The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-07-28
Letter from Philadelphia.

Letter from Philadelphia.
HOW TO BRING CAPITAL INTO VIRGINIA.
Special Correspondence Of the vIRdINIAN.
PHILADELPHIA, July %, 1881.
1t is not my purpose in these hastily
written letters to refer to politics except in
the broader and more comprehensive use OF
the term. AS to mere partizanism it should
have no place in dealing with great govern
mental principles and the policies legitl-
mately growing ont of them. The people
of your State, have no doubt. prefer to
consider them in that light. in their calmer
moments, and when free from the spasmod-
ic excitenents of a political campaign. 1t
is in these calm moments, that facts and
argumtnts can be digested and may take
root, and not in the furry and Juror OF
political contest when the passions are
aroused and prejudices infiamed. l have
simply referred to the policy of honesty as
being the best policy, apart from the salts
faction arising from having acted in accord
ance with the dictates Of an enlightened
conscience. DR.. Franklin meant it in that
sense when he laid it down as life maxim
that Honesty is the best Policy" AS a
mere question of selfishness, he meant. it
paid better to be honest than to be dishon-
est, independent of the higher moral con-
siderations which mould character and eX-
ert an influence over the social structure,
elevating thought. purifying motives and
bringing the fruits of domestic and social
order and all the refining graces which
spring from justice and right. No perma-
nent good has ever yet followed a passing
expedient which vitiated moral princi-
pie. No imaginary temporary benefit that
might accrue to your people from unfair
dealing with the States creditors, would
compensate for the wrong involved in such
action. The greatest virtue which the Re-
publican party can boast and the one above
all others which has entrenched it in the
confidence of the country. is its stubborn
adherence to the public faith of the govern
ment. 1t is this which has atoned for all of
it's short comings and continued power in
its hands. The Democrats have not, since
the war, had any settled, well defined prin
ciple or policy. and it is for that reason the
business interest Of the country will not
trust it. You may apply the rule to your
own State. and receive it as well settled
fact that capitalists will be very chary of
their Investments in your wonderful min
eral properties, until the policy of your
State is determined in the interest of fair
dealing with her creditors. Politicians
may promise much for political purposes.
but the people will not listen to or counte-
nance any short cuts to get rid of honest
debts. You need only refer to Mississippi
and her experience and Minnesota and her
experience in discrediting public obIiga-
tions. Even now there is strong senti-
ment prevailing in the former State to take
up her repudiated obligations, and in some
degree redeem the reputation of that Com
monwealth. In Minnesota, the indications
are that a Legislature will be elected that
will wipe out the disgrace, as near as may be
inflicted by the reputation of certain rail-
road securities. which it was her duty to
pay.
Virgin should remove every obstacle to
the ingress of capital, for it is moving and
moving rapidly towards iron properties. 1t
is well authenticated that in Centre county.
Pa, large investments have recently been
made in iron interests, where the ores do
not begin to compare with those of Virginia.
and where the investments will not prove
near so profitable as in your State. In that
county. see it published, Mr.. Mercer, of
Boston, has placed 81, 100000 Mr.. jamie
son, of Philadelphia, banker, l,000,0 600 ;
the Canaghs, of Pittsburgh, have invested
IS, 900, 600; the Pennsylvania Railroad
Company. $2,00O,O00; and the Cambria
Iron Company has paid $4,000 cash for a
lease of 800 acres of ore land for twelve
years. These investments have been made
within limited time. The ores generally
of Pennsylvania do not average more than
80 to 40 per cent. of metallic iron, while
those of Virginia range from 4S to 60 per
cent, and sometimes higher. Indeed the
richer ores of Virginia are freighted to Penn
sylvania to mix with the poorer ores of this
State. and of course profit is realized or
they would not be shipped. How much
more rational and business like would it be
for the ores Of Virginia to be utilized on the
ground where they are found, especially
where rail transportation is accessible
This could be done, if your people would
reach up to the demands of the age. unite
their political fortunes with the party that
believes in honest money, the payment of
honest debts, and a tariff for the protection
of Home Industries Were. Virginia to
elect Republican Governor this fall-a
man of known character, and above the
tricks and subterfuges of the mere political
adyenturer-such man as Gen. Wickham.
for instance-it would not be twelve
months before $50, 100000 of Northern cap
ital would be flooded upon you to develop
your ores, establish furnaces and factories,
and give life to all your enterprises. |
have just mentioned where nearly ten ill
lions of dollars have recently been placed
of Virginia, and are no better situated as to
market. Pennsylvania is debt-paying
and tariff State. There is no sentimental
or actual obstruction to the ingress and in
vestment of capital. The prevailing polit-
ical sentiment is in accord with the princi-
pies which stimulate and encourage man-
ufacturing interests, liberalize pub lie
thought and stir the energies and enlarge
the capacities Of the young men of the
country. II Virginia would declare for the
practical ideas which are shaping govern
ment policy, and throw herself into harmony
with the progressive forces which are push
ing the country on in its marvellous career,
in ten years she would be one of the wealth,
lest and most powerful Comm onwealths in
the Uaion.
mention this in no partizan spirit, fol
have very little to do with the work and
details OF party contests. What is wanted