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Staunton Vindicator: Feburary 18, 1870 Go To Page : 1 | 2 | 3 | 4 |

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Summary: Urges Virginians not to get mired down in politics and instead devote their energies into rebuilding the state's prosperity.

Full Text of Article:

The question of parties is exercising some of our cotemporaries. While we are of the firm conviction that, in the course of a few years, the principles which gave life and vigor to the Democratic party of the past will loom up again, and that old party maintain its old ascendancy over the Republican party, which was but a mushroom growth, nourished by that powerful fertilizer fanaticism, yet we are not of the opinion that our people, at present, need worry themselves over political questions, further than those which tend to promote our prosperity. When we have attained the pecuniary prosperity of the Eastern, Middle and Western States, and when it ceases to be the necessity of every man in the South to provide for those under his care by his incessant labor, we may have the time to devote, as of yore, to politics. All the time we can spare at present must of necessity be devoted to regaining the old time prosperity of our people.--With this we will have enough to do for several years to come, and, whether we will or not, must bide our time for the ascendancy of those principles which claimed our hearty support in the past, and which made our system of government the proud boast of nations and people, ere it descended into the farce which characterizes it to-day. That time will come, but now our endeavors must be directed in a different line. Let us not quibble about politics, but address ourselves to completing and adding to our systems of communication, developing the resources of our State and building up manufacturing interests &c. These accomplished, we can then afford to spend our time in the dicussion of political questions but not until then, for there is much to be done to make Virginia the equal of her sister States and if we are wise we will not waste our time and efforts on less fruitful objects. Let us not divide ourselves on the question of new parties, but stand united, as one man, in the effort to secure the future welfare of our beloved "Old Dominion."

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Summary: The paper prints a list of Augusta citizens who had their political disabilities removed by Congress.
(Names in announcement: Thomas J. Burke, Thomas Burke, G. G. Bunch, A. M. Bruce, A. R. Ball, Samuel A. Coffman, Alex Chrisman, J. S. Carson, A. H. Fultz, A. S. Gray, John A. Harman, John R. Kurtz, William B. Kayser, Joseph T. Logan, A. B. Lightner, John M. Locke, Jacob T. Parrent, James F. Patterson, A. H. Price, B. G. Patterson, Joseph F. Ryan, Dr. T. W. Shelton, James M. Seig, H. W. Sheffey, James H. Smith, A. H. H. Stuart, R. Turk, A. L. Turk, P. T. Woodward, J. C. Woodson, A. G. Wingfield, William McK. Wartman, S. M. Yost)

For the Vindicator
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Summary: An anonymous writer has some suggestions for making Staunton more attractive to manufacturing investors. The biggest suggestion involves heavy investment in the Virginia Insurance Company as a springboard for future capital investment.

Full Text of Article:

MR. EDITOR--Sir:--Your correspondent "Staunton," whose communication, appeared in a recent number of your excellent paper, takes the ground (in which I fully concur) that men of capital and manufacturing experience will not invest their means in manufacturing enterprises in a community, where money commands 2, 3 and even 5 per cent per month as it does here, and in order to make our town a manufacturing place a change in the management of our banks, or other Banking capital secured, must take place.

Holding the views I do, that, in order to make us a thrifty, prosperous and happy people, we must establish manufactures, and taking the views of "Staunton" to be correct, we must have more Banking Capital, and at lower rates of interest. If the present high rates of interest now demanded by our Banks cannot be reduced, (and I must confess that the chances are slim under their present management,) we must secure additional Banking facilities. Now how is this to be done? Some suggest a savings institution. Well, if one can be established with sufficient capital, and placed in the hands of men who will manage its affairs in the interest of the legitimate business of the town and county, and not be controlled by the "shylocks," who would take "the pound of flesh" I say all right, but there is, I think, an institution already established in our town, which, if properly fostered and patronized by our business men, can be made to answer our purpose. I mean the Virginia Insurance Company, which now has a capital of about $125,000--$50,000 of which has been paid in, leaving a balance of about $75,000 unpaid, which is secured by stock notes, the holders of which, in many cases, would sell their stock to new stockholders, in order to convert the whole capital stock into a cash fund of $125,000.

Suppose our merchants, mechanics and men of small means take the balance of this stock, (which they can easily do as the shares are only $25 each,) or so much of it as these share holders are willing to sell, which would make a paid up capital of say $100,000, which would give the company a capital stock equal to either of our present National Banks, and, if used for the benefit of our business men, at rates they could pay, giving in all cases the preference to policy holders and depositors, would in a short time secure to the company a deposit line of at least $150,000, which, with the paid up capital, would give us a Banking capital of $250,000. The profits upon this if properly managed, at 6 per cent, would yield to the stockholders an annual dividend of not less than 13 per cent on their investment, to say nothing about the insurance department, which pays all the expenses of the company, they being provided for in their charges on life insurance. The depositor is perfectly safe, as the charter of the Company provides that under no circumstances are the deposits liable for losses incurred by the insurance department.

Taking for example the many prosperous life companies known to the public, it is plain that a large business in life insurance can be done here. By an actual calculation, based upon tables known to be reliable, the issue of 500 life policies per annum averaging $3000 each, (a low estimate as compared with other good companies,) would add to the capital of the company, if properly managed, in five years, not less than $500,000, a large proportion of which would be drawn from distant communities and therefore an actual increase to the capital of our town. That added to what would be made by the Banking department would, in five years, make a cash capital on hand of at least $700,000, including deposits, all of which would be avilable for Banking purposes.

Taking the above statements to be true, (and I have carefully considered the subject, and, with the information at hand, am convinced that I do not over state the case,) is it not plain that it is to the interest of our business men to examine into the subject before they undertake a new project.

Now I wish it to be distinctly understood that I have no personal interest in this company, not owning one dollar of its stock, nor do I know that I ever shall, as I have no means to invest in stocks of any kind, but I desire to see our merchants, farmers, mechanics and manufacturers all prosper and feeling and knowing that no legitimate business can prosper in a community where money rates are as high as they are here, therefore let me urge our business men to make some effort to build up their institution, and thereby induce men of means and experience to invest their capital in manufacturing enterprises in our town, which as I have endeavored, in two former communication on this subject, to show is the sure road to material prosperity and happiness.

A CITIZEN

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Summary: The paper reports that a large number of African Americans left Staunton for Mississippi on Monday morning.

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Summary: Dr. Samson's lecture in the Baptist Church drew a large and appreciative crowd.

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Summary: J. F. Davis, Moscow auctioneer, is available to conduct sales in any part of the county. "If a glib tongue and plenty of brass are essentials in a good Auctioneer, then Franklin certainly has a right to be esteemed as such. Try him."
(Names in announcement: J. F. Davis)

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Summary: A. T. Maupin was arrested in Washington on charges of embezzling $2000 in public funds. "These we presume were funds coming into his hands while Postmaster at Staunton, as we learned, some time since, that notices had been served upon his sureties, for a considerable deficiency."
(Names in announcement: A. T. Maupin)

Married
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Summary: J. L. Timberlake and Miss Mary Ellen Humphreys, both of Staunton, were married on February 15th at the residence of C. Bagby.
(Names in announcement: J. L. Timberlake, Mary Ellen Humphreys, C. Bagby)

Died
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Summary: Miss Emily Arnall, daughter of the late John T. Arnall, died in Staunton at the residence of A. W. McClure on February 12th of consumption.
(Names in announcement: Emily Arnall, John T. Arnall, A. W. McClure)

Died
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Summary: Catharine Virginia Kiracofe, wife of the Rev. J. W. Kiracofe of the Virginia Annual Conference died in Maryland on January 11th. She was 23 years old.
(Names in announcement: Catharine Virginia Kiracofe, Rev. J. W. Kiracofe)

Died
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Summary: Turner Ashby Wheeler, son of James D. Wheeler, died on February 2nd. He was 3 years old.
(Names in announcement: Turner Ashby Wheeler, James D. Wheeler)