The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-07-17
IMPORTANT SUGGESTION.
Edward Atkinson Writes u Clean Cut Let
ter ON the Cause and Remedy for
the Monetary Strlngency.
Bosros. july ;. 1891

DUSTIN, Jaty %, 1871.
Etiil0r Manufacturers Rrcord-
Since my return from my recent trip
through part of the iron district of the
South have had few calls and many
letters from gentlemen representing sew
eral of The most solid undertakings which
under ordinary conditions would he fully
entitled to make use Of their credit, either
by the issue and sale Of bonds or for tenn
pornry loans to be used in their further
development. In one or two instances
English capital, which had been agreed
upon, cannot lie obtained on account OF
The recent financial difficulties in Great
Britain. Recourse has then been had to
banks and bankers on this side. but no
substantial success has been attained in
the negotiation of loans, SO fur as can
learn, for the reason that such transac-
tions have been substantially suspended
or stopped since The vote OF The Senate
for The free coinage of silver dollars ,Rr
trinsicallv worth Is to 50 cents, but sub
icct to he forced upon lenders under pres
emit acts rs legal tender. This discredita-
bic vote was sustained By q very large ma
iority Of Southern Senator'S, who avaiiee
themselves of that method OF defeating
the force bill. 1t was very unfortunate
method lin its effect upon credit, especially
upou The credit of Southern enterprises.
I do not use the word "disereditablc as
reflection upon the Senators personally,
but only to indicate the discredit which it
brought upon their respective States.
have lately received visits from gen
tlemen belonging to some of the most
progressive Southern cities, who have
told me that in one very active and cner-
ectic city, at least, the business men had
It in contemplation to combine and enter
into an agreement to make ail'thc obliga-
tons which they might incur payable at
the present gold standard or ITS equ!raient
l,y special contracts adopted by all busi-
ness men Of standing in the city.
In other words, these gentlemen mean
to retain the benefit of the single stand
ard on gold basis, and thus to save their
own credit. A very shrewd move! Per-
haps they sec their opportunity to pros
per and to develop their own particular
CITY at the expense Of some OF their
neichbors who are bitten with the notion
that "cheap money is worth having. VI
course, such would he the resuit-capitai
would flow to them and would avoid the
"cheap money" places.
Nothing could be done that would be
more conducive to the restoration OF
Southern credit than such action on the
part of the merchants, manufacturers and
miners of typical Southern places, such
as Birmingham, Admission, Atlanta, Chat
tunooga, Knoxville and the like, where
the standing and character of merchants
arc we'll recognized, and where the exam
pIc thus established would I've followed
elsewhere, to theseud that the progress
and prosperity Of their respective Cities
or States 4sli gli ROT DC retarded cyen is
4 ne No i ii ieai tendency deveIep,1
ing oil { lie lid ZIG hose who are called
athe friends of silver" (who are really it's
most potef,t eRcniics) should end in actual
political suicide.
Whether or not the information in re-
gard to tllis proposed action in certain
places is we'll grounded, would he mat
ter worth investigation. ! venture TO
suggest tina! you enter into correspond
ence upon this subject and give your
readers the facts, whatever they may he.
Yours very truly,
EDWARD ATKINSON.