Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-12-03
FROM the PhIIadslphIa American.
which IL - MANAGED

"hleh IL - Managed.
At the breaking out of our rebeiiion, the
great bugbear was the enormous cost OF
putting 1t down, Some Of the frst appro.
priations. made in reference to it caused
quite q shndder throughout the land
Not only were grave Appreheusiops enter.
tanned OF fearful Consequences by the un-
learned in financial affairs, but sage AnAn>
siets entertained grave doubts as TO bow
the necessary means should be raised
National bankruptcy was one Of the gra-
vest subjects In discussing the war. II
was the weak link ia the otherWise great
| strength Of the chain that Was TO continue
our bond of Union. Popular loans, and
European loans, aud high rates of interest,
aud the like, we're seriously discussed by
those pretending to most foresight on tLese
intricate subjects, and, shaking their heads
over the leaders Of the London Times, Ih y
predicted that We should be exhausted,
bankrupted, and subject TO military reQui-
sitions, before the war should have lasted
a year. Reputation was the irst and last
evil that could befal rs, Europeans said,
aud they prepared TO close their purses,
should we have the impuIeDce 10 enIreat q
loan in their markets.
If Americans did not believe all that was
said on the other side OF tue Atlantic, il
Vas because they knew they were capable
OF making sacrifices, and were prepared to
pay dearly for the republics preservation /;
but they expected hard time, and that it
would bring "hard times" with 1t. Some
lev persons made the most of the gloomy
feeling that existed, aud uttered wild as
sertions, aud yet wilder predictions, con-
corning the financial crisis that was. they
said, upon us, or which would soon be up.
on US. More than a year ago, after the war
had been waged for eighteen months, men
of excellent reputation, and who must have
believed what they said, stated in public
meetings that the public debtthen amount
| ed TO two thousand millions of dollars, aud
continued to repeat the tale after its falsity
bad been demonstrated officially and there
would have believed nothing else they
could have said, merely because the asser.
ton chimed in with their Precouceived
notions as 10 the cost OF the war, and our
inability to get money.
Time, which dispeis all errors, has dis
posed OF our great mistake. We have
learned that We are tar stronger in the
matter OF money that we had supposed
Ourselves to be, and not wholly dependent
upon that southern trade which, il used
to be said, was the source of all our pros
perity. We have found our means all
sufficient for carrying on war Of auex.
amPled proportions and cost, We have
not bern compelled TO 90 abroad in search
OF dollar Of the money that has been laid
out on our army aud navy. No American
agent has had to bend before the capital.
lists OF Amsterdam, and Frankfort, aud
London, asking for money ou their own
terms. The wealth of America has proved
equal TO the part which money has
to perform in the viudiSatiOn OF the
American cause. The most that has
been done that looks to the foreign
market is the same that could be done
at home; aud IL foreign bankers are
TO be believe they will not listen TO the
only propositions which our authorities
are prepared to make. But it il otherwise
with private capitalists 10 Europe, many Of
whom in the last three months have been
seekers after and free takers Of our popular
loan.
Money has flowed Into the national treas.
ury in amounts large enough TO meet all
demands, and on terms suited to the general
character Of both public and private bust
ness. Such has been the past and there is
no reason to apprehend an unfayorable
change for the future ofthe war. Every day
the credit OF the government is strength
sned add with an active business in the
midst Of war, We shall emerge from IL with
our national loans In demand all over the
world. Such, at least, are the strong in.
dications.
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