Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-10-24
Financial Crisis.

The alleged failure of some of the largest New
York operators the sringency of the stock market,
with othercircumstances too numerous to mention,
have induced in many minds the conviction that an
important financial crisis is impending, which will
be not dissimilar to that so sadly remembered by
many, which occurred some ten or twelve years
since. We confess that we are not fnancier
enough TO draw conclusion, satisfactory to our
selves even, as to the probable result, though it
takes but little study TO arrive at the conclu-
sion that such crisis must come sooner or
later unless circumstances now exercising an i'm
portant agency, should materially change. "Like
causes produce like effects" is maxim time-teSt-
ed and originating in sound reaSon,and an exami-
nation into the antecedentS of the crisis of 1910
and the causes now acting, will show remarkable
similarity in many important particulars. Prior TO
1910, the effect of the sliding tariff scale adopted
by the compromise of 1882 was to induce large
excess OF importations over exports ard the ball
ance of trade being annually increased against US
period of eight years found our citizens bowed
down with heavy foreign debt which, with other
causes. produced the crash which marked the close
of the Van Buren, Administration.
We speak not as partizan, save when we ask
all 10 look at the present condition of the country
in comparison with that of 1887 and 40. Since
1916 the same tendency to excessive imports has
been manifested, and thus far, the balance being
against us, we have exhibited the imitation OF
wealth and prosperity, which is always perceptible
in those who buy upon a credit, OF who pay in
bonds having a long period 10 run. Pay day, how
ever, must come sooner or later, and how are our
liabilities to be met The balance of trade for this
year will be little less than hundred millions
of dollars and that too, after creding the exports
of California gold on our side Of the account
We have no accurate means before US of stating
precisely the amount of imports and exports, but
do not apprehend that much mistaken in
the amount supposed. In 1887 the country was,
much Of il, hardly accessible, and its undeveloped
state was the argument used by some to account
for the crash. Now, however, such an argument
eau hardly be adduced, as every portion of the
country is in the highest state of improvement and
the avenues Of communication are opened up SO
that the productive facilities Of the country bear
most favorable proportion to what should be its
importing necessities; yet, even with these favor
ing circumstances, with the California influx OF
gold 10 prop and sustain credit, we yearly in
crensing, and heavily increasing, foreign debt,
and 1t hence becomes question of the first i'm
pOrance to perceive how these liabilities TO be
ultimately met, and what must be the effect upon
the country of the approach of the period when
bonds, &C., given abroad, on time, will be matu-
ring.
How far the Federal Government can prevent
such impending danger, and how far it will do so,
are questions do not now propose to examine,
but unless the noted Secretary of the Treasury
81 oud withdraw his special attention and that of
the president and his Cabinet' from the dls.ri-
button of the ''spoils'' of the New York Custom
House, we fear that he will hardly mature sue
cessu financial policy ere the meeting of the next
Congress, and it may be that even with his best
efforts this modern Neckar will not prove ade-
quate to the task of extricating the country from
The pressure of this excessive foreign debt We
shall anxiouSly await his movements in this be-
half, and hope that his next effort whatever it
ma be, will be more reputable, not to say cred
table, than his Bronson Treasury spois' circu-
lar.