Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1886-03-31
Stauntotl Spectator.
WEDNESDAY, MARCH 81, 1856.
IDLE CAPITAL.

IDLE CAPITAL.
The unemployed capital of the country
should seek to occupy sustaining relations
to depressed interests which can in time
recover or reach prosperity. Investment
for it, though dividends be deferred, is bet
ter than no employment. IdleEess is not
a policy to be commended in any person or
thing. The rules which govern business
interests, and social, too, have the same
right to hold unemployed capital to &C
countability in securing for itself safe chan
nels of usefulness as the moral laws de-
mand industry and application to legitimate
pursuits on the part of the citizen. Public
sentiment has no right to demand of the in
dividual an unguarded investment Of his
idle funds, but is he blameless in withhold
ing his assistance with this class of means
in progressive action, though dividends be
deferred? No exact rule can be laid down,
nor is it necessary that there should be one
in this matter. Enterprise and sincerity
for development of resources will generally
guide to safe investments. Substantial
schemes often lag for want of timely as
sistance. Idle capital can lift them up and
protect itself. Though they may be ever
SO safe in the future, if not competent to
yield an assured semi-annual dividend from
the start, they are too often left in the
lurch. Considering the relations idle CAPT
tai should sustain towards the present, as
we'll as future interests of the country is it
blameless, and is it not really blocking the
way to prosperity in its failure to become
active?
When the article from the Bankers Mag
azine, which follows these comments, is
read, reflection should be awakened in con-
sidering it's promptings. The views ad-
vanced emanate from The representative
financial journal at the great emporium OF
money and commerce of the Western world
May not the question with propriety be
asked, in view of other considerations than
those presented, if its suggestions can be
safely disregarded? They are on differ
ent line in one sense, it is true, but they
are near akin to that broad, patriotic senti-
ment which, passing by the selfishness of To-
cal interests, strives to cement the whole
country, in the bonds of peace and prosper
ity.
If the advice given is needed, Virginia Of
fers fine opportunities for its expansion
Of that class of railroads needing assistance,
there are two passing through the heart of
the State from East to West and from
North to South. They would in time rich
ly reward assistance These railroads. and
the country through which they pass, and
the objects in their construction, meet ev-
cry feature commended by the Magazine,
in its advice to idle capital.
Few persons are, perhaps, thinking of
the actual state of the case in relation to the
government lands. In a few years all avail
able for farming will be absorbed. After
that, the old States will come in for large
interest from new purchasers. All the good
lands offered will go first at high prices
No better investment and, we may say for
a near future, exists, than would be that of
purchasing the lands now cheap On these
railroads, improving them, which can be
done quickly, and holding them for that
tide of investment which, if the Magazine
is needed, will surely follow such enter
prise. Here is the alticle:-
'tMuch of the unemployed capital in the
country at the present time is becoming
FESTIVE. For five years business has been
declining, and new avenues have opened
slowly for the investment Of earnings. This
has led to enormous accumulations in banks
and trust companies. The people hold ON
to their securities bearing low rate of in
terest, because they are unable to find 9TH
er ways in which to invest in the event of
selling. Nevertheless, we cannot help think
ing that there are ways if people will only
look little more sharply, and postpone
dividends for longer time on their ven
lures. The lands in our country, for eX-
ample, belonging to the Government, fit for
settlement, will soon be taken up, and of
course when that time arrives, the price of
land everywhere will advance. But there
is an enormous quantity of land not fit for
cultivation, which can be made so by the
expenditure Of capital. Along the Missis-
sippi and other great streams, are millions
of acres which might be reclaimed, possess
ing the richest soil in the world. All over
the country, i'll truth, there are vast guam
titles of unoccupied land which, at no dis
tant day, will be needed by settlers 1t re-
Quires no prophetic eye to perceive that if
such lands can be purchased at a reasona-
BILE figure. great fortunes may be made in
retaining and holding them for future
SALE This kind of investment, however, is
not popular, because people desire immedi-
ate returns for their money. Of course,
only portion of our capital can be tempo
rarily sunk i'll this manner without causing
distress; but we are rich enough now to in
vest considerable sum in enterprises of
this character which are likely to pay in the
future. If our rich men would expand
their vision a little and go into enterprises
of this sort, they would speedily find ways
to employ all the surplus capital they have.
At the present time there are more than
five hundred millions of railroad property
undergoing foreclosure or readjustment. It
must be that some of these railroads, at
least are wisely projected and will be prof
table. They run either through rich
country, or a country that will become
rich. What more rational thing than to
put portion, at least, Of our unemployed
capital into ventures of this kind? Why
are not companies formed for this very pur-
pose, to select railroads that have reason
ably assured future before them, and fore
close and properly adjust their affairs and
put them in good working condition and
wait for the proper reward of the underta-
king? This is precisely the time to form
enterprises of this nature. Things are now
at low water mark, and roads can be bought
with safety and restored, and great fortunes
be made in few years.
One reason for hesitating in these under
takings is that they are out of the regular
line of their business, persons say. A bank
er, for example, will say that if he invests
in an enterprise of that kind, he must do 50
wholly on faith, as he has no knowledge
whatever of the soundness of snch an enter
prise. An ordinary investor will say the
same thing. He feels his incompeteney to
form rational judgment concerning such
property, and his excessive caution, there
fore, leads him to desist It seems to Us
that companies might be formed. combining