The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-07-30
the Promise Before Us.

than usual activity III business, but up
conditions OF the country point To a re
yiyal of business, based upon created
and assured values, OF q substantial
and enduring nature. The bankers now
are overly cautious and have :. large
amount OF money in their vauits-a re
lation caused by the shock which oecur-
ed last fall, >by the threatening condi
ton of the great London banking house
of Barring Brothers. 1t not only affected
the confidence of the bank managers,
but was contagious in all channels of
trade. The spell has not yet been en-
tirely dissipated. A failure in any of
the commercial centres-the suspension
of a bank either in the cities or in the
rural districts, is not unfrequently mag
nified and taken as indisputabie evidence,
that the tinaneial'condition OF the coun
try is strained, and that a panic may at
any time be the result. The average
stock bear affects to have forgotten per-
sistenr universal history. In
adventurous business firms are sure to be
caught. Every year ii is so. But such
events are not fair indications of the pre-
vailing conditions. They are the excep-
tions, and punctuate the few weak
spots in commercial life, but do not in-
terpret the general condition. The
financial condition of the country was
never more healthy. There has never
been, in the history of the nation, so
much surplus capital awaiting the re-
turn of confidence to seek investments.
1t is patiently resting until the storm of
inflated real estate values has swept by
when things have returned to normal
relations, and Investments III ay be
made upon a substantial, business-lille
basis The craze in town lots had.
necessarily, to run its brief course,
when once inaugurated. 1t drew money
. from the bank vaults, in hope of large
profits and speedy returns. In many
cases this result was realized, by those
who were wise enough to understand
that such abnormal conditions could not
last long Others, and those least able to
stand the pinch, delayed disposing of
their holdings, and consequently were
caught in the decline, and are now be
moaning their hard luck or lack of quick
and sagacious Judgment 1t is only his
tory repeating itself, and will continue
to repeat itself, as long as time lasts
But the substantial basis of legitimate
business is found in the enormous created
wealth OF the nation, accumulated since
the panic of 1S72-5 From that time un-
til 1890, business was conducted Oh cons
sentative lines. The enterprise and en-
ergy of the nation. made two blades of
grass grow where one grew before, until
there is more surplus money than is
held in any country on the globe, and
more generally diffused among the peo~
pie. That condition exists today, not
withstanding the era of inflated town
lots and reckless speculation which has
just closed its term. and left in its
wake good many disappointed and
deluded victims.
We are now entering upon a safe and
substantial condition, with the promise
of a period of healthy. conservative
business progress, which will inspire and
command confidence and cause legitis
mate enterprises to go forward and safe
investments to be made. The American
people cannot remain in state OF rest
and quiet long. Their energies cannot
be harnessed long to inaction. With vast
material resources to be developed, and
vast fortunes to be made out of convert
ing dead wealth into live values, the
surplus means in hand will be applied,
and the nation press forward on the
lines. of Developments and strength, as
never before in its history
The croaker and grumbler has had
his brief day. He is now reveling 10 the
assurance that Il told you SO, but that
is practically past, and legitimate BUSH
ness upon legitimate rules will now be
the order of the day.
The season of imitation has had it's
good results. 1t has given the people a
glimpse of the undeveloped values that
surround them. 1t has knocked the
scales from the eyes of many, and open
ed up to them the marvellous wealth
which has been sleeping under their
feet for 10 these many years, inviting
their means and energy to convert it into
active values. 1t is directing inquiry
into new channels and exposing new
sources of profit and prosperity, to guide
in business endeavors and organized
effort. 1t has aroused all Virginia to a
partial realization of the wonderful re-
sources which she has. and that it only
requires the application of the means at
the command of her people to change it
into an imperial endowment, large
enough to place the old State in the
front ran k of Commemorative, in
wealth, progress and prosperity.
There is no occasion or reason for dis
trust or dependency. On the contrary.
it is the time for courage and energy,
which well applied will give fruitions far
surprising anything yet dreamed of by
the most sanguine.
Several of the speakers at the Staun
ton Alliance meeting last Monday, de-
clared for the third party, and all the
speakers made clear that neither of them
intended to play second fiddle to either
Democrats or Republicans. Mr.. Beverly
said it was not the intention of the Ali
ance to prevent any member from voting
with his party. provided the party was
in accord with the Alliance in its decia-
rations respecting silver. greeabacks. |
&c, but must always place the cause of
the Alliance first He said that the |
Alliance was not a political party, but it I
was in politics, for that is the only way
it can be felt
There is as much discussion in the |
as to whether Senator Quay
will resign the Craftsmanship of the Ma
tionaE Committee, rs there is about Mr..
Blaine's health. Ii the newspapers could /
be believed, Mr.. Quay has already been
retired because President Harrison does I
not want him in the position he holds to /
The party, and Mr. Blaine is at deaths
loor from Bright's disease, although |