The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-11-27
The Business Outlook.

liz A9QSAi4CS0 Onb1OOAs
We are brought face 10 face with the
fact that following the success Of the
Democratic party in the National election,
many mills ami manufacturing estab-
lishments have stopped 0peration-tha
thousands OF operatives have been thrown
ont OF employment ut the commencement
OF winter and thousands of others forced
to work at greatly reduced wages or not at
all These results may have grown out of
determinations reached before the cleo
ton. rs there has been a prevailing dizziness
in industrial enterprises for the past
twelve months. The operations of the
mills, the factories and furnaces have not
been remunerative, and there has not been
that encouragement to justify the full
running Of such establishments, so that
labor could be employed. Whatever the
cause the fact exists. and the present stag
nation must work its harm. whether it is
the result ofimpulse or necessity. Unless
there is IL settled conviction that it is not
safe to continue industrial enterprises I'M
til the policy of the new administration
is known. we incline to the conclusion that
there will be at least partial revival of
industrial operations in the near future.
1t should be borne in mind that there has
been no over production in any branch of
business for the past twelve MONTHS
Stocks. OH hand have been greatly reduced
by active demand, and if there is not q
general stoppage of all enterprises contin-
| gent upon iron manufactures, there must
| necessarily be production enough to meet
the wants Of trade conditions. The pres
ent condition is.alarming and If founded
on radical and well grounded apprehen-
| sion, the effects may be still more disas-
trous than is now anticipated. But we
prefer to take cheerful view of the stu
| alton, and look forward to an early i'm
provement. The condition Of the money
market is a hopeful and important in
dication. The bank reserves continue to
increase and gold is coming in from Eng
| land in large volumes, Notwithstanding
money is earning per cent. in London and
only . per cent. here. The influx of
specie may be for investment in American
stocks which are lower now than they
have been for years, for those who have
the means to purchase at present quota
tions have the promise Of large returns
when business reyiyes, as it must do in
| the course OF time. 1t is impossible from
the nature Of our people and the vitality
of the country for depression to continue
much longer, for the conditions of trade
must of necessity regulate legislation. No
party would dare to inaugurate a policy
| hostile to home Industries. especially
when depression was prevailing and want,
growing out of enforced idle labor, invad-
| ing every household. In the very nature
of things we cannot see how the present
stagnation can long continue. With money
abundant and idle, production virtually
suspended, stocks reduced and prices SO
| low as to make it an object to utilize them
in necessary enterprises, it seems to us
| that unless there is to be universal sus-
pension of all business projects, the time
is not distant when there must lie revi-
| val Of trade, if not business boom. The
| fears growing out Of a change of admins
! tration cannot In reason last long, for as
soon as the popular mind Gains down and
nervous apprehension has time to subside,
| the fact will be recognized that looking at
! the situation from the most unfavorable
standpoint, the Republican Senate will be
the conservative check to all extreme OF
hurtful legislation affecting economic
questions. Even if the President should
cooperate with the extreme element of
| his party in Congress, which we have no
| idea he will do, still any damage from that
source could and would be arrested by the
Senate. This Of itself ought to inspire a
good degree of confidence and invite to at
least cautious operations in industrial en-
terprises to supply the demand. The re-
cessities of the country will require this.
We depend upon foreign countries for only
seven per cent. of everything we use, and
export only eight per cent. of what we pro-
duce. So we reallylive within ourselves, and
we must produce enough to keep national
life extant. unless the free trade notions of
theDemocraticp party should be enacted into
law. and thus open our markets to foreign
manufactures, and wipe out entirely our
whole industrial system. This will not be
done. Indeed, we look for the Congress
to be elected two years hence to be such an
expression Of public sentiment on the tar
if question as to silence forever the free
! trade lunacy and crush the hopes of Brit
ish manufacturers.
Our apprehenslons for the South are not
allayed by the most favorable view of the
situation. Our condition is different from
that of the North. There they have their
plants ready for operation, either to run
on long or short time as the necessities Of
the case may demand. Here we have been
waiting for Northern money and enter
prise to build among us. This will not be
done until the policy Of the new admins
tration is settled, and assurance given that
NOTES.-THE legislation will be attempted, or
if attempted would be promptly defeated.
The immense hordes of capital lying idle in
Northern vaults will remain there, secure
if not active, until satisfaction is given
that the policy of the government will be
favorable to it's investment. Not only this,
but the temper OF the Southern people, I'M
der the Democratic administration, will
be awaited and studied and its manifesto
tion watched with jealous scrutiny. If the
business, conservative elements of the
South shall assert their power and squelch
the few malignant agitators who unfortu-
nately control in political matters, and de-
termine to give tone to public sentiment,
it will be all the better for the Southern
section. But if Democratic success in
national election is to be accepted as Ii
cense tosproscribe all who are here and do
not bow down and worship this golden
calf. it will be taken us notice to all who
do not recognize the sum of human perfec-
ton in the Democratic party to stay
where they are or seek other fields for
their capital and enterprise. The great mass
Of the people we know are liberal in their
views and would be liberal in their action