The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-09-19
n, ! ,,,,esi.,snt &. B!ssser Timee.

n !, srss Il is j PORTED commentary
,,pon The ylcious agitation in J irslnla anu J.
she ,le1t,eru,inea effort now being maoe ny
The yIfginia DsSr uctiyes TO aftl'cs our pe 90,
"a j. + fraah .,ebassassments and fearful
a IN. while he United States Is
4 tbe very fipod-tide Of prosperity,
With nil our export trade expanded,
mt, our imports being regularly diinln-
ssbad-wstk' our manufactures ,ncreas.-
,ne. our money, placed upon tue sol
vent basis, interchangeable ct par win
the money OF the most famous aud prosper
Gus nations, with rapid development OF al
the resources OF this Young and wonderful
country. At this time the Resd1usters-
50 casled--yirginia DestructiSes, IN TACT
come forth and tramp up ana down the
land, scattering discord, Inspiring FEARS
and preaching hopeless poverty and despair.
They oppose peace and law andteacb treach-
ery and disloyalty. So sft-S
what atime for such attempts to fill the
State with disorder and DESPAIR! We quote
a few passages from the Presidents speech
and invite the people of Virginia to consider
his plain an d cheering narrative:
/ A wear ago, making visit Of two or three
weeEsto the West and Northwest, thought
'it3mjaht be useful to speak CT the financial
condition Of the country, and TO present u
,boneful view OF the situation and prospects.
The business depression which followed the
manic OF 1878 had then lasted FIVE years;
bnf1there were indications OF Improvement.
and IL seemed Ito me that what was most
needed was confidence, and that presen-
tation OF encouraging facts and tgdres
would tend to inspire confidence. It was
my-opinion; also, that there could, be no
nermanent revival OF business prosper
ity until the currency was. placed
upon sound basis, and was eXchangeable
at its par value 10 he uniyersally,recognized
money OF the world. The friends OF the
CONSTITUTIONAL currency generally believed
that this end could only be reached by the
faithful execution OF the resumption act !;
that there was no, heed OF further legisla-
ton: ana that the true policy was to. stop
tinkerirlg with the currency: Accordingly,
the pifti Of what wished to say last year TO
-audfences like this was that we: ought, to
"leto ~eH enough ,hlone." Now the re-
tsunptiotisof specie-payments has come, and
with It have come also better times: -
k,oMr. Fl AYES speaks Of the. great increase
liz RAILROAD operations aud in their receipts
exhibiting greater mileage than in any
year since 1873, More than. a thousand
miles Of railroad have been built this year
in the .United States. Workers in iron and
steel find their business so rapidly increased
that they are unable to fill their orders. ane
their annual production is likely soon tc
|surpass the highest figures it has ever
reached, The building OF iron steamships l:
tfully in competition with that enterprise IN
Europe.i The cotton manufactures arc
again running in full time, and the mines
in full operation. Labor is greatly in
creased, and the exports OF manufactures
have swollen immensely. ,. ao .s3
Deducing from all the signs that there
| is a prosperous and Furnishing condition
of the commerce and manufactures OF the
country. the President, inquiries whether
that condition Is come to stay. He answers
with "a comment upon the best way: OF
avoiding future panics-even's which the
past has shown we must look for periosdl'
cally-say once in twenty years. He says :
The explanation of this is not difficult to
discover. In good times the tendency is to
exUravagance,. to speculation, and to run
ming in debt, Many spend more than they
earn. and the balance of trade soon begins
to run against communities and individuals.
When this has continued untiI-the business
Of the country is loaded down WIFI debts, a
financial crisis is Inevitable. and only waits
for the last straw" IL this view is cor
rect, the way to meet the dangerous ten
denotes OF flush times is plain. Let two OF
Doctor Frauhun's homeiy proverbs be
strictly observed by individuals and by COM
munities. One is: "Neyer live beyond
your means; and the other Is like unto
it-namely, g Pay as you CO." ..-.- ..,..
! : 1t Is easy to see that * these old maXims
of the philosophy Of common sense could
have general practical acceptance the Pc
riod of good times would be greatly pro-
longed, and the calamities of hard times
would be vastly diminished. There can be
no great financial crisis without large in
debtedness, aud the distress which it
brings is in proportion to the eXtent OF the
extravaganza, speculation, and consequent
Indebtedness which have caused it. Those
who are out OF debt suffer least. where
the debts are heaviest the calamity is heay-
lest. ~ o.. #sa
The President makes some sensible re-
marks upon the State and local lndeptea-
ness of the country, and advises that iocal
Indebtedness shall be curtailed as rapidly
as possible and in a great degree ProhiDl'eo'
He speaks with commendation OF the regu-
lations adopted by some States to limit pup
lie indebtedness, and advises that IL De em-
bodied in State constitutions that local au'
thorities shall create no debts; that they
shall make no appropriations OF money
mill Il Is collected and on hand; that all
annropriations shall be for specific Objects
and that as to existing debts suitable pro-
vision shall be made for their eXtingulsh-
ment. ....I =. .r t.-z-.
ON the subject Of reputation the Presi-
dent says: ,s....
do not now wish to discuss the mischiefs
Of reputation. My purpose is merely to
make. n few suggestions as to the best way
70 avoid reputation. But, in passing, let
me observe: Experience in this country
has shown that no State or community can,
under any circumstances, gain by repuoia-
tion. The regulators themselves canuot
afford ii. The community that deliberately
refuses to provide for its honest debts loses
its good name and shuts the door to all hope
OF future prosperity. 1t demoraliZes and
degrades all classes of its citizens. Capital
and labor and good people will not 20 to
such communities, but will surely leave
them. II / thought my words could inf1u-
~ On nS INV nos1pfrpp,o w IN ora CO M