Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-10-22
REED ON PROSPERITY.
Says IL Is II PenduIum-Like Swing Bc-
tween Despair and Hope.

Last week the country was informed
by Mr.. Reed, through the enterprise of
the New York World, which purchased
his views and then for II consideration
permitted one or more newspapers out
side of New York to share in this jour
nalistic scoup and claim such scoup as
their own, that prosperity comes by
chance, that 1t is the pendulum-like
swing in human nature between the
depths of dependency and the heights
of hopefulness, swing that is period
zeal, that goes on forever, and that no
human power can prevent, that breaks
har dtimcs and brings good, leads to
the heights Of prosperity, then panic,
collapse and the sloughs of industrial
stngnation, to be followed by revival
with the rhythmical swing of this pen
dulum of sentiment, and so on forever.
Thus did Mr.. Reed reason, and as he rec
ognizcd that we had passed through n
period of depression drastic enough to
satisfy the most exacting he judged that
the pendulum of human sentiment that
had so long swung towar.l 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
check It's swing or by catering TO the
demand of public sentiment husten II,
but stop the swing, never And SO Mr..
Reed led us to the conclusion that the
depression of 1S03-1S07 would have
come whether Mr.. Cleveland or Mr.. Har-
rison had been elected In 1892, whether
we had bad high tariff or low tariff.
tinkcring with our financial system or
no tinkering. would have come because
we had enjoyed prosperity in 1so1'o2,
and because hard times follow prosper
ity with unerring certainty.
AS Il matter of fact, change in the
sentiment of the business world from
hopcfulncss 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 a pendulum. It
comes only when prices IRE falling; 1t
never comes when prices nrc rising,
and IL 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-
prccintion In the value of the products
OF labor, lose incentive to enterprise,
curtnil production and we have indus
trial stagnation. Reverse such condi-
tons working for scnrcer and dearcr
money, that is, let it happen that the
supply of money rapidly increase
through increased production of the
precious metals, rs happened under the
discoveries of gold in California and
Australia. or let the currency of the
world he expanded by increased issues
of paper money, rs happened during
the Napolconic wars when England
went on toa 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
hopcfulncss 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 it in
juriously, that bring us 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 lnbor. And this ever en-
couragcs 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
hopcfuncss to the wheat grower to-
day, and If our agricultural classes were
interested in nothing but wheat. then
would assurcdly come agricultural re-
vivnl, followed by an increased demand
for manufactured products, and, hence,
manufacturing revival. But, rs this is
\ lar from true. as the corn crop will be
Iii all probability short of last years
ny 1Oo,oOO,OOO bushels, so that the crop
though fetching. perhaps, three or four
1 cents more a bushcl than year ago will
probably bring considerably less money
! to the farmer than last years crop. Ms
the oats crop is also apparently under
last years, so that the advance in price
will be, in good part, if not all, neutral
lied, and rs with the coming of the new
cotton crop on the market the price of
cotton has suffered n decline that makes
1t exceedingly questionable whether or
no the planter will realize more money
for 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 apprcciablc revival in Industrial
lines, Il boom in stocks, indeed, which
IS top heavy, and threatens to fall crush
ing those who cannot stand from under,
but no boom, TO great demand, 10
marked increase in prices for the prod
ucis of labor, Il fact which no number of
mendacious newspaper reports can hide
= from manufacturers and merchants.
The fact is, the foundation for pros.
pcrity, mn increased number of dollars
\ in our farmers pockets, which would