The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-07-02
Where the Responsibility Rests.

49,
The plain matter of-fact people are be-
ginning to realize the first fruits of Dem
ocratic administration. To change of
governmental control is due, in a large
measure, the present unparalleled business
depresslon-a depression which has per-
meated every branch of trade and reaches
down into the lives of the humblest
toilers. It is idle for partizan newspapers
to attempt to shift the responsibility by
asserting that the "hard times' COM
menced during the Republican reign. 1t
is true that it began more than a year ago.
and whilst a Republican executive oc-
cupIed the White House, and a Republic
can majority ruled the Senate. But it is
also true that the lower house of Congress
was Democratic by Il majority, and that
its capacity for mischief was sufficient to
alarm the entire business interest of the
country. The introduction and agitation
versal distrust in the centres of trade, and
dated the commencement of the present
trouble. The bill failed to pass because
Randall and his forty Democrats voted
with the Republicans. but the vote upon
it clearly demonstrated that as party the
Democracy had aligned itself OH the side
of so-called revenue reform And now
that the same party continues in control
of the lower house, with an executive in
sympathy with it, and OILY narrow ad-
verse majority in the Senate, it is not rea-
sonable to suppose that public confidence,
which grew apprehensive at the possible
result of tariff tinkering. will become re-
assured by the success of those who SO
rudely shocked it.
There is no scarcity Of money. The
surplus in the New YolK banks alone
amounts 10 over $60,000.0 900, while the
amount of deposits is sos, 600 more
than last year and the cash reserve nearly
| $s4 900. 900 larger than it was then. What
has caused this piling up of money in the
vaults? 1t is making nothing there. The
metropolitan banks are so crowded that
they refuse to pay interest on deposits.
Why is it that the millions which flood in
upon the capitalists from semi-annual
dividends are allowed to remain dormant
in their Golfers? 1t is because the owners
are afraid to put it out From these
sources are drawn the supply which goes
into the development of the country, the
building of railroads, the opening up Of
mines, and establishment of industrial en-.
terprises. Thence it is diffused through
all the arteries of trade, and all CLASSES
however, the men who have been accus-
toned to so employ their surplus wealth,
are unwilling to run the risk which such
investments entail, and SO they continue
to pile it up in the vaults of the banks,
whilst the people at large, who would be
benefited by its expenditure, are made to
suffer. And the distrust is well founded.
Suppose, for instance, a company of capt.
talists desired to build railroad from
Staunton out through Highland and the
country west. OF course they would
never put their money in such an enter
prise unless they expected it to pay They
would rely upon the development of the
splendid mineral and timber resources of
that region to bring them handsome re-
turn. They sink three or four millions in
securing right of way, surveys, grading
and tunnels. Before a copper is realized
from the investment, Congress passes a
bill similar to the Morrison bill and it be-
comes law. Under it foreign iron can
bc i'm mort od oboapor thaT IT bn r,,a6o
even in Highland county. What is the
result The projectors of the road find it
will be useless to complete the enterprise,
and the money they have put in it becomes
dead loss. Rather than run such risks
they prefer to lock their money in strong
boxes and let it rust.
But say the Democrats, you have a Re-
publican majority in the Senate. They
will certainly not permit any free-trade
measure to pass that body. All but the
majority is too slender to count on. 1t
would require a change of only two or
three votes to carry such a measure, and
the margin is too close for safety. Men
are not willing to stake their millions
with the odds so strongly against them.
They prefer to buy the treasure they have
rather than risk it on such venture.
The Democratic party is responsible for
the existing stringency, and we shall be
agreeably disappointed if there is any
material improvement in the next three
years. Morrison and his colleagues are on
the war path again, and if the President
does not take occasion to let it be known
that he dlsagrees with the late chairman
of the Ways and Means Committee and
his party, then the people might as well
make up their minds to endure the present
condition of affairs for three years longer.