The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-08-06
DEFERRED ARTICLES.
Mr.. Atkinson's Views as to the Mon
ct ry Stringency.

BOSTON, July, 1891
Editor !Nq.1pfpctarers' Record
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
be fully entitled to make use of their
credit, either by the issue and sale OF
bonds or for temporary loans to be used
two instances English capital. which had
been agreed upon, cannot be obtained
on account OF the recent financial diff
culties in Great Britain. Recourse has
been had to banks and bankers on this
side, but no substantial success has been
attained in the negotiation Of loans, so
far as | can learn, for the reason that
such transactions have been substantial
ly suspended or stopped since the vote
OF the Senate for the free coinage of sill
yer dollars intrinsically worth 70 to 80
cents, but subject to be forced upon
lenders under the present acts of legal
tender. This discreditable vote was sus-
tanned by very large majority of South
ern Senators, who availed themselves of
that method of defeating the Force Bill.
1t was very unfortunate method IN It's
effect upon credit, especially upon the
credit OF Southern enterprises. do not
use the word ''discreditablen as a rehec
ton upon Senators personally, but only
to indicate the discredit 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 in one very active and energetic
city, at least, the business men had it in
contemplation to combine and enter in
ter into an agreement to make all the OBJ
legations which they might incur pdy0-
bic at the present gold standard or its
equSv0lent by special contracts adopted
by all business 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 save their
own credit. A very shrewd move! Per
haps they see the opportunity to prosper
and develop their own particular city at
the expense of some of their neighbors
who are bitten with the notion that
"cheap money! is worth having. Of
course, such would be the result-capi-
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, manufactures and
miners of typical Southern places, such
as Birmingham, Admission, Atlanta Chat
tanooga, Knoxville and the like, where
the example thus established would be
followed elsewhere, to the end that pros
gress and prosperity of their respective
cities or States might be retarded even
if the politically suicidal tendency de-
yeloping on the part of those who are
called 1.-THE friends of silver" (who are
really it's most potent enemies) should
end in actual political suicide.
Whether or not the information in re-
gard TO this proposed action in certain
places is well grounded, would be mat
ter worth investigation l venture to
suggest that you enter into correspon-
dence upon this subject and give your
readers the facts, whatever they may be.
Yours very truly,
EDWARD ATKINSON.