The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-09-18
pnhlic Faith IN Nation and State.

The achievement OF results IS the test
and demonstration of policies and princi-
pies, and the history of all parties and gov
ernments, no less than States and commu-
mites, establishes that Honesty is the best
policy" and the principles which appeal to
the innate sense of right the soundest critic
rion by which to be governed. The Difficult
ties to be confronted not unfrequently seem
to be insurmountable to the contemplation,
but when approached with q courageous
purpose to overcome, and a stern disdain
for eXpedients and make shifts to evade,
disappear before the steady aggression of
honest effort and determination. We have
an Illustration of these general propositions
in the history of the national government
and the Republican party for the last
twenty years. Called to the control of the
nation in 1861, when the credit of the
United States was so low that in the preced-
ing administration a loan ofs5 ,000,0 900 could
not be effected at less than nine per cent.
per annum, it successfully carried through
gigantic civil war, leaving debt of So, 000,
100000, OF which $685., $50, 294.9G was in
terest bearing. The bravest minds almost
staggered at the contemplation Of this huge
amount, but it was the price of the nations
life, and the party which preserved that,
could not hesitate to save that which was
dearer than International honor. The
craftsmanship and patriotism of the coun-
try dared to grapple with this vital problem,
and while encountering the steady and re-
lentless opposition of the Democratic par
ty, determined to vindicate the character of
the American people, by meeting every OBJ
legation incurred and fulfilling every con-
tract entered into. 1t was heroic attitude
for party to assume, especially when the
wastes of war in human life and property
were considered. and the deranged condi
ton of our industrial relations. The whole
Southern section of the Union had been
literally devastated. The political, social
and labor systems had been torn to pieces,
and the greatest wealth producing region of
the nation so utterly despoiled thatitlooked
then like generation would have to pass
away before the fruits of organized indus
try and labor could be realized, and the en-
tire country be in condition to contribute
to the work of meeting the obligations con-
tracted by the government, and rescung
the credit of the nation from impending
dishonor.
But what haYe we before lis now to con-
template as the result of the steady pur-
pose of the Republican party to maintain
the honor and meet the obligations of the
nation? The Treasury has funded all the
high interest bonds into low interest bonds,
and our financial history presents the fol-
lowing gratifying exhibit:
Instead of an Understanding debt as it
existed in 1865, of 50, 391 $50, 294 9G, we had
on the 1st of July, 1s79.a totalinterest bear
ing debt of sl,797, e43. 7OO-a reduction of
s5ss, 1886, 594.9e.
The yearly interest charge had been re-
duced from $3.50 977 ,697.s in 1865, to $685.
773,77e.5O, in 1s79-an annual reduction of
s67, 203, 1887.
In 1865, the national debt was equal to
s7s.25 for each person living in the United
States, and it is now $40 .42-a reduction of
nearly one-half. In like proportion was the
interest charge, it being in 1865 1929
for each person, and now SLIGO.
In 1866 the total annual taxation by the
government amounted to s519, 949, 564.3S.-
In 1875, period of about ten years, the
annual taxation of the United States was
$2S4, 1920, III. IA reduction during that pc
riod of 1926, 1928, 1893 99-equal to an annual
average reduction of 1923, 592, 5000. Cor
responding with these reductions has been a
reduction in the expenses, the employees OF
the Internal Revenue Bureau being now
1910 as against $500 in 1866.
The governmental policy which has
brought about these propitious and encour-
aging results, has met the steady and
bitter antagonism of the Democratic
party. While the national debt has been
decreased, the burdens of the people les
sened, and the foundation laid for the I'M
paralelled prosperity which now seems to be
awaiting us, the Democratic party was
charging extravaganza, corruption and
general mismanagementa against the admin
istration, and predicting woes unnumbered
ifthe government was not wrested from the
control of the Republican party. Yet the
party in power kept steadily ON in its adhe-
renee to the policy of indicating the Amer
lean people, upholding national credit, main
tanning national faith, until now we find the
whole financial system of the government
in condition so healthy, that even the most
reckless partizans of the opposing party
can hardly frame an excuse for complaint.
The browning act of the craftsmanship
of the Republican party is fittingly present.
ed in the resumption of specie payments, by
which the paper money of the country has
been brought to an equality with gold and
silver, and all trade transactions regulated
by a uniform currency of equal value all
over the Union, giving assurance to both la
Dor and capital and inspiring that general
confidence so essential to the health OF all
industrial endeayors and national and indi-
vidual prosperity. The whole country be-
gins to feel the effects of the wise states
manship which has brought about these
great and vital results. Almost the very
moment that resumption was accomplished,
without a vibration or ripple in the bust
ness currents, fresh life and vigor began to
be manifested in the commercial and indus
trial avenues of the country. until now
blazing furnaces light up the deserted fields
OF industry and cheer the hearts and the
homes of the laborers /; busy machinery,
answering the demands of revived and re-
viying enterprise, keeps music with the
mental and muscular activities which have
been spnrred into new life, until the nation
presents one vast field of cheerful industry
and business confidence as the result of the
wise, heroic craftsmanship of the Republi-
can party, which has so managed the
finances of the country as to stimulate the
latent energies of the whole people and
infuse confidence and life where reigned
distrust and despair.
We ask not only the Republicans of Vir-
l. III - xx,1,< faay