The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-11-20
TUESDAY MORNING. NOV. 20.



We arc now passing through one of
those fiuctuations,. characteristic of
paper money imitation, to which we
alluded yesterday morning. The ten
dency for the time being is strongly
downward. Intact last Saturday there
was almost a panic in the business
circles in New York. Merchandise and
stocks We're sold very freely and hold
ers were glad TO get rid of their loads
at heavy sacrifices. There is no telling
where the downward turn will stop.
Although there Is more firmness an
nounced in stocks this morning, yet
that is no Indication, as the heavy
'shortl interest created within the last
week Is no doubt being covered. The
general markets, such as flour, wheat,
pork, &C., show continued heaviness,
and the indications are that they will
go lower. But this is no reason that
they will stay at the bottom when they
reach it. Immediately they will begin
to re-ascend. Such is the inevitable
working of our present superabundant
currency. In the nature of things we
cannot have fixed prices. No man can
tell the value Of one thing as compared
with another, sage for the day on which
he buys or sells. The tendency is to
mnkoevery person who Is a dealer in
articles. of necessity ask the utmost
prices he can get, and hold on to the
maximunls as long as possible, because
he knows that sooner or later COL
lapse, like the present one, is to over
take the market, and may find him
with large stock bought at very high
prices. All OF us who buy at retail are
thus compelled to pay constant tribute
to the fears of those from whom we
buy. How large an element constant
state of semi-panic Is in high
prices, will possibly never be
known, but intelligent men can
understand that it is very considerable.
The whole class OF mercantile retailers,
and "a large proportion of the wholesale
interest, is and has been for years, in
constant feverish condition. And we
shall not have il different until we get
within sight of specie payments once
more, which will not be soon.
And in this connection we cannot but
express our surprise to sec the New
York Tribune sobOrly calling upon the
Secretary of the Treasury to resume
specie payments. We quote from its
article of Monday last, as follows:
''Let us resume-there is nothing
wanting but the willard have Specie
prices for Labor, Produce and Goods.
Then, thousands will invest in rail-
rOad-mOking, building, &C., &C., who
are now deferred by the consideration
that what costs $4,000 will be worth
but $4,000 when we got down to rock |
bottom, as we surely must and shall.
DO let us descend from the clouds and |
stand once more on terra firma. Ifthis |
was ever right, it Is right generally, |
and Is especially right now"
How long, surprising that the Secre-
tarY OF the Treasury, resumed specie
payments tomorrow, could he con-
tinueIt2 Why, simply until he payed
off seventy-five or eighty millions of |
the $685., 600. 600 of greenbacks which he
reported AS outstanding on the first of
this month. And then what would be
our condition, in respect to our gold in
terest, to say nothing about the stagna-
ton OF business that would follow
such an attempt. There are combine
tons in New York that would own the
Secretary's gold in week, and in a
month later would be selling 1t Mt
double price, perhaps at twenty times
tho price paid. We had taste of that
thing last May. when the Secretary un-
dOrtoOk to follow the Tribune school of
specie resumPtiOnists. Mr.. McCullOch
sold gold until he got scared at 80 pro-
MUM, and the capitalists took all he
offered, aud would have taken more,
for in a week or two they were sellers
of the same gold ut fifty, sixty and
seventy. Once the spectators get hold
of tho Government gold, the New York
ITiGiaIe will begin to think that Sec
ond Bull Run has overtaken the public
credit. And any child can see how
certainly they must needs get hold of
it as things stand. Why, for that mat
ter, every prudent man in the country
would secure all the gold no could, If
the Secretary were to commence such a
fatal experiment, and every ono of
them would be a better against tho
Government.
AS we said, we leave out of the ac-
count the collapse that would overtake
business under such condition of
things. But, rs mere incident of the
whole scene, will not the Tribune tell
us where the revenues are to come
from to meet the positive engagements
of the Government during the inev-
liable and protracted prostration, not to
speak ofthe widespread impoverish-
lnent, that would followH We can
scarcely picture stag more efTectually
Mt bay than would be the honorable
Secretary OF the Treasury were he to
lose not only his gold, but likewise to
kill for twelvemonth at least, the
goose that lays his golden eggs. We
all want specie payments and lower
prices, but we can never secure either
Mt such sacrifice. We must come
down to them even moro gradu-
ally than we got away from them.
Time is an element which our friends
OF the Tribune make little or no account
OF, either in war or peace They wanted
tOtake Richmond before the 4th of july,
1881. They didn't take it for about four
years afterward. There is considerable
analogy between their war policy and
their financial tactics.
THE depression in express stocks goes
on, and Adams, but few weeks ago
quoted above par, has sunk to rs. The
new Merchants Union company gets
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