The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-30
Editorial Notes from Washington,


question of expediency, but it is too large
and weighty to be confronted by the aver
age modern day politician. The Forty
Third Congress passed the same, or a SINH
lar bill, but the Senate put it to sleep, be-
cause the country was not in condition to
meet its demands. 1t was resurrected this
session and passed both branches Of Con-
gress, with very little opposition, and was
signed by the President, after: some delay,
not occasioned, however, by the nature of
the bill, but in consideration of the burthens
it would impose upon the Treasury at this
time. Its conception, of course, was Re-
publican, for no Democrat five years ago,
would have thought OF legislation of
that kind. But the Democrats will, doubt
less, now that it is law, and will please a
great many soldiers who live liz the North,
claim the.paternity of it.
Its costly sentiment, and will strain
the ingenuity Of this Congress to provide
the means tie comply with its requirements,
1t provides 'that all pensioners on account
OF death, or wounds received or disease con-
tracted in the service of the United States
during the late war of the rebellion, which
have been granted, or shall hereafter be
granted, shall commence from the date of
death or discharge from the service of the
United States, for the payment of arrears of
pensions and for other PURPOSES 1t is es-
timated by one Cabinet officer, that it will
take 100000, 900 and another s1OO, 600, 900 to
carry the law into effect. Where a soldier
has lost two limbs, the amount, 1t is calcu-
lated, will reach 1000. This enormous
amount has to be provided for by a retrench-
ing and economical Congress, which finds
craftsmanship in gripping the mail service
OF the United States by its parsimonious-
ness, yet regards it as proper to appropriate
thousands to investigating committees, the
results. ofwhich have been damage to Demo-
cratic headlights only. When provided
and disbursed the large volume Of currency
thus scattered among the people will have a
healthy effect upon business, but very little
OF it will circulate in the South, unless
drawn here by other means than as the pay
OF disabled Union soldiers.
Conversing with a prominent Northern
Democratic member of the War Claims
Committee, on this subject, few days ago,
he said a bill of appropriation to meet the
provisions of the law would have to be
passed by this Congress and when asked
where the money would come from, he re-
marked, ''tax on incomes, all over and of
$4,000 or probably $1,000 and upwards. -
When questioned as to the effect the bill
would have on the scheme to reduce the to-
bacco tax, taking from the Treasury SILL
100000 OF its resources, at time like this,
he shook his he ad, as much as to say, that
can't be done this Congress. That Demo-
GRAFT seemed to be troubled, for he appeared
to realize that in the North and West. where
the beneficiaries are mostly scattered, the
Republicans will get the credit of the law,
inasmuch as Republican Congress first
passed it, but in the South, where very few
pensioners will be found, this Democratic
Congress which has the power and passed
the bill, will be censured.
This same Democrat, in very serious and
solemn manner, gave it as his opinion that
the time would not be very long before bill
would be introduced to pay every soldier who
fought for the Union, or was in the Union
army during the late war, a pension, and
no man could stand up against it. The mag
nitude of the suggestion seemed appalling
to one of your modern retrenchers and re-
formers, as it was to his listener of the
same political persuasion, for silence fol-
lowed, and then murmuring sigh. With
fifty or hundred millions for pensions star
ing them in the face, the cry of retrench-
ment, economy and reform will lose its
power and fall flat upon disguised ears.
A very significant and cheering indica-
tion of returning confidence and prosperity,
is given in the reports of the steady advance
of all kinds of leading securities. 1t sh ows
that resumption has had good effect upon
business men, and that instead of being sat
isfied with four per cent. in government
bonds, they are seeking..activ enterprises in
which to make their investments. In New
York, as reported to the Baltimore Sun, the
changes in Leading stocks since the opening
of the year showed an advance of four per
cent. in Lake Shore, eight per cent. in St.
Paul, fifteen per cent. in Northwest, nine
per cent. in preferred Northwest, three per
cent. in Ohios, Is per cent. in preferred
Ohios, seven in Illinois Central, seven and
half in Canada Southern, six in Delaware
and Hudson, eleven in Lockawanna. six in
Morris and Essex, eight in Rock Island,
seven in Erie, eight in Pittsburg, seventeen
in New York Elevated, nine in Central New
Jersey, and seventeen in Michigan Central.
These quotations show the condition of the
New York Stock market, and the rapid ad-
vance in market values since the LIST of Jan
uary. The Baltimore and Ohio railroad
stock has gone to par, when it was quoted
at twelve and fifteen cents below par. Con-
nellsville is quoted at par also, and all the
indications point to the assurances that sur
plus money is coming out from its hiding
places, and entering into the active channels
of commerce.
All parties seem to recognize that the op.
GRAFTON of the resumption law will be
smooth and satisfactory. There are here
and there doubling Thomases, but the wish
is father to the thought with such, and
grows out of the desperate straits of the
Democratic party in view of the next Pres
fdential campaign. They will have no gov
ernmentai policy of well defined charac-
ter, nor can they float themselves upon the
simple plank of opposition, for to do so would
be to oppose the best interests of the gov
eminent, as conserved and comprehended
in the financial policy OF the government
The Democrats are as much at sea as to q
as they are in regard to policy.
Thurman and Hendricks are looked upon as
out of the race-the fatal
blunder OF Mr.. Thurman on the finance
question, having destroyed confidence in
bis availability, and the non. committal re-
cord of Mr.. Hendricks placing him outside |
the pale of possibilities. Bayard stands very
high in the estimation of all parties, but he |