Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-10-22
REED ON PROSPERITY.
Says IL il "a PendaIum-LiLe Swing Be-
tween. Despair and Hope.

by Mr.. Reed, through the enterprise of
the New York World, which purchased
his views and then for a consideration
| permitted one or more newspapers out
side of New York TO share in this Jour
nalistic scoup and claim such scoup us
their own, that prosperity comes by
chance, that II is the pendulum-like
swing in human nature between the
depths of dependency and the heights
of hopefulness, a swing that is period
zeal, that goes on forever, and that no
human power can prevent, that breaks
| har dtimes and brings good, leads to
the heights Of prosperity. then panic,
collapse and the sloughs of industrial
/ stagnation, TO DC followed by revival
with the rhythmical swing of this pen
/ dulum of sentiment, and 50 on forever.
| Thus did Mr.. Reed reason, and as he rec
| ognized that we had passed through a
/ period of depression drastic enough 70
satisfy the most eXacting he judged that
| the pendulum of human sentiment that
had SO long swung toward dependency
must swing back again towards hope
/ fulness, and that therefore period of
/ prosperity is at hand
This swing OF the pendulum being
due, he declared no human power could
/ prevent. Man might by legislation
I check its swing or by catering to the
demand of public sentiment hasten II,
but stop the swing, never. And so Mr..
| Reed led us to the conclusion that the
/ depression of 1S93-1s97 would have
come whether Mr.. Cleveland or Mr.. Har-
risOn had been elected I'm 1892. whether
/ we had had high tariff or low tariff.
/ tinkcring with our financial system or
no tinkering, would have come because
we had enjoyed prosperity In 1s01-'o2,
and because hard times follow prosper
ity with unerring certainty.
AS matter of fact, 4 change in the
sentiment of the business world from
hopefulness to dependency ever
| brings, or rather accompanies, hard
times, but this change in sentiment
does not come with periodical regular
ity, like the swing of n pendulum. It
comes only when prices are falling; 1t
never comes when prices nre rising,
and 1t is dear money that brings falling
/ prices. SO it is that when man thinkers
with the currency laws SO as to make
money scarce and dear, or when the
supply of money depending upon the
product of the gold or silver mines
or both falls short, that men, seeing the
profits of industry undermined by de-
probation In the value of the products
or labor, lose incentive to enterprise,
curtail production and we have indus
trial stagnation. Reverse such condi-
tions working for scarcer and dearer
money, that is, let it happen that the
supply of money rapidly increase
through increased production of the
precious metals, as happened under the
discoveries of gold in California and
Australia. or let the currency of the
world be expanded by increased issues
OF paper money, as happened during
the Napoleonic wars when England
went on To paper basis, ceased to make
demand for gold for her domestic
trade for upwards of 20 years, and thus
left more gold for the use OF the rest Of
the world, and, money being cheap
ened, prices will rise, there will be
hopefulncss because industry will hold
out the promise of large profits, and
there will be Industrial activity in the
place of stagnation.
Further, there are causes affecting
the world at large, but affecting il in
juriously, that bring MS national pros-
perity in greater or less degree now
and again. We refer to crop failures
abroad, which put our people in the
way of getting better prices for their
products, and hence higher rcmunera-
ton for their labor. And this ever en-
courages men to increase production.
makes demand for labor, and thus paves
the way for the coming of prosperity.
This 1t Is that brings measure of
hoperulness TO the wheat grower to-
day, and If our agricultural classes were
interested in nothing but wheat. then
would assuredly come agricultural re-
vival, followed by an increased demand
LOT manufactured products, and, hence,
manufacturing revival. But. rs this is
lar from true. as the corn crop will be
in all probability short of last years
by 5OO,OO0,000 bushels, so that the crop
though fetching. perhaps, three or four
I cents more 4 buShel than year apo will
! probably bring considerably less money
! TO the farmer than last years crop. as
/ the oats crop is also apparently under
4 last years, so that the advance in price
Will be, in good part, if not all, neutral
| lied, and as with the coming Of the new
! cotton crop on the market the price of
cotton has suffered decline that makes
IT exceedingly questionable whether or
no the planter Will realize more money
Tor his cotton crop this year than last,
there Is grave reason to doubt the COM
ing of revival. And so far there has
been no apprcciable revival in industrial
lines, boom in stocks, indeed, which
IS top heavy, and threatens to fall crush
ing those who cannot stand from under.
but no boom, no great demand, no
! marked Increase in prices for the prod
ucts of labor, fact which no number of
mendacious newspaper reports can hide
from manufacturers and merchants.
The fact is, the foundation for pros
perity, an increased number of dollars
in our farmers pockets, which would
] make 1t possible for them to increase
their purchases of manufactured goods,
and thus lead to general activity and
prosperity has not been laid. and there
Is no certainty that it will be laid. that