The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-10-07

only in compliance with Legislative and part
pledges but as step indispensable to lastin
National prosperity | believe further that TIN
| time has come when this can be DONE or a
least begun with less embarrassment to ever,
branch of industry than at any future time at
ter resort has been had to unstable and TEN
porary expedients to stimulate unreal prosper
| ity and speculation on basis other than coin
the recognized medium of exchange through
out the commercial world. The partcua
mode selected to bring about restoration 0
the specie standard is not of so much conse
quence as that some plan be devised, the time
fixed when currency shall be exchangeable fol
coin at par, and the plan adopted rigidly ad
hered to y lwould like to see q pro
vision that at fixed day, say July / 1876, the
currency issued by the United States should be
| redeemed in coin on presentation to any As
sistant Treasurer, and that all the currency SC
| redeemed should be cancelled and never rel
sued. To effect this, it would be necessary to
authorize the issue of bonds payable in gold
bearing such interest as would command PAL
in gold, to be put out by the Treasury only in
such SIMS as should from time to time be
needed for the purpose Of redemption"
THE RESUMPTION ACT.
1t was not long before this advice found the
form oflaw. A committee composed wholly
OF Republican Senator's of whom | was N.Y.
self one, prepared the bill now known as the
Resumption Act 1t was not the work of any
one Senator, nor did it express literally and in
full, perhaps, the views of any single member
OF the committee. 1t was compromise of
somewhat conflicting opinions. 1t was sub
mitted to every Republican member of the
Senate, and every one after consideration, de-
termined to vote tor it. 1t was brought for
ward in the Senate, and every Republican Sen
ator did vote for it. Every Democratic Sena-
tor present voted against it. 1t went to the
House, and there encountered solid Demo-
cratic opposition, but it was carried by Repub-
lican votes. President Grant promptly signed
it. 1t fixed the list of January, 1879, for the
resumption of specie payments; and when the
day came as noiselessy and naturally as night
melts into day, specie payments were resumed.
The adoption of this bill for resumption is
easier told than it was done. The democracy
rose as one man in both houses against it. 1t
was denounced as an absurdity and a sham,
and was called many wild and uncleanly
names. Senator Thurman, Senator Bayard,
and other democratic Senators yehemently op
posed it. This was in January, 1875.
Immediately democrats of all shades, includ-
ing the greenbacker, the country over, opened
fire on the act. The next year the democratic
party met in national convention at St. Louis
for 'enacting hindrances to a return to specie
payments" The climax of the resolution was
in these words: Gas such hindranee we de-
nounce the Resumption Act Of 1875, and we
here demand its repeal" Mr. Tilden, the nom
1nee OF the convention, in his letter of accep-
lance stood up to the platform, and also rallied
against the act, and throughout the canvass rea-
sons were given which no man could number
why resumption never would, never could, take
place under such law. At the next session re-
peal bills were brought forward and the dem
ocrats voted for them separately and as riders
to appropriation bills.
Meanwhile, the world seeing that we meant
to be honest after all, notwithstanding repudi-
alton at the South, and threats in the North,
and vicious declarations in national conven-
lions, 1t became easy to negotiate A and Der
cent bonds at par and above par. This was
done, and the debt has melted away at the
rate OF two millions month; the interest
charge has been reduced one-half, and when
the bonds ofhigh interest rate still outstand-
ing fall due in 1881 and afterward, they will
also be replaced by 4 or 3.65 per cent bonds,
and then the interest charge will fall much
lower still.
This all looks pretty well-very well by the
side of the exploits of the last democratic ad-
ministration Buchanan s-which increas-
ed the debt tenfold in time of peace, paid 10
per cent interest on Treasury notes. and sold
per cent twenty year bonds for SO cents in
the dollar. 1t is well to add that during the
last five years of their congressional control
the republicans dismissed one hundred and
twenty millions of annual taxes, thirty-one
millions of tariff duties, and eighty mine mil
lions of internal revenue
hold up the record since 1860, when the
bloody drama of the rebellion opened, and /
say that the democratic party has been wrong
and beaten on all the great issues of the cen
turV