The times. [volume] (Richmond, Va.) 1890-1903, 1890-03-25
rIEsnAY. MARcH %. 1890.


material development that is now going on
IN virginia. is the rapid growth Of the
towns. The impulse Of advancement ana
enlargement seems TO extend even 10 the
Villages. land and improvement companies
having been formed 10 operate IN many ol
the smallest Of the county seats which
would not have been supposed 10 offer any
field for profitable investment. Cities are
being projected on open fagns, aud town
lots are commanding high prices, where
hardly single house now stands. There Is
q vague feeling abroad that the history OF
the most prosperous parts of The Western
states is TO be repeated in Virginia ana
that rs many fortunes arc TO De made in
this Commonwealth by the rise in value "l
urban real estate as have been and are
still being made in the West by the advance
in this kind Of property.
There can De little doubt that the spni
Of enterprise and alcriness in material az
fairs now being so slrkingly exhibited
not only in such hiehly-fayored com.
munitics of the state as those of the
southwest and the Piedmont, but also
IN every part of the Eastern and South
side divisions. is justified 10y the mex
baustiblo natural resources Of Virginia
which as vet are hardly in the first stage
of development While it is improbable that
this development can ever be as rapid as
that which has gone ON in the West, the
latter section having been the conyerging
point the surplus wealth and population
Of Europe and the North, still no sound
reason can be offered why Virginia should
not in time attain 10 the importance Of the
greatest Of the Western States. both num-
berof inhabitants and in accumulation Of
wealth.
There is out one influence that is likely to
retard or obstruct her material progress.
The spirit OF hope and enterprise, now so
rampant and confident, may degenerate
into a mere spirit Of speculation. That the
spirit Of speculation would enter into the
present movement towards the full develop
ment Of the natural resources Of the State
was 10 have been expected. and, in many
respects, is not 10 be condemned. The spec
ulative spirit which is always observed in
every new community which has excellent
prospects ofgrowth in wealth and population
subscryes, If not carried too far, auseful and
valuable purpose. IL furnishes inspiration
and stimulation 70 communities which
would otherwise either not advance at all.
or would advance SO slowly as TO appear to
be making no Roadway. A people who are
totally lacking IN the speculative spirit are
people who are wanting in all Of the true
elements Of progress; but there is WIDE
difference between the speculative spirit
that is a mere form of deirium, and there
fore entirely Indifferent 10 the basis on
which it rests, and the speculative spirit
that considers its ground with fair degree
of accuracy. II is the latter alone that is
desirable. aud in q certain measure IL is in
dispensable.
The spirit of speculation, for speculation's
sake, while il may attract a larger degree
of attention 10 the community where it is
exhibited, and while IL may not perma
ncntly iniurc the fortunes Of such a COM
munity if its prosperity has a substantial
footing TO stand on. is nevertheless, to De
earnestly deprecated and emphatically con-
demncd, as calculated to produce at any
time a condition Of affairs SO entirely I'M
justified by actual circumstances that re-
action would inevitably follow, carrying
with degree Of ruin from which there
could only be a slow recovery, however
many natural advantages the community
Victimized might possess.
At this time il cannot be said that the
speculative spirit has been carried too fan
in many Of the numerous communities Of
Virginia which are being so actively and
persistently advertised. The interest that is
being exhibited in these communities and
the money that is being invested in them
have, on the whole, sufficient justification in
surrounding facts. The dcNelopement OF
the resources Of the Commonwealth is in its
infancy. No language can be too strong 10
describe the character and the extent OF
these resources; but, nevertheless, pru.
dence and care should be exercised by
those who have hand in their deyelope-
ment. The spirit OF icNerish specula-
ton should be lownod upon at the
very time that the spirit of activity and en-
terprise is fostered and encouraged Not
even the widest spirit Of speculation that
has ever appeared in the West. could per
manently destroy the ineNhaustible material
possibilities Of Virginia, but the speculative
spirit pressed too far, could very easily east
a temporary blight on that growth in
wealth, which is going on SO rapidly in the
State at the present hour, and which has
nothing 10 fear in the future, except what
may spring from this source. Not one thing
should Dc allowed 20 obstruct even for "a
time the rapid progress which Virginia is
making in all that appertains to the mate
rial greatness Of people.