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7 tl I 0. SUPPLEMENT. ! i THE QVESTIOjV OF NATIOWL FINANCE. One of the most, difficult and com plex problems with which a nation is ever confronted, is that of its financial management; and the citi zen who, in the time of a great crisis, which taxes the resources of the peo ple to their utmost capacity, success fully grapples with the great ques tion of keeping its financial affairs in order, is more entitled to credit than tl e great general, who marshals its armies for victory. It may be that the difficulties were too great, or that under the peculiar coudi- / tions existing, financial success was impossible; yet the fact remains that not a single public man of the South, who was an actor in stirring the tin es ofthe war, w ill go down in history as a great financie; while we had military chieftains who challenged the ad miration of the World by their al most matchless skill. It is very probable that there is no question that affects our people con cerning which so liitle is known, and yet which is so often discussed; and with which every politician, great and small professes the utmost familiarity. The whole matter L so intricate that it is very probable a full nuderstanding of it is beyond the capacity of a large majority of our people; yet there are, in connec tion with it, some clearly defined principles, the result of dearly ea.* ed experience, that can easily be under- stood by any man of average intelli gence; unless it happens that he has been led astray by some professional laditiciai), whose chief claim to notoriety, consists in his almost en tire lack of knowledge concerning the questions he so confidently dis cusses. One of thegravest and most universal delusions in regard to money, is the belief that a nation can, by legal enactment, make it at will; in other wolds all that is ne cessary is to start a bureau of print ing and engraving, and print prom ises to pay. If this were true, there would never, even during the most txhansting war, be any occasion for a government to borrow money, from the simple fact that it could make or print "all it needed. A people can never grow rich by legislation, for no na tion is strong enough to make any royal road to wealth, and the only vay by which it can grow rich- is. by the industry and economy of its citizens. The province of legisla tion is the enactment of wise and just laws; the enforcement of them to the extent of giving absolute pro tection to person and property; and anything beyond this is an urwarran- lable interference with personal liberty and dangerous to the perpetu ation of republican institutions. What is needed, is not so much an increase in our circulation; but to in crease the purchasing capacity of what, we already have; for it is very certain that until our iniquitous tariff laws aye. revised, and put m a just basis, there can be no permanent relief for the farmer or anyone else. In order to have a proper under standing of this matter it must be borne n mind 'that the amount of money in circulation, in this coun try, does not in any way affect the price of cotton, but is re gulated by the law of sup ply and demand, and is as abso lutely beyond the power of legal en actments, in regard to its price, as the movements of the winds and tides. Until we are in a position to manufacture all the cotton we make, and either consume the manufac tured goods, or find a market for them abroad, it is simply idle to talk about controlling the price of cotton at home. It cannot be too urgently insisted upon that it is not the price of cotton, so much, that makes it difficult, at times, for the farmer to make lioth ends meet, but the unnecessarily high prices that, owing to our present tariff laws, he has to pay for so many articles of prime necessity; and it may, with perfect safety, be asserted, that the farmer would ibe better off,- under a just tariff, even with cotton at 8c." than he would be, under existing circumstances with our great staple in demand at 10c. It cannot be denied but that, in the South, money is scarce and the interest high, but lie- fore we embark on any unwise and experimental legislation, it may be well to pause, and give, at least, a moments thought to the real cause of this financial stringency. Out side of the tariff legislation of the Republican partyit may lie safely asserted that our own acts have done as much to make money scarce, in our section, as any of the vicious measures passed by a republi can congress. We have suffered from a great\leal of unwise legislation, and this alone has worked incalculable injury to us in a financial way. Not one-tenth of the business transactions of the world are'conducted on a cash basis, but on credit, and where there is credit there must exist confidence; without which the wheels of commerce would stand still. There is now, in all of our large cities, a great deal of money seeking investment, which could be obtained at low rates of interest, and put into active circulation, if its owners were assured that its safety would no f be imjierilletl by some legislative enact ment. To prove that this condition really exists, it is only necessary to mention the fact that government, loans are eagerly taken up at from 3 to 4 per cent interest, which would not be done if moi ey were as scarce as some public speakers would have us believe. There exists, among our people, to a considerable extent at least, a disposition to place unnec essary burdens upon railroads and other large corporations, and it is the fear or leg'slation in this way, that makes capitalists extremely cau tions in making investments iii the South. But for this our banks would be enabled to lend money at a much lower rate of interest than they are now forced to demand. A great financial panic does not reduce the quantity of money in the country, it only destroys confidence, and without confidence commercial transactions are impossible. A Toning Summer Resort. Heretofore people in our section, who were unable to go a long dis tance in search of mineral w ater, have, to some extent at least, lieen confined to ouo or two resorts; but the completion of the C., S. & N. road, will open to us one of the most charming resorts in N. C., and one that is destined to become famous, possessing as it does so many attrac tions in the way of scenery, pure air and very fine sulphur ami freestone water. It has only been three years since the Cape Fear and Yadkin .Valley railroad was finished to .Mt. Airy,’ and the town has made great strides fpward since then. The land in the vicinity is rich and pro duces an abundance of grain, and makes a very fine quality of tobacco, which is in very active demand for making fancy brands both for chew ing and smoking. There are already in operation nine tobacco factories, giving in the aggregate, employment, to over seven hundred hands; which of course puts a good deal of money into circulation, and makes the re tail trade Very brisk. The town is beautifully located, and the Blue Ridge Mountains are in plain view, adding a great deal to the beauty of of the surroundings. The rocks formation is granite, and it crops out in every direction. Some of it is of very fine quality, and there is one quarry that is being actively worked. The water in the town is cool and pure, a very fine flow of freestone water being found in the wells. There is a fine hotel in the place, which shows the enterprise and faith in the future grow th of the town of its builders. It is controlled by the Granite City Land company, which company is doing a great deal to im prove and develop the place. They own a largi quaneitv of land both in and outside of the town limits, and are prepared to sell lots on the most reasonable terms. 'They do not in tend having any auction "sales, as their lots are in demand without a resort to this method of disposing of them. A Mr. Cooper, a Virginian, is the general manager of the company, and he is essentially the right man in the right place. Some of his streets are pretty steep but this does V apply to his prices, which are very reasonable; especially to those who wish to start manufacturing enter prises. In the near vicinity of the town there is plenty of water power which can be had on the most reasonable terms. But speaking of this charming town, we must not forget what will, in the future, evershadow everything else in the way of attractions and that is the spring. It is white sul phur water, and is regaroed by some who have tested them all, to be in some resiled s snjierior to the other famous springs in N. C., and Va. seeming to possess some qualities that they lack. We are not a liberty to.go into details as to the improve ment of this property, but people can be assured of one fact, and that is before another season, there will be an elegant large hotel built on one of the high hills surrounding the spring. Mr. C. B. Jordan, of Ben- nettsville, a very energetic gentle man, has the spring in charge, and he is going to surprise people when he has time to carry out his plans. The freestone spring is ice cold, and is as fine water as can be found. The Anirat River, a pretty stream flows through the gromulf^ and will furnish good boating. Add to thw the charm of climbing the hills in the vicinity and excursions to the Mountains, and it is very easily seen what a delightful place it will be. It will make an ideal resort for lovers, and those who wish to fall victims to Cupid. Just to think of a boat on a beautiful stream with romantic surround ngs, and where is the girl that cant bring a timid man to the point. And the i too, if the boat riding fails she can resort to climbing the precipitous sides of the high hills, and where is the man that cotdd resist the'temptation of deelaridgVwnefiTle has fast hold of a pretty girls hand; helping her to ascend the steep mountain side. The distance is about 250 miles from Darlington, but that is a very small matter with low rates and speedWtransportation. It may be also \]rell to state that the scenery on the railroad between Greensboro and Mt. Airy is very fine, and presents a constant change as the train winds and twists in a very snakelike fash ion around the high hills. A great deal more might be said but lack of space forbids. There will be some big excursions up toMt Airy next summer, but the railroads will be equal to the emer gency. ■ ar: ''■r< l •f »• ■