Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1858-10-11
Tho 1nauenes Of esoid Upon the value q

To the Editor efthe NJ Z. Post:
In 1s46 gold was discovered in California
All at once the whole country was IN arms In
every town and village in the northern and cas-
tern states companies were formed, and men
were seen moving, by detachments overland, in
ship loads around the Cape, and in steamers
crowded, ria Panama The minds of rejecting
men were filled with astonishment Friends
and neighbors congrcgated together and inquir-
ed, What is to be the end of all this2" They
3allagreed that Tealspr and anufnctIringz
productions must risein value as fast as gold
increased Soon the returns of gold, ofSabont-
nifty millions per annum, confirmed the fact that
the gold was inexhaustible Instead ola gene
raj risein all kinds property, This gold appears
to-haRe been used in extending trade. ali over
the YordEthis extension continued until Sep
Ftember, 1867, when by its own weight it fell,
and a. general rash,it was. Men all over the
w2Fld, hose mercantile courage had never been
questioned, stood and tre1a6led There was no
crimihation or recrimination between political
parties, as all felt twas thenatural Consequence
OF universal overtTading. Indeed it was gener-
ally admitted that the whole world needed fest
and rest they must have before the wheels of
imitation. could be again moved For twelve
months past that rest has been granted-con-
traction and lessenlng liabilities have been the
order OF the day. All this ofcourses has prodn-
ced such an abundance Of money asEwas never
known before. Now ne see where the gold is.
property has not risen, generally, but the value
of money has declined. tias
Agreat change is near ut hand. The enter
prise OF the country has been asleep-not dead
and will now soon arise with new strength
Men OF capital will soon be willing to buy prop
erty that will net them five per cent. Hereto
fore they expected much higherrate.s Money.
on bond and mortgage must be plenty and
cheaper. Stores and houses that formerly sold
low. enough to secure the purchaser ten per
cent gross per annum, willnow be cheap enough
at price that will give say seven per annum.
Either money must rise inivalue, which now
seems improbable, with the present product Of
the gold mines, or real property must advance
very generally. Tho weston is, Has the ex-
tensions OF trade the-past ten years diverted the
influence of the gold from property, as was so
generally anticipated in 1896 and has the check
to all trade now left the gold unemployed; and
is the next move to be all equalization, under
the influence Unnatural laws. between gold and
property The one hundred millions of gold on
deposit in the United States is large enough to
''leayen" the whole lump. The mere tap of the
drum in September, 1857, q. e, the failure of
the Ohio Trust Company was the signal for a
general panic throughout the land. Europe
itself was shaken by the shock; all value depart
ed instantly from property. Arc .we.not now
surrounded by all the elements necessary to
make every thing increase inlvalue as much as
we were year ago, to make every thing de-
crease? The last tap of the drum was the Signal
for all values to lessen. The next tap will-be
the signal for all to increase. The advance will
not be as rapid as the retreat, but will be more
firm and sure. CLINTON.