The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-04-10
A Prophet Of Evil.

Mr.. David G. Cr0ly, the late Editor in
Chief OF the New York Graphichas an alarm
ing reputation for making pretty accurate
predictions. Where they have not happen
ed to turn ont accurate they have not been
much noticed. Where they have been accu.
rate they have deservedly attracted great
deal OF attention. In the autumn of 1872
Mr.. Croly published remarkable article in
short-lved magazine entitled '.The Mod
ern Thinker" wherein he said:--"I predict
that within the next two years this coun try
will experience the worst financial panic
known TO history. 1t will be more wide
spread and disastrous than that Of 1887. All
the debts created by our paper money war
will be wiped cut or compromised. Land
will temporarily fall TO one-half its present
va lue. This panic will be precipitated in
all probability, by the failure OF the Northern
| Pacific Railroad Company. and perhaps, of
! the banks who manage it. This will bring
to light such an amazing amount of fraud in
connection with our railroads as to discredit
all stocks, good and bad. The bears will
hold high carnival. The men of most repute
IN business circles and on the street will
prove to be common cheats"
A good deal of attention was attracted by
the fact that the New York Tribune, five
days before the panic, warned the public
that it was coming. But what shall be said
OF a magazine writer who gave the same
warning, with precise details a year before
1 Ord; ilxy, hot do
much credit, and especially prophets of evil.
What Mr.. Croly has already told, however,
warrants special interest, at least in his pres
ent predictions They were published day
or two ago in the New York Graphic, and
this is his own summary Of them =
l. The year 1870, will, on the whole, be a
prosperous one for the United States. There
will be general revival of industry, labor
will be employed and confidence in the fu-
ture universally felt. Before the close Of the
year there will be widespread interest in
precious metal mining. A dangerous spec
ulative feeling in ether industries will soon
show itself.
2. There will be partial failure of crops
this year. Our hay crop on the Atlantic
slope will be short.
5. At least two important failures of Wall
Street magnates will take place this year.
They will be of persons with whose names
every one is familiar.
4. An unsupported weakness in our Ma.
tional banking system may be developed
during year.
5. The disproportion between our exports
and imports, such as we have witnessed in
the past two years, will come to an end be-
fore 1881. Home prices will 60 higher and
foreign goods sell cheaper. We shallexport
less and import more. Unless the ''unex-
pected" there will be drain of gold abroad
and then resumption, as at present establish
ed, must be legislated upon anew Or it will
fail.
6. Should the country be prosperous and
resumption stand until the National Con-
ventions meet in 1880, John Sherman will be
the candidate for the Republican party for
the Presidency.
Z. Resumption has not settled all our fl
nancial difficulties. Questions affecting the
business interests of the country will be the
subject of many warm political contests.
But the final result will be the establishment
OF a National bank similar to that OF Great
Britain or France, but probably called by
US by different name. When that occurs
the Secretary of the Treasury will be strip
ped Of much of the power he now possesses.
g. A foreign war before many years are
over is not improbable due to the weakness
Of our navy and the unprotected condition
of our rich seaport cities.
9. A new pestilence or revival Of an old
one. which will affect the people inhabiting
the temperate zohe, is among the probabili-
ties Of the near future.
10. A new motor will soon be discovered
which will make air navigation possible.