Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1884-03-04
Communicated.

Mr.. Editor In your last issue APP
pears communication over the sig
nature of Minus" in. which your
correspondent speaks of the invest
ment of capital in ioint-stock enter
prises for thepurpose of manufacture.
He is correct in stating that most of
our capital in this county is invested
in the important industry of agricul-
ture. Our climate and our soil have
determined in the past, and determine
now, the occupation of our people:
that occupation is, and should be,
farming. Such is the fertility of our
lands and the industry of our citizens,
that in the last twenty years they
have raised themselves from the pen
ury of war times, to easy circum-
stances and a prosperous condition.
1t is true there is no great wealth
among us-we have no Vanderbilt5 or
Goulds, and we don't want them-but
we have that which is better for us as
people, competency rather. equally
distributed. We have many among
us whose receipts annually are more
than their expenditures, and a sur
plus for investment, without with
drawing anything that is needed from
agricultural pursuits. cannot, there
fore, agree with Minus when he
says there are not three men in our
community who can invest S., 900 in
manufactures without Withdrawing it
from the support of agriculture; for
if there is any surplus at all, it must
be surplus not needed for its sup
port; and that such exists cannot be
denied. The next question, it being
asccrtained that there is some capital
for the purpose, is the character of
the investment to be sought. In the
first place, as capital is distributed
among many, the first element nc
cessary to give it power is aggrcga-
ton. This can be done by joint-stock
enterprises, and is being done in that
way. The next consideration is, the
business into which these joint-stOck
companies, representing aggregated
capital, shall embark. 1t is difficult
to discuss question of this broad
character in q single letter, and I
shall not attempt it, except so far as
few suggestions may tend to dis.
cussion. 1t is self-eyidcnt that any
manufacturing enterprise among us
must be tempered to an agricultural
community; it must create those ar
ticles which the farmer needs, and for
which he annually sends abroad his
money; otherwise it would be driven
to look for a foreign market for its
goods. This principle was reduced
to practice several years ago, by the
Valley Fertilizer Company, in this
town; its success has been secured;
who can have any doubt as to it's flu
ture? "Minus 30 says within the
last two years our citizens have
started three joint-stOcl1 companies,
the Gas and Water Co., the Eagle
Co, and the RoscIle Manufacturing
Co.; that the stockholders made a
sacrifice for the public good, expect
ing to be remuneratcd by increase of
population and business and init
mates rather than says, that the facts
have not justified their expectations,
and asserts that their little savings
are lying idle and unproductive.-
Now, let us measure this statement
hy1ho facts. The Gas and Wator
| Company is in active operation, fur
nishing the town with light, and if ru-
NOR is correct-for we are not of the
initiatcd-using it's earnings, which
would constitute handsome dividends.
for the purpose of reducing the prin-
cipal of debt for cost of construc-
ton, thus adding to the value of its
stock by increasing the property it
represents. The Eagle is not yet
ycarling, its stock is not fully paid
up, and yet it is already at work, with
plenty to do, and 4 bright and still
frightening outlook for the future
Can - Minus" show a record of any
ioint-stocll company that paid q div
idend before its stock was paid in, or
its machinery set in motion. The
Roselle, the youngest Of the three
named, is just breaking ground; has
not erected its buildings, but is pre-
pairing therefor. 1t has not disap-
pointed expectation, for it is not under
way yet. This community, venture
to say, is not disappointed so far, in
its ioint-stocil enterprises the stock
holders dc not expect dividend be-
fore their capital is utilized. These
companies are making haste slowly,
and, therefore, with safety. A man
ufacturing business cannot be per-
fectcd in a day, any more than Rome
can be built.