The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-01-31
Labor and CAPITAL. .

article which appeared in the last issue of
the VIRGINIAN under the caption of ''Labor
and Capital" Our correspondent has Ger
tainly misconceived the aim of that article.
and, doubtless unwittingly, has perverted
its meaning. The allusion to the recent
labor disturbances in the opening Of his sem
fences, proves that he does not enter into
the thoughts which Influenced us, and the
dangers we were warning against. We wrote
more with view to acarahig than
ing dissatisfaction throughout the entire
country among the unemployed labor. pre-
senting itself in organized form, with de.
fined ideas and systematized purpose and
the declared intention to challenge strength
in the political arena of the nation. The
disturbances and destruction OF life and
property to which 81. W. P.' alludes re.
suited from no public discussion of the ques.
ton of sLabor and Capital but from
causes silently working and forcefully in
fluencing the minds and passions OF the Ia
boring classes. Since then, instead of the
denunciation which has followed abating
that feeling or covering into retirement the
elements composing the demonstration,
there has been a growing determination to
appeal to the American people upon the
questions intimately associated with the dis
turbances complained OF. Our purpose was
to call attention to this threatening condi-
ton of the popular mind, and to warn our
law makers that the peace OF the country,
the highest dictates of wise public policy,
demand legislative action to arrest the grow
ing dissatisfaction.
1t is not our purpose here to repeat the
line of thought we INDUCED last week, but
we will remind our correspondent that in
the recent vote on the Matthew'S finance
bill in the Senate. which is in sympathy
with the demands of the people, whether
theoretically right according to the specula-
tive politica! economists, or not. but eight
States voted solid against it, and those were
the creditor States of tie Union-the six
New England States, and New York and
New Jersey-with eight divided, viz: Della.
ware, Maryland, Mississippi, Oregon, Cali
fornia, South Carolina, and Georgis-and
all the balance solid for the bill. If Con-
gress is the reflection of the popular senti-
ment OF the country, then nearly three
fourths of the people feel that there must be
something done to alleviate the sufferlngs OF
unemployed labor, by giving impetus to in
dustry, and restricting the demands Of capi-
| tai which is not associated with the indus
| tries CT the nation.
| 81. W. p does not recognize the dis.
| tiection we drew between Capital employed
in industrial pursuits wherein Labor is di.
rectly or Indirectly associated. and Capital
piling up per centums and fattening upon
the disasters and distresses OF Labor and
Capital thus associated. He loses sight OF
the fact that legislation has been directed to
the protection of the pretense Of capital ia
the vested right OF gold dollar which cost
60 cents, and to changing the terms OF. a
contract so as to give legal sanctity to thii;
claim at the expense Of the people. He
groups capital into one class, and locates
the manufacturer and the land owner as be
longing to the same category as the bond
holder, while their relations to the people
are as wide as the poles, and operate to diff
ferent resuts,-the one to the mutual bene
fit of capital and labor, and the other to the
selfish benefit of capital alone.
That capital should not be grouped. as ou
tr +
considered in the same light, whatever it
relation to the industrial interests, is clearl,
illustrated in the condition of the east ant
west. The capitalist in the east, who live
on his per centums, has the capital OF th
west invested in lands and manufactures
plastcrcd all over with 10 per cent. mort
cages, and it is to this cause that many o
the failures are accountable. Because til
sentiment Of the West is in sympathy wit
financial policy that favors active indus
tries, the capitalist of the east withdraws hi
confidence" forces his mortgage debtor tt
the wall, and substantially says, 81 vii
show you the power OF Capital when it
thus assaulted by Labor" Mortgages ar
forcclosed, the western capitalist ruined
end the eastern capitalist confines his opera
ton to call loans at 3 and per cent. Her
is an illustration of what 10 per cent. effects
and how the beneficiary views it when hi
per centum has absorbed the life blood on
of its victim.
We do not wish to question the correct
ness of the declared experience Of Our co.
respondent as to the National Banks. Per
sonally we have no complaints to maxi
against them. We only look at the plail
fact that no farming section eau afford tt
pay the rate of interest demanded, ant
thrive. One of the wisest and most saga
cious bank officers we have ever known, re
marked to MS, about the time u per cent
interest was allowed in Virginia, that i
would ruin any man who touched money
at that rate,-that his experience as banl
cashier, running through many years, was
that every man who habisua:ly borrowed
from the banks at even six per cent. event
ually failed. The records Of our courts viii
show how estates have beer eaten up by it,
demonstrating that as general rule, nc
farming community can even pay three pc
cent. and prosper.
The difficulty with our correspondent, and
those who think with him, is that they seem
to lose sight OF the practical, tangible con.
di.ion of things. We care very little for
theories if they do not work out practical
results. theoretically, at one time, we be-
| lieved in the doctrine Of State Rights, as ex-
pounded in the South, but when it came to
reducing it to practice, we found it woult
prove ruinous to the country, and abandon
ed it. We believed, four years ago, that it
was the true policy of Virginia to levy tax
to meet the interest upon the whole of her
debt, and forbid any default. The law-ma-
! kers thought different, or acted differently,
| until now it would be substantial confsca.
| tor to 10 SO. We are convinced now that
it is the duty of Congress to legislate in the
| interest of the labor element of the country
as well as capital, in order to avert the
threatening condition Of things which con-