Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1898-12-29
Has Prosperity Reached Stanton.

an article signed y, WrlCten Dy
one of our prominent citizens, in reply
to an article which appeared in the
SPECTATOR last week. The writer, as
the lawyers put it, confesses and avoids.
There are usually excuses for any con-
dition, but we did not desire then, nor
do we now wish to make list of the
empty residences or store houses in our
city. 1t might alarm ourselves and
outsiders as we'll. But no man can say
Staunton is prosperous. Our retail
merchants carry less stock than for
years, there is no denial that our rents
are lower than ever before in the histO-
ry of the town, that there are more
empty business houses and residences
than ever were known, and that little
or no business here, is up to the stand
ard unless it be the lending of money.
The writer explains, as he thinks salts
factorily, why certain buildings are idle,
but he has not explained why they have
lost their value. There are INSTANCES
in which rents have dropped of course
for the whole thing has had the bottom
knocked out. Our loan companies have
been obliged to purchase property to
save themselves, and in seldom any case
has the property brought more than the
amount of the loan, and these compan-
les have been fast going out of business.
All this may he explained on some other
hypothesis than hard times
One person of whom we have heard
actually has had torn down some build
ings which he used to rent, because he
would nOtpay taxes on them, and no
renters for them could be found. Another
citizen who had comfortable income
from his rents, told us he had some of
his houses tenantless aud the others
renting for about the insurance and
taxes. A journeyman carpenter who
has superintended the construction of
some of the handsomest houses in the
city and who until few years ago re-
ceived from 81 to $500 per day, now
only receives about $3.50, and work is
scarce at that. In long life here this
is the hardest time he says he and his
craft have seen. This is in keeping with
other lines of trade. The houses build
ing which Y mentions are for homes for
well to do people. Nobody is buildi lg
either residences OF business houses for
rent. Those building homes are taking
advantage of the low wages which also
accounts for their building at this
time. We have more factories now than
in the city's history, but we have less
general business to give workmen en-
ployment. The credit of the city. says
the writer, WIS never better, and recent
Iva block of bonds which had been
running at 6 per cent. were reduced to
3 per cent. He also cites the greed
with which the government loan of
5000, 10000 was taken, as evidences
along with the money in the banks, that
money is plentiful. Instead of proving
his position these facts prove the oppo
site and on this point we cite one of the
most learned writers and thinkers on
political economy in this country:
| Senator Jones, of Nevada, a leading
Republican. in speech on the floor OF
the Senate in 1877 said:
| Low rates of interest instead
of denOting financial strength and
industrial prosperity, are guage of in
creasing prOstration. Large accumuIa-
lions of money in financial centers in
stead of being caused by an overflow of
healthful circulation or even proof of a
sufficient circulation, are unmistakahle
evidence of congested condition caus.
ed by decreasing circulation.
He sustains this by ample authority
which we have not the space to give.
but in this connection We may cite from
the same speech when he speaks of the
falling prices caused by this condition,
the following statement:
The worst effect is not upon property
nor upon debtors, evil as it is, but upon
laborers whom it deprives of employ
ment and consigns to poverty.
This was spoken more than twenty
years ago to a Senate overwhelmingly
Republican and it's soundness was not
then and has never since been CUES
toned. 1t seems prophetic, but is pro-
phetic only because it is true. 1t tells
what happens under certain conditions.
Those conditions exist today and the
results have followed as they were
bound to do. Two and two always
make four, these conditions always pro-
duce these results.
Money lying in banks under existing
conditions need draw no interest. 1t
makes money for it's owner faster when
times grow each day more and more
hard and grinding. Today it will buy
one farm, next year it will buy two.
Who then will lend it, who will invest,
when he sees every article growing
cheaper every day?
Taking the country at large, says the
writer, the evidences of Astounding
prosperity meet us at every point, and
he cites the bond deal, the rate OIL call
loans, the barrenness of the stock mar
ket OF all first class securities yielding
st per cent, the high price of U. s.
Bonds. the increase of currency circula-
ton and much other of the same class
OF argument, These very facts show
scarcity of money among the people.
The money has congested in the centers
and the country occupies the position
OF patient with pneumonia, when the
blood necessary to life is congested in
his lungs. Health under such condi-
ton is impossible.
Our city has always existed and can
only exist on the agricultural country
surrounding it. 1t has seen prosperity
come from this source. If it ever en-
joys it again in the lives of its present
citizens, this is the only source from