Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-03-24
From the Washington Republic.
FINANCIAL PROSPECTS


York journals predict an early and terrible check
10 the great apparent prosperity now prevails.
They trace large proportion of the advance which
the price oil real estate has experienced to an ex-
cess of speculation; and they profess to discover
other and not less marked indications of the rash
adventure and uusound enterprise which have
been tile invariable precursors of mercantile
barraSSment. 1t is alleged that unless all analogy
fail, sweeping series of disasters will at no dis
tant date ove'take the country. We take the
subjoined from the New York Times an illustra-
ton OF the gloomy nature OF the predictions to
which we refer: ..
"The weather-wise in such matters may be at
fault, but not SO the stern and immutable lessons
of the past. This great country was never pro-
nounced so prosperous and happy as on the 4th
OF March, 1887, when President Jackson transfer
red the affairs OF Government to Mr. Van Buren,,
and vet on that very day series of the most dis
aStrouS and widespread mercantile bankruptcies
commenced at New Orleans and York, which in
.wo months carried down all tie banks in the
country, and after vain struggle of four years in
Voved the wealthieSt States OF the Union in dis
credit and reputation. None of these were pre-
ceded by preliminary signs of revulsion. They
began in sudden change in the course of the
money market, not wholly unlike that which has
been witnessed i'll this city for few weeks psst,
and which affords unmlsta kabe tokens that, UNI
less some of the sails OF trade and banking are
reeted, and that specify, general shpwreck may
enSue. The fact is alluded TO not to provoke
alarm, but, if possible, to induce caution"
But these apprehensions, though extensively
uliuSeu uIe uiScdrued Oy Olner mol less informed
writers on The same subject. Hunts Merchants
Magazine for the present month axes the more
hopeful view. Admitting that there has been
very great expansion III credits, with a &C uespon-
ding influence upon prices, the writer yet con-
tends that there is no real resemblance between
the causes now Ill operation and those which pro-
duced similar eXcitemen: in The past Heretofore,
he argues, the fever of speculation has usually
been produced by a IA Id and an unwarranted in
crease in the quantity of un, eliable capital in cir
culation; while in the present instance its origin
was simultaneous with the increase of our coined
gold, and its progress, although great, has not
ceeded in proportion the monthly augmentation to
the supply of specie. The inference, therefore, is
that the relative ratio of capital and credit is more
favorable now than it was when the fever COM
menced. ''ln plain words, there is now more OF
solid available capital, in proportion 10 the Lusi
ness oil tile country, than there was four years ago..
Some OF the statements advanced in support of this
opinion II ay be uScfully reproduced. Thus we
find that from the year lS2l 10 the close OF the s
cal year lS47-S, the foreign gold and bullion i'm
ported into this country amounted to 1852 1859 84l /:
while the exports OF the precious metals during the
same period were $3.50, 462, 406; exhibiting gam
OF S7l,707,435. To this must be added abont
slO,uOO,OOO, The amount of gold and silver Of do
mestic production deposited for coinage. The av-
erage yearly increase of specie for twenty eight
years was therefore, in round numbers, So 600 OOO
From 1859 to tie present time the imports of
foreign gold and bullion have been 1924, 0OO, 600;
while the domestic bullion that has been coined
hhS u DcunI ing $780,
100000, the amount exported, we Lave not less
than Sl0l ZOO, 900 as the actual addition to our
specie currency Ill four and a-halC years or an av-
eTage OF S23,OnO,OOO per year, instead of $1,000.
UUO as before. This estimate excludes the amount
Brought by emigantS, aud also the gold dust which
IS used Tor manufacturing and other purposes with
out passing through the mint-two items that are
known 10 he considerable. Nr. Hunt sums the
matter up as follows: ....
"CIeale what puncs we will, tLeIe is something
10 hall back uponj and thus, although Temporary
revuislons may brIg losses TO individual specula-
tors, they cannot lead us so near 10 the verge of
national bankruptcy as we have been in the dSaS-
ters OF the past, when the expansion was cauS-
ell merely by an una tn raj imitation of credits
"The thing most 10 be dreaded in the present exl
citement is the tcaSte Of money upon useless pry-
jSets and ,oih schemes, vi here Tie capital can be
neither re- gathered nor profitably employed The
mere transfer Of local property from one hand to an
other, at high nominal rate, iDorks much less mis-
chief than is generally supposed. The chief evil
resulting from 1t apt TO engender among the spec
uators themselves.
eve do not W iSh to be underStoo, as war; nj
ing the continuance of our present prosperity; our
object has been 10 show that it is not chInerical
and that 1t is not 10 be permanently checked by
the same causes which have brought on the revul-
sionS OF the past. If evil oyertak. u.s. it will come
IN some other shape. Suppose, for instance, that
while our imports are swelling 10 large amount,
and tohite capitalists edJTyi, z Loai of stocks
and bonds greater than ,ras before kno,cn, the
Sot'oh crop Snoulu Iall, OF Tie productions oil the
staple should be greatly diminished; in this case
those who suppose that the bulk of our new sscu-
rites are held abroad, would find tLen selves wo.
fully mistaken. They would find great p.opor-
ton oil IT represented by the additional capital al
ready noticed, which being called upon TO make
good the deficiency oil exports, would leave the Sc
curltIeS like milestone upon the neck OF the mon
ey market Such a contingency, however, may
not arise, and If il should the Immediate decline
OF imports would soon regulate the evil, and apply
The proper CORRECTION
New BANK NorE.-The Lafayette Journal gives
The following original vignette for the bills of
new Bank, TO be esiabl shed in that city:
''fhe vignette is niger shearng hog, suppo-
sed TO be squealing. The President of the Bank
stands near assisting to hold the hog. The deu.
PEOPLE may be discovered, n good ways behind
Thunder and lightning in the foreground The
picture of seedy individual, Secured by stocks,
through which his feet run, adorns one corner.
"a man with very blank countenance, sup
posed to Ue the Auditor Of Stae is being rode nm.
on rail 10y couple of Wall Street sharpers, is
seen in another corner. The phiz of Gov. Wright,
thunder gathering ON his brow, and lightning
flashing from his eye,' adorns the centre of the
bill. On one side of the Governor is hawk, ON
the other side a buzzard. He holds in one hand the
scales OF Justice, one side OF which is evidently
very light; the other is holding document, his
last message, from which he appears to be reading
to crowd of disconsolate individuals below, who
refused to be comforted.''
The DIFFIcULTY ABOUT PRoF. WISKLE.-It will
be remembered that some two weeks since Prof.
Wrinkle, member OF the Freeman and Turner'S
Society in this city, died and was inferred in St.
Peters (Cathoiic) burying ground, the trustees
SuppoSlng he was member OF the Catholic Church