The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-02-07
Cause Of pistrust.

Cause of Distrust.
The history of the modern Democratic
party, as tested in the record its repre-
sentatives in Congress have made, has
been and will ever be, unless their views
of governmental policies are radically
changed, to defeat and deny the indus
trial independence of this country. AS
Stunning everything to be a monopoly that
is operated by aggregate capital and ener-
gy, it assails it as an enemy of the people.
without considering or understanding the
relation such so-called monopoly bears to
the employment of labor, the development
of material resources and the stability Of
business. We find that party, by it's votes
in Congress, recorded against specie re-
sumption, and in favor of an irredeem-
able paper currency against natiaonl
banks and.by inevitable implication, in IA
vor Of State banks; against American
manufactures and practically giving pref
erence to the products of foreign indus
tries. In the present Congress it elected
an''avOwed advocate of the doctrine of Free
Trade to the Speakership, and elected him
because of his well-known and well-de-
fined views on this question. An avowed
free trader was made chairman of the Com
mittee on Ways and Means, with major
ity of his associates in sympathy with his
views. The Chairman of the Committee
on Banking and Currency is an open and
pronounced opponent of the National
Banking system and in favor of issuing
greenbacks to take the place of the
national bank circulation, as the cur
rency of the country. The legitimate
consequence of the Inauguration of such
a policy would be the re-establishment of
State banks, as of old, and the substitu-
tion for a safe, uniform and stable curren-
cy, equal to gold and silver and of par value
the country over, of the fiuctuating, de-
preciated issues of State banks.
The administrative policy of the Demo-
cratic party, as is thus Enthusiastically in
Dictated, would be direct assault upon
the foundation of industrial stability, de-
ranging the agencies of business exchange,
sapping the safeguards and life of manu-
featuring enterprises, and destroying one
Of the most prolific sources of the profits
of agriculture. The reckless disregard of
all these sources of national independence
and progress manifested by the Democrat
ic party in the theories it projects and
maintains, should arouse every class of
citizens to the dangerous tendencies of its
doctrines. The moment that the result of
the biennial elections shows a Democratic
majority in Congress, that moment do
we find distrust and apprehension taking
hold of the capital of the country, and the
influence growing out of this condition of
doubt gradually paralyzing business. The
present depressed condition of trade and
stagnation in all commercial avenues,
grow out of no other cause. The last Of
fetal report of the Comptroller of the Cur
rency gives the amount of currency in
circulation on the S0th of November,
1888, at $15S. ole, $40 greater than January
l, 1879. The balance of trade in favor of
the United States reaches up to over $215,-
100000. There never was in the history
of the country more idle capital resting in
the hands Of the people at the centres of
trade. There are no internal influences to
justify the business depression that exists,
except the absence of confidence in the leg
islation a Democratic majority in Con-
gress may enact affecting the industrial
relations of the country. With agitation
of the tariff question, hostility to the ma
tional banks, and threatened war upon
all forms of aggregated capital, the whole
field of industrial enterprises feels the
effect. Capital hesitates, effort is sus-
pended, and throughout all the ramifca-
tions of trade the most harmful influence is
manifest, and in no branch of industry
more distinctly than that of agriculture.
Our banking system, our tariff laws and
the encouragement given to organized cap
ital, under Republican administration,
form the basis of the marvellous advance
ment and unparalleled prosperity which
have attended the country for the past
twenty years. Business of all kinds has
had stable medium of exchange; manu-
features have felt secure against the pau
per labor of Europe; agriculture has
found remunerative returns for labor rail
roads have opened up the hidden riches OF
every section diversified industries have
given employment to labor, and the har-
vests of the husbandman supplied the de-
mands of the consumer, followed by a
prosperity phenomenal in the history OF
nations. But Notwithstanding all Of this,
there is halt in business of every descrip-
ton, awaiting the action of a Democratic
majority in Congress on economic cues
tions. What more could the American
people wish or expect than the ..affiuence
they enjoy from the operation of present
policies? Yet they are asked by the Demo
cratic party to reverse all the influences
which have brought about this condition
of abundance and progress, and venture
upon policy in conflict with that which
has assured these propitious results. What
reason, consistent with the welfare of the
people, Can be assigned for the proposed
change? No greater degree of prosper
ity could be wished for than that which
has been vouchsafed, and n othing but dis
aster could be expected from the expert.
ment that Dem ocratic craftsmanship
would inaugurate. 1t is true that there is
apparent dissension in the Democratic
following, both on the tariff and finance
questions, but this results more from fear
than conviction. The election of a Free
Trade Speaker, the selection of Free
Trade Chairman for the Committee on
Ways and Means, and the preference given
an enemy of the National Banking Sys-
tenn as Chairman of the Committee on
Banking and Currency. have frightened
the business interests Of the country and
because of this some of the representa-
tives Of that party in Congress hesitate on
the threshold of Presidential contest.
But let them once get power-let the sew
eral departments Of government be placed
in their control. and the same influences
which made Carlisle Speaker, and Morri-
son and Buckner Chairmen of the respec-
tive Committees of Ways and Means and
Banking and Currency will assert itself