The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-02
Resumption.

hesutuptton Oh specie Payments. III was 4
day, too, that dated an epoch in the COM
mercial and business relations OF the coun :
try. which will be required to hereafter as
the rounding period of the wisest states
manship that has ever guided the finances
of America. This practical fact is the all
sufficient answer to the ranting OF Judge
Harris in this District, and that of all the
Democratic candidates for Congress in Vir-
ginia, lastfall, with one single honorable
exception-Gen John Echols. While Judge
Harris. was recounting the imagined woes
Of the people, and hurling IL in the face of
his competitor that the Resumption Act
ought to and would be repealed, and that
the national banks ought and would be leg
islated out Of existence the present session
Of Congress, Gen. Echols planted him
sell: squarely and firmly upon the financial
policy 0f the Government, arguing with
great force and power, that Resumption
| was an essential and fundamental element
in business stability and prosperity, and that
the National Banks, being an important
feature in the financial system, could not
| safely be disturbed now, without deranging
the whole policy. A very brief t me has
INDICATED the practical views of the one
and condemned the indammatory appeals of
the other. The Resumption Act of 1875 pro.
vides that son and after the lst day OF JAN
uary, 1879, the Secretary of the Treasury
shall redeem in coin the United States. L.
gal-tender notes then outstanding, on their
presentation for redemption at the Office O:
the Assistant Treasurer of the United States
in the city Of New York, in sums Of not less
than fifty doliars.'' This act contemplates
that on and after the LIST day OF January,
1879, gold, silver, greenbacks and national
bank notes should be equal in business val
lie, the one convertible into the other, and
with the same purchasing power. In adj
vance of the day fixed by law for this con-
summation, the result was realized, gold
ceased to be a speculative commodity, the
popular mind recognized the great triumph
Of the interests Of the people over the mon
ey power, and that the foundation was laid,
sure and steadfast, for health and stability
in business transactions.
| It required this practical demonstration
| to beat into the heads of those who did not
and would not think, the feasibility Of re-
sumption, for no other argument seemed
sufficiently forcible to penetrate their intel
lections. The enactment of the law in
1873, although bitterly denounced as a CRU
ell assault upon the people and arraigned as
the contamination of the selfish purpose of
capital, was absolutely necessary to the edll-
cationo of the business Of the country up to
| the fact now realized, and to a return to
! legitimate methods of trade and estimation
OF values. The process, it is true, has, in
| some Instances, been severe, but when the
fearful evil it va. intended to correct,is con.
| sidered. the iruitions will be regarded as
ample compensation for the suflcrings en-
dured.
Now that tue ordeal has been passed, and
the occupation OF the demagogue is gone,
the people may calmly survey the situation,
aud understand how they have been deluded
and deceived by artful appeals to their pow
erty, and with rosy pictures OF business
prosperity under the stimulus of flood Of
greeEbacks. The paper circulation OF the
country on the LIST OF December, 1878, was
United United States legal.tender notes,
$346, Gs1 ,0l6, and national bank notes $685.
100000. The law requiring national bank
notes to be redeemed in legal-tender notes
is..not, nor will it e,effected by the terms of
the Resumption Act. 1t is estimated that
40 per cent. in coin, in the Treasury OF the
outstanding legaltenders will be sufficient
for redemption purposes, and that has
already been accumulated. The law wisely
provides that the redemption shall take
place in New York, the great commercial
centre Of tho country, so That the Govern
ment might be able at all times to protect
itseliagainst any combinations to defeat the
fact OF resumption. With other points fixed
for resumption and the reserved coin scat
tered throughout the principal business
marts, the enemies of resumption might
have concentrated their efforts to i'm
pair the operation of the law, but under
tho terms of that enactment, this cannot be
done.
BY q law OF the last Congress it is pro-
vided that the legal tender notes redeemed,
as provided by the redemption act, shall not
be destroyed, but shall be re- ISSUED, and the
volume remain at it is now. 1t will be soon
found that this was unwise legislation, for so
long as the present volume of greenbacks,or
legal tenders, is maintained, twill be neces-
sary to keep in the Treasury for redemption
purposes at least 40 per cent. of that vol
ume, upon which the people will have to
pay interest. The inhibiting Of the cancella-
ton of the redeemed legal tender notes was
a concession to the opponents of resump-
ton and to the greenback theory of circu-
lating medium. But a short time will DEM
onstrate that the reserve coin had better be
circulating in the channels of trade. and the
interest on it abated, to the relief of the
people. We would thus have a paper circu.
lation represented by the private capital OF
the country, and in volume to meet the bu-
siness demands OF the people, secured by
the deposit of government bonds in the
United States Treasury. In this way the
people would be left free to regulate their
own affairs, and the government only inter-
fcring to secure the note holder against any
possible loss. The entire finance question
would then be taken out OF polltics--the
Government would cease to be a bank OF is
sue, and the entire monetary arrangements
OF the nation left to the intelligence and en-
terprise Of those directly interested 1t will
not be two years before the calm Judgment
OF the country will arrive at this conclusion.
4 correspondent of the Wing gives All ac-
count OF terrible tragedy in Nottoway
county on tue evening of the oath ult. Mr.
N. D.. DupIiest, wldower, had married
Mrs. QuarIes, a widow. The son of Mrs
Qusrles had married Mr.. Dupriest's daughter
BY his first marriage. These two gentlemen,
step-father and father-in law, and step-son |
and son-in-law, spent the evening of the