The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-02-04
HOW LONG?


cy in money to continue?'' We answer the in
qury in these ceitiinns. rs we have, whenever
and wherever confronted with t--unilMe peo- !
pie work out ofN. We cannot expect mamma
from heaven, or monty from the mouths OF
fishes, nor any sudlca fl ,od OF prosperity to
come upon us. We mustecm.nencc just where
we are, and by economy and we'll applied in
dustry, wdrsaway ard up from the stagnation
that is complained of. The sudden shock that
tie country has experienced within the past
two years, is the penalty OF an excess-over
trading, upon fictitious values, and undue ex-
tauyayaiices in personal and business e2pendi-
lures, in consequence Of it. .. The reaction had
to-oome, and it is because the people were not
thinking about, nor prepared for it., that it has
seemed to press SO heavily upon them. The
.setual condition of things IS not really so bad
as represented. Let a spirit of confidence be
once restored between the people-a fair, square
understanding of cause and'effect, and compar-
alive substantial prosperity will return.
g The.Eesson sofstte past two years will not be
lost. 1t will bring the people to consider the
many useless expenses they have induiged-the
wastes they have allowel-and school them. tos
more practical appreciation OF valttes. and the
necessity OF persistent effort in utilizing the
means at their command.
The tendency OF everything connected with
trade Ii to level downward to plane CORES
ponding with legitimate. solid basis. Con-
gress, as well as experience. has decided that
xn inflated value to currency is hurtfal to the
pcoples-for it is always followed by a collapse.
ut time, too, when it is least expected. So
TAR as legislation can direct and control, a more
substantial foundation for commerce and trade
ito be established, and business aud finances
.quared down to it. Farm labor and farm pro-
:. ducts will have to be regulated by this safe and
reliable basis. Il is delusion to expect any
great Improvement in the prices now ruling for
staple commodities, and the producer who is
holding for higher rates will be deceived and
. Morsted. He will lose the interest," on lis mon
ey, and probably be compelled to take less than
ne can now get. Take glance all over the
eountry, and carefully consider the facts and
signs OF the times. and the only rational con-
clusionto be reached is, that business CT every
description will have to be and will be adjusted
to correspond with the policy Of Congress look
ing to specie resumption The products OF the
country are far in ADVANCED the demand
4,here is ample stores of the staple products OF
fhe szrm now en- hand TO- supply the de-
nland wcs~ill be likely to have for the next
twelve months toeeonse, even ii this years crop
should be total failure. There was surplus
raised last year in every grain growing country
sn the globe, except Great Britain, and there
,she home supply was greater than it had been
f6rsyears. The gramaries Of the West and the
tactic are crowded with unsola merchandise,
and the acreage sown- for. this year far ex-
'ceads that OF last year. There is not q single
argument based upon known facts, that can be
addressed TO the mind to justify the hope that
: there is going to be any Improvement in the
prices of farm products. The farmers will have
TO meet this condition Of thiags+ by, reducing
the rate Of wages; and thus eqlI,.lize the 1eas
:tfons Of labor and capital.
Applying this train Of Thought to orr own
ssity, it follows, if we are right i'll the views we
e:fave expressed, that laadlowis and property
owners must be governed by the change thai
IS rapidly going ON. Real estate, both in sales
and rents, has ranged entirely too high here te
correspond with healthy, substantial condition
'siifect the attention of capitalists to an un-
l;aeasant fact. But certain as effect follows
cause. The inflated. prices of property in Stau.l-
ton mist fad correction inthe tendency, of
the times to IL solid basis OF trade and business.
This species OF investment cannot escape the
-eadjustment OF the relations OF labor and CAPT.
tai that is now silently going OH throughout the
country, and being felt here. Nor does this
modification imply.a stagnation in enterprise
hor the compromise Of the prosperity Of com
Aratl'safy. 1t is only universal toning down of
rfe results OF excessive trade, growing out CT
al inflated. unredeemablc currency, whose in
fsicncc extends through all the channels and
qualifications OF trade. The farmer has been
the frstto sensibly feel this, and as this pursuit
lies at the bottom of all business, enterprise ia
a community like oars, the connecting branch
ss'iMlst sooner OF later be implicated
Nou'only this, but the Banks of our city will
be compelled to adjust their business upon a
basis corresponding with the general incIilia-
tfonsof trade. 1t is preposterous, il not mon
atrous, that they. should persist in charging
aiominany, IL per cent. for loans per cent ia
excess of the laws allowance-when every
thing else is being adapted to a more rational
and practical rule. Ia us, iteis.. wonder. that
HE people have been so long able to bear the
terrible strain up their business energies and
resources, and for eight years contribute at
beast 20 per cent. of their earlings.to filing the
effrrs Of the bank capitalists 1t is in 10 spirit
of carping that we make this allusion. 1t
Is legitimately connected with sthe line OF our
rcasarks. Tie two natioaaLb banks of StanntoE,
7siiicc the war, have realized 90 per cent, at
feast, OH ff1eirTeapaitat stock, besides paying
the current expenses Of their operations. Our
gseepie who are engaged i'll legitimate trade,
haze had to pay it,. These are mechanics, iner-
chants aii<t farmers, and, we have said, it is
sslnatter of wonder and establishment, that
niao-tents of them are net blnkrupts. Ger
&aiilF it.basneaks a business energy and .intre-
aidity rarely found in amy community, and re-
fleets tho highest credit upon the elasticity of
their mental resources
Tic. two national banks are row consolida-
setts There is but one, therefore, where there
were two before. We submit it to the direeto-
xyso31hc consolidated Institution, whether it
ID list to continue the exherbtant rate of in
terest that heretofore has been charged. Il is