The Darlington herald. (Darlington, S.C.) 1890-1895, July 22, 1891, Image 5
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SUPPLEMENT.
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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.
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