Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1898-12-29
sTAUNToN SPECTATOR AND vINDICAIoR.

red This is evidenced by the fact that
recently a block of per cent. bonds to
retire 6 per cents were taken in a Whit
by our own people and all the matured
6 per cent debt has been or is being
converted into 81 per cent obligations
taken at par.
Our farmers were never in a more
healthy condition as the bank deposits
show, to say nothing of the vast
amounts of money cared for at the
homes of those who are not acquainted
with banking rules and prefer guarding
their own values in their own way.
Our merchants are doing fairly pros
porous business and if the people are
not purchasing here as literally as at
other times in the past it is because
they have supplied themselves from
other places and not because they have
not the money with which to buy If
you, Mr.. Editor, will pass down our
principal business streets the appear
ance of the stores will not evidence des
perate distress or pending ruin. The
stores ara generally we'll filled with GUS
toners and the merchants meet their OBJ
legations promptly if they do not dis
count their bills.
Taking in the country at large the
evidences of Astounding prosperity meet
us at every point. A significant test of
this was given few months ago when
the government called for popular 8
per cent. loan of 5000, 0OO, 600. It was
had been billion of dollars it would
have been taken readily by our own
people. Call loans are made in New
Y ork at II per cent. and short borrow
ers are accommodated at 81 per cent.
The bond markets are absolutely barren
of frst.class securities yielding 81 per
cent. The offerings of American secur-
titles held abroad are promptly taken
here instead of hunting investors from
other countries. Five per cent U. s.
bonds are bringing 1877, practically re-
ducing the interest charge to about 81
per cent. High grade stocks sold last
week at 1872. Currency circulation for
November increased 10000, 900 and for
October $50, 100000, making $7O.O0O,OOO
increase in sixty days. We have now
$165. 900 more currency in circula-
ton than we had twelve months ago,
Notwithstanding the absorption of
$500, 900. 900 by the recent popular sale
of that amount of 8 per cent. bonds:
and the aggregate of currency circula-
tion is now 81 1856, 800, OO9 to say nothing
of 800, 900, 900 in interest and dividends
that will be paid out January l, 1899.
| We have in addition to these pregnant
facts a balance of trade for the year
1898 in our favor aggregating about
$500, 900, 900 and we have about $780,.
900, 600 surplus gold in the public treas
ury. Our gold imports for the year
now about to close reach $3.50, 00O, 900
exceeding that of any other year in the
history of the country.
Can these facts be impartially consid-
cred without reaching the conclusion
that there is no real cause for the jere-
maid found in the extract we have Civ
en- from your editorial and the general
trend of your views almost daily ex-
pressed as to the financial and business
condition Of the country, with free sill
yer at 16 to as the golden calf which
you so earnestly worship. l have labor
ed for many years in the interest OF
Staunton. Augusta county and Virgin
ia and could not rest quiet in the pre-
sence of your erroneous conclusions, as
| believe about StauntOn and the coun-
ty generally, without a hastily written
and imperfect effort to counterfeit the
harmful effect, as l consider, Of your
statements and opinions. You can
gain nothing by pessimistic reflections
not justified by the facts or by any
process of rational reasoning, but which
are well calculated to place the COM
munity in false light before the world
and do infinite harm to our city, county
and State. We should feel grateful for
the many evidences of prosperity
which surround US and accentuate the
passing days and cheerfully and earnest
ly put forth every effort 70 utilize and
appropriate them. Our lines have been
cast in pleasant places and if we are
only equal to the opportunities present
with us and avail ourselves of the pro-
gressive influences which are making
history, we would soon find that Staun-
ton and Augusta county are neither
dead nor mOribund, but have all the
elements of a virile existence, and if
our people would do their part and the
press rise above the petty prejudicies of
party and reach to the plane of National
and State duty and patriotism, the
lamentations of the disappointed and
the harsh criticism of the designing
would give place to the refrain; s'every
prospect pleases and only man is vile.
Y.
Relief in SIX Hours.
Distressing Kidney and Bladder dis
ease relieved in six hours by New Great
South American Kidney Cure.' 1t is a
great surprise on account of its exceed