Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1891-08-28
FRIDAY MORNING. AUG. %. 1891
THE LULL IN DEVELOPMENT.

THE LULL IN DEVELOPMENT.
1t is impossible that there should be any
permanent stop put to the development in
Virginia. She is by force of similarity of
soil. similarity of formation and similarity
in the possession OF ores, minerals and tim
ber destined to duplicate her great neigh
Dor PENNSYLVANIA, in industrial progress.
Every cessation in her development activ1
ty must be temporary and find its causes
outside of her mineral wealth, her ores and
her people, just now she has one which
finds it's cause in astringent money market.
Coming after the two years ofruSh that had
visited the State, our people without refec
ton view the cessation rather in the light OF
disaster. 1t Is nothing of the sort but
is simply one of those things which
must occur in any business and that has
occurred in every State that has undertaken
to develop it's wealth. Something over q
wear ago we were at Goshen and had a long
conversation with Pennsylvania investor
who had been struck with the mineral wealth
in that vicinity. After talking about the
new activity which had sprung up in them,
and saving that it reminded him of the de-
yelopment of Pennsylvania-for he Was a
man up in years and could remember a good
way back-he added: but you people
must not expect things to keep up on this
way always. In developing your State you
have got to have set backs just as you find
in any other business. We had many set
back in our towns before they got past the
points where it would brighten anybody,
and when they would come we would just
sit on deck and patch the sails and make
work right along" We printed what this
gentleman said at that time, but the tide
of booms was SO high and foaming then
that we doubt if it found a place in the
memory of those who read it. 1t will he
more appreciated Tow when money is
scarce and business consequently dull.
We think just now it would be well for
all concerned in Virginia development to
remember the history of her sister Penn
sylvania, and remember what that State
has become. When dull times are on the
stockholders and investors in Virginia
enterprise, they CAN'T do better than like our
Pennsylvania friend, patch the sails
and make them stronger'-pay up your
assessments, put your company in good
condition to help the industrial companies
it has secured, make things ship-shape 10y
the time the neyt favorable financial breeze
u
Every store has idle days when the clerks
hang around the front door, and When
Virginia with her big stock Of industrial
resources opened up her new business of
developing them, she had the right to expect
that she would see some days when her
clerks, especially those at the real estate
counter, would hang around the door. But
that period of inactivity promises to be
short In sixty days from now the coun-
try will be looking back Oh its money
stringency and not forward to it. A
country with $40,000,000 to it's credit
side in its foreign balance of trade account
on the LIST of June, with a wheat crop esti-
mated at between $40, 600, 000and SOC, 900 600
bushels, with an oat crop Of 700, 900 200
bushels, a corn crop which promises 2,000,-
100000 bushels, and d cotton crop of
100000 baleS-Our figures are those Of
the official estimates-can have but one
prospect before it and that is the most
active business fall it has seen for many
years. TO meet the requirements of this
activity the money centres are in a better
condition than they have been for years
in New \ ork the banks have nearly double
the reserves they had last year and that is
true of all the Eastern money centres-re-
serves which will be increased by the re-
turn of gold as the grain crop goes across
the water.
There is nothing that the most conserva-
tive observer of the financial future can
see which does not give confidence in a
speedy resumption and a renewal of the
Investments which poured into Virginia
last year. In the mean time those
interested in our improvement companies
should strengthen the hands of those di-
recting them. Make it special point
where you are indebted to your improve
ment company, to liquidate that indebted
ness, enable it to fulfill its obligations, to
aid its industries and set them going SO
that when the tide turns it will be in the
best possible shape to meet incoming CAPT
tai and attract it, 1t is to your interest
to do this, for after all the profit is your
own.
And not only meet your current obliga-
lions to companies you may be interested
i'll, but to your merchants. We have but
lately pointed out the general benefit OF
that. Pay your small bills and make it
easy for the merchants, and IN return they
will make it easy all around. You have nc
idea how little a thing it is to make an
easy local money market until you try it.
4 FOXY MANIFESTO.
For statesman who carries hrnvitv to