Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1873-02-18
Staunto1t Spettatur
Tuesday, February IS, 1878.
LATEST NEWS

Tuesday, February Is, 1878.
LATEST NEWS.
A few bondholders met in Richmond Satur.
day. A conference was held and adjourned till
to-day.
A man named White was run over near Gov.
ing and seriously hurt, on 18th.
There was Grand Ball at White Sulphur on
18th, in honor of opening of G. & o. R.R.
The Saints are leaving Utah for the new settle.
ment in Arazona. much against their will. Grant
has ordered all the troops from the South there
to crush out Poligamy.
A new hearing has been granted Stokes, which
delays his execution two months.
-s--
Restoration of Confidence our only Hope.
The great want of our State now, is conf
dence-confdence of the people in their State
government and confidence in each other. The
action of our Legislature has created general
feeling of distrust. By Withholding from the
creditors of the State their just dues, and by
its attempts to violate the plighted faith of
Virginia, the Legislature has destroyed the con-
fdence of the citizens in their own government,
and by its stay-laws and relief and exemption
laws, has uprooted confidence between man
and man. When people knew, that if they
loaned money, or sold property on credit, they
could recover their debts by process of law,
they were willing to lend and sell on credit
But now distrust is the order of the day. Few
men are willing to lend or sell on credit, except
to men of unquestionable responsibility. This
operates badly on men of small means and
tends to keep up the rate of interest, for the
lender requires not merely a compensation for
the use of money, but premium for the risk
he runs This is proved by the fact that our
weathiest men can borrow money at seven or
eight per cent, while active young men engaged
in business have to pay twelve per cent.
The effect of confidence is strikingly illustra-
ted by comparing the present condition Of things
with what it was before the war. Then the
Banks were paying specie for their notes, and
yet nobody thought of demanding specie, for
the reason that they had confidence in the
Banks, and knew they could get the specie
when they needed it. Now the Banks are not
paying specie, and hence every one who gets
it boards it. If the Banks were to resume spe-
Gle payment, the result would soon be that no.
body would want specie, simply from the conf
dence they would feel, that they could get it if
they needed it.
The tendency of the present condition of dis
trust is to make the rich richer and the poor
poorer. 1t gives an improper acknowledgement
to say monopoly-in regard to capital, to the
rich, over those In moderate circumstances -
Al t.
tends to lock up capital. Men who have re-
tired from active business are afraid to loan
their money to active enterprising young men,
engaged in business because they have no as
surance that they will not, by some act of legis-
lative folly or dishonesty, be cheated out of it,
The consequence is, that capitalists invest in u
S. bonds or Railroad bonds, which they regard
as safe.
IF confidence were restored, all this would be
changed. Capital would be loaned out and
employed at home. New life would be infused
into business operations. Manufactures would
spring up in all quarters. Our mines would be
developed. Labor would be properly rewarded
and prosperity would overspread tie land.
As an evidence of the tendency Of the want
of confdene to lock up capital, we need only
refer to the fact stated 10 one of the Richmond
papers, that within few weeks more than
5000, 600 had been invested, in that city, in the
bonds of the G. &. o. r. r. How much bet
ter it would be for the State of Va, if this capital
could have been invested in business enterprise,
which would have given employment to labor,
~, kho rF IN
~ families.
If the Legislature could be made to coInpre-
hend the mischief they are doing by their IN
wise proceedings, it might possibly be induc-
ed to pause in its iladyised course
If prompt provision were made to meet the
interest on the public debt, feeling, not only
Of confidence, but of self-respect, would BIS re-
stored to our people, They would no longer
feel like fraudulent debtors, seeking to eyade
their just obligations, but like honest men who
could hold up their heads and look all the world
squarely in the face. Nov, when Virginian
goes into other States, instead Of his heart
glowing With pride when the name Of his once
proud old mother is mentioned, he feels an in
voluntary shrinking from all allusion to her for
fear that he may be tainted with her disregard
of her plighted faith and honest obligations.
Nor is this ALL IF our people see the State
manfully meeting its obligations in the face of
difficulties, they will be induced to take SINH
lar course and in a few years the embarrass-
ments, which now surround us, will be number
ed with the things Of the past Confidence is
what we need lnfuse that into the minds of
our people and all difficulties will soon vanish.
Confidence in Lee and jackson caused our gal
liant soldiers to 80 into every conflict with the
assurance of victory. Give US similar confidence
in our rulers and our felIow-men, and we shall
feel similar certainty Of happy issue out Of al
our affections.
Rather Inconsistent.
We see that some Of the representatives of
the Valley counties have been urging the pas
sage of a law authorizing those counties to guar
antee the bonds of the Washington, Cincinnati