The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-09
Review Of the Road to Resumption,

General Garfield delivered speech before
the Honest Money League of Chicago on
the I'd inst, OF which the following is a sy-
nopsis
Mr.. Garfield said resumption would be
maintained, first, because national honesty,
good government and the prosperity OF all
our people demand it; second, because we
are able to maintain it. He reviewed our
recent financial history, and said depreci-
ated and fluctuating currency has been the
chief cause of our recent disasters. The re-
covery from such disasters could come in
only one way-by economy, reduction
of credits and return to the basis of real
money. The revival has begun. A favora-
BILE balance Of trade has made resumption
comparatively easy, and having come it will
stay. The coin reserve in the treasury is
amply sufficient. The Secretary of the
Treasury has both authority and ability to
increase it. People will have no motive to
demand any great amount of coin, because
paper at par is more convenient than gold or
silver. The banks are bound by law and by
their own interest to aid in maintaining re-
sumption. The amount of bonds now held
abroad is too small to enable foreign credi.
tors to drain us of our coin. If necessary,
we can sell to Europe more than enough of
our per cent. bonds to balance the amount
of per cents. that she could SEND home.
However, all danger is not yet passed, and
resumption can be defeated in either of two
ways: First by great and unexpecssd
calamity, suchias wax or general failure
of our crops, which would turn the balance
of trade against us; second, by hostile leg
islation in Congress. The probability Of the
former occurrence is too remote to merit
consideration, and the vigilance and intelli-
gence of our people must avert the latter
danger. Mr.. Garfield did not believe that
resumption would be again assailed by di-
rect legislation. but thought the real danger
lay in indirect assaults which may be made
in various ways. II the expenditures of the
Government should be increased by large
appropriations for various schemes urged
upon Congress. and deficit in the revenues
be thus produced, Congress would be tempt
ed rather than to levy additional taxes to is
sue more greenbacks, and carry expansion to
a point at which resumption would break
down. Arlgorous economy, and the persistent
maintenance OF a revenue sufficient to meet
current expenses, and for the sinking fund
will be our safeguards in this direction. The
most dangerous indirect assault upon re-
is the attempt to abolish national
banks and substitute greenbacks for bank
result in the suspension OF specie
payments.
MIR. Garfield declared that any attempt by
Congress to adjust the volume of curr ency
to the wants of trade by arbitrary legislation
is doomed to certain and disastrous failure.
The abolition of national banks means de-
struction OF the indispensable self-adiusting
principle of our currency system. TO make
sure we should insist that our
present currency and coinage laws should
remain for the present unchanged, though
later on the coinage law may need modifica-
Jon. In closing Mr.. Garfield said success
iul resumption would aid greatly in bring
ng clearing weather" into the murky sky
If our politics. Through the period of which
marks the close our Constitution
has been on trial for its life. and reviewing
his period we have the right to say the fit
ness OF our institutions has been indicated |
and our confidence in their stability
trengthened.