The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-06-19
NT0N; VIRGINIA, URspAY. JUNE Is, 1890 d
A Decade-of Expansion.


From the Atlantic Constitution. '.7~5. =
I Theipast decadeshas been one. Of grea
4 prosperitysfn the United. Ststes, and.it i
interesting. to inquire whetherthe fnan
cial policy of, the Government has any
thing to do'with this good fortune.
/ The report Of the Secretary of. tn.
Treasury showed, on March a: 1878, q to
. tail circulation. of 1896, 793, 847. !. On the
i LIST of October. 1885, the differentiation
was. $1,405, 91e,900. Ina word, the circu
lating medium tef.the4.country. was ex
/ banded IA per cent: in something ovel
eleven. years. while the population in
creased 80 Rer cent. The character Of
I the currency has also largely changed.
A.tlfird1 of the national bank notes have
/ gone out, and there has been an immense
addition of gold coin and gold and, silver
| certificates to theeirculation. Where.we
then had $82, 000, 600 of gold we now have
$375, 100000, and $976, 900, 600 OF silver Ger.
tificates makes new factor in the medi.
mm.s Gold certificates, also, have in
creased from $44 900; 900 to SHE, O00, 600.
There is-no doubt that this has loosen
ed thes bands. of enterprise to-a very great
extent, and the publication of these fig
ures will noidoubt be hailed as a triumph
lfby those who believe in unlimited. ex-
pansion'; but the business of country
lisa great and complex, thing, depending
not only upon the currency, but upon
the relations of demand and supply the
Expansion of markets, and the succession
of good or bad crops, Arother visitations
/ of. Providence. upon, the, large interests
| which support and employ the spopula-
| ton. 4.s,. ~ 49, ), m
1t was the, wisest man of his time who
cautioned men against the superstition
Of too great simplicity in Nature, and it
is aswise msn. who does not undertake to
refer all. results. to. one hypothesis, 1t
would be rash reasoning, and al. eyre
gious error to refer all the prosperity OF
the last decade to.the expansion Of the
currency. Nevertheless, it is significant
that the prosperity actually followed the
expansion, and it goes to.show that there
had been too great contraction before.
One of the. most difficult. problems .of
statesmen is to so adjust the circulating
medium ola country thatit will conform
to the conditions and the needs of trade.
Itis apparent. that 4he flow of moneysbe-
tween this and foreign lands must So
riously .complieate. the, pnoblem,; but
that is all simplitied by an adjustment of
the exports-aRd imports, for so long asl
wes have a, balance OF trade incur favor,
there need be no eopcern on account OIL
our economic relations with the. .ontsideI
swor1d, ,ss.. i, .,l&-... LII M
]. But Mhen we undertake, like England,
to .pursuea world=wid policy, and dol
business with. everybody, it becomes al
question whether we are able to, give the
world more than it. can give us i II |
Undoubtedly, !. the whole world has
more goods to offer than its most favor
ed part hut the: selling is necessarily
limited by the purchasing power6f those
ito whom the goods are offered., There
fore, there. cannot continue balance
against onesnatiop forever, for its. credit
will, after awhile be unequal to, the
burden of debt which it owes to, the
world. A remarkable and distressingi n1
stance.ef. this is to be found in..N ew Zea
land, where immense ssums ,of money
were sent By England to build railroads
and either public works. The halaneeof
debt against the young country was piled
up SO high that it appears beyond the
power Of itspreducts to pay, and the land
is being deselated. by the tax; blight "A
gentleman who came. from that country
to Atlanta relates that in one Of the print
cipal cities: there are ne tenants for the
business property, ands responsible part
ties are 4offeredthe use of housessi they
;willeonly 7keepvthem insured. .,-..--ys.,
- Such are, some of the problems we
have tesstudy in this country !; and the
chief difieultys of. the situation lies id
the fact that cloud Of uncertainty dark
ems the whele feld of. political economy
The Investigations of late years are maxi
ing people doubt the old maxims that
GENE down to us from the days Of Adam
Smith, and. we are left like. the boy who
was given: q slatessand "a. problem. but
"i'1Ao5saasSstl stld tHtfetIe. 49,. |
1 Butsas we have often had soccasion.t6
.remark-befere, each generation appears
tbe equal to the solution Of its own
problems. The. old adage4 that the All
mighty takes cars Of fools and the United
States, might be more appropriately. e1
pressed, by saying THAI Providence raises
up, in each generation men equal to tn ,
emergencies of their time. i. -. -