the essential l
acts, SO far as the finances enter into the {
bending political campaign, and the eXposi- n
ion of them by Mr.. Sherman is one which h
'u2ht to receive universal attention, \
I