Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-08-11

Lessons from the Past.

To the Editor Of the Dispatch,
There is no doubt that the minds OF
the people are becoming more and more
unsettled az 70 the business condition 81
our country. II is announced in the
papers OF the North that wages are in
creased. and h. some articles OF con
sumption there has been great advance
in price but when you seek 10 fin1 that
these favorable conditions are making
our citizens more hopeful and bright IN
anticipation OF better times you are
disappointed; for so deep has been the
depression, 50 severe the struggle to
keep on the surface by the most Of the
smaller dealers. In all kinds OF business,
that belief In any immediate improve
ment with them cannot ind Judgment
IN their long deddened minds. And YET
II has not been many years since about
the same condition existed. and from
about the same cause. From 1878 10
1872 after the gold resumption law had
battered and beaten the price OF every
thing Of substance down 10 a price that
left no profit in manufactures. nothing
but ruin to real estate values. and no
remuneration 70 the farmer for the la
Dor to bring from the soil that which
sustalns ufe-nothlng, in fact, was left
which gave heart to any citizen OF the
land, except the money holder He, having
that which is only the means OF ex-
change; he, having the shadow. not the
substance, obtained at rulnous values
everything bought and sold. And when
the last and lowest deep OF prices had
been reached. then these men, entering
the market, bought with eagerness al u
and % cents on the dollar, that which the
labor and skill OF others had reared or
produced, and thus, in 1850, was com
menced an era OF prosperity which the
country had sighed for from ls,j to 1873
The grip of the money holder was taken
from the throat OF an exhausted coun-
try and life once more filed the depleted
arteries Of trade. Our condition now
Is but a repetition OF that fatetul era.
Gold has again been made the
occasion of a raid on the values OF the
country. And that this IS 50 can be
EASILY proved by taking a large loan as
an example. IL a responsible corpora
ton or State which is known ~
debt-payer offers 10 borrow money,
promising interest and principal IN gold,
the rate at which the loan can be made
Is far less than II promise were made
70 pay both interest and principal in the
current money Of the country. And so,
referring all contracts back 20 gold, as ~
the case now, FOR the basis or value, every
article OF trade. but particularly all ex-
ports, the price OF which is fixed by tho
single standard. as IL exists in England
must OF necessity be bought at low rate
because Of the gold valuation. and with
this disadvantage 20 such articles whose
values are fixed In England, that no
choice Is given, there being but the one
basis-gold-in that country. When will
relief come? Just 80 soon as the lowest
deep has been reached OF all that is ma
teral and substantial; just so soon as the
money holder sees that by waiting he
will have 10 pay more for what he wants
and that will b when prices reassert
themselves then. as once before capital.
almost too disnihed name for the pelf
which had been boarded 10 profit by the
misfortunes OF the producer, Will come
forth to reap harvest from the fell
destruction that inaction has brought
on all that is worked on and In by the
Iaborers and artisans OF our country.
When prosperity shah have come, wnen
the scene Of devastation Is looked upon,
there will be a change In the appearance
OF our business condition. The Unequal
,ty will be greater between the rich and
the poor. Great trusts and corporations
and the individual wealth OF few will
rise grand and imposing, while deep la
the valleys OF poverty the toiling mass
9TH be, as they arr In Older countries
the hewers of wood and drawers OF water.
even here in free America
f. c. GODDIN.
.z9
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