Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1893-08-04
BE CHEERFUL.


gives some exccllent advice, which, if
followed by the business public and
tho pcssimistic branch of tho press.
would do great deal toward bring
ing about the return of business nc.
tivity, by restoring confidence which
seems to havo departed from all
branches of finance and trade tho
world over. The Tradesman says:
''The South is in no wiso peculiar
in her experience of hard times. The
North, tho East, England,all Europe,
Auatria-the entire commercial world
is undergoing severe or protracted
squeeze. Failures arc common every
where. Australia has had $500, coo,
OC0 of deposits and abont $500, nU0,-
600 of bank and other corporate
stocks whisked out of use us TO the
first, and ont of existence rs 10 tho
second, within sixty days. England's
export trade has slrunk in the Inst
twelve months many million pornds
sterling i'll value. Germany, France
and Austria are in the commercial
doldrums, and Italy is Oh the verge
OF national bankruptcy
There is, however, q silver lining
to the ugly cloud upon general bust
ness. The great banks of the whole
world are sound and solid. and they
are ready, Whenever grounds for con
iidence appear, to assist merchanta
and producers to inaugurate tho nc
tivity of 1889. Snrely tho bottom
must have been touched in most
leading linos. Things cannot get
much worse. The usual adverse bust
ness wavo, the ebb, as We may call it,
is of about three years. duration, and
tho ono we are considering has lasted
nearly four years. The flow must
set i'll soon And we cannot start it
by moping, complaining and crying
'hard timos." Confidence, serene.
determination to make tho hest of
the contliiions-theso arc bost for
tho people, and they also conduce to
n speedier recurrence of activity aud
prosperity. We cannot better our
situation by croaking; we may easily
make it worse that way. Wo do not
promote our happiness by repining;
only show our cowardice and increase
Whatever of adversely we encounter"
Tho tumble of SO many banks in
the last few months has caused the
public TO believe thcro was some i'm.
pending financial catastrophe hang.
ing over tho country. Such is not
The case. AS soon us troubles oc
Cured abroad that Deceesitaicd the
return to America of its railroad and
other securities, which wero tho only
class of collnterals that Europeans
held that could be converted into
cash, the surplus cash was used
largely in buying back these collat
erals. This made money less abund
ant and caused bankers to exa.ine
moro closely the value of collatorals
offered to secure loans. These wild
cat banks conld not stand this scru.
tiny, and could no longer secure re
discounts. and failure followed. The
Chicago Globe says:
Fortunately, 30 far, tho bank fail
ures in the United States have been
paper institutions; banks which should
mover have been allowed to come in.
to existence at all, or which tho ex-
aminer should have closed out long
before their creditors did. Sucli
bank as the Dwiggins Stai buck com
bination conducted have no place in
the financial system of city like
| ChicaoO. Tho matbode nureuod hy
the Chemical National and The Plank
inton. OF Milwaukee, coull lead to
but one result, aud that was failure,
and they wero very reprehenaible,
not to say criminal. The Schaffnei
institution was never bank in any
proper sense. 1t was simply sort
of front door 10 an "Uncle Isaac
shop, which served tho purpose OF
giving the place M mir Of seeming 70