The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-13
AFFECT ITS CREDIT AID YOU DE-
STpnN A NATION.

STROY 4 NATION.
Value rests in opinion. one man thinks
o, article worth FIVE dollars another
thinks it worth fifty. It has no fixed and
determined value 1t IS worth what the
purchaser is willing 10 give and the
seller is willing TO take and this sum
may be one thing one day and another
thing another day. An Office building IN
Richmond city. estimated for taxation as
worth City thousand dollars, and yielding
to it's owner a net income OF five thousand
dollars a year. If moved 20 the heart OF
Amelia county will be worth no more
than the bricks and timber I'm it will sell
for vet it will be the same building. so
inrortant in value is opinion. You may
say that its location in Richmond city
where there are renters Of offices makes
# valuable here. while, as there are no
renters Of Offices in Amelia. its want of
value there proceeds from that fact but
we reply that it is opinion that concen-
trates the renters Of offices at Richmond
They believe they can live prohtably or
agreeably TO themselves in Richmond.
and this belief brings them OF keeps them
here. SO that the value Of the buildings
I'm Richmond rests in opinion at last
Opinion, as here spoken Of, is but an
other expression Of the idea intended 10
be conveyed when we speak Of confidence
When all men believe that our currency
is sound and that the medium which they
expect 10 receive in exchange for what
they sell is that which they desire 20
receive. we have a general state Of opin-
ion that amounts TO confidence and. when
that prevails. all men are busy in pro-
ducing something TO exchange for the
medium. giving no heed whatever 70 the
character of the medium which they are
TO receive since the universal opinion is
that the medium is sound. All energies
are tren bent on production, and the
country is bound 10 prosper.
But when a question is raised concern
ing the character OF the medium, atten-
ton is distracted i'm part from produc-
ton TO considerations relating 10 the
medium. and much Of the force that would
60 to production is wasted in examina-
ton of what belongs 10 payment. Pro-
duction thus loses much that IS it's own,
and inquiry being once started, it auto
maticany stimulates itself by a sort Of
geometricai progression. Op Mon, con-
hdence. is the bottom rock on which all
prosperity is founded. Whilst confidence
prevails. progress is certain. The first
whisper of doubt starts the elements Of
decay.
The exchanges effected at the banks Of
the United States amount in the course
Of year TO the prodisious rum of sixty
thousand millions of dollais The trans
actions effected outside OF banks by notes
and exchanges Of credit Of one sort and
another amount necessarily 20 n prodi-
gious sum, the size % which there is. Of
course. no way of estimating. Now an
States amounts to only one thousand
six hundred millions Of dollars Ii is
plain then that the transactions which
are effected by the use Of cash are a
mere bagatelle compared with those of-
fected by exchanges OF crsdits. To the
existence Of credits. confidence is indis-
pensable Whsn anything is done 10
lessen confidence. diminution Of those
transactions effected by exchanging
credits - al once forced. We see at once
then che paralyzing injury done 10 all
property all over the land as soon as
GCverament-the central power-Goes any
thing that impairs confidence in all quar-
ters Of the country There are instantly
fewer transactions based on exchanges
OF credits. These cannot go forward
basing themselves on cash, because their
IS no more cash than what was required
for its appropriate transactions before
the injurious act took place. The trans
actions must be simply discontinued
Now supposing tina credit transaction.