The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-11-03
The Present Condition of'the, NeI


From Tie lFoStS financial ATtioEe. p
First-the currency IS plethoric, a
circumstance which very rarely fails
to give a morbid stimulus to the desire
give excessive accomodationto to borrow
ets, until the resulting imitation has
reached its culmtnRttng point and the
fever ofspeculation having touched its
crisis the langor of reaction follows.
Secondly there is an extraordinary
desire to speculate on the part Of the
public, which infects more or less all
CLASSES of soclety-the mechanic and
the unSkiued artisan no less than the
merchant, the professional man and the
manufacturer. In an increasing num-
Der OF persons there is q desire to grow
suddenly rich, and conviction that
Wall l8treet is an FL Dorado where the
bold daring of the reckless adVepturer
Is sure to be rewarded with a sudden
acqnisitiun of wealth. The heavy do
mesttci expenditure incident to de-
ranged currency, and the depression
which prevails In the wooden and other
trades tend to give a wider and more
penetrating influence to this mania for
speculation, and to drive its mischieta
deeply into our national life.
Thirdly, there is a very great accumu-
lation of disengaged capital, which
plays an important part in producing
the existing ease In money. This
over abundancei of capital coexists
with demand which Is diminishing
daily, in consequence of the dullness 81
business. Such a plethora of capital Is
often mentioned US something mystic
rtous, in view of the fact that we have
recently expended on the war no less a
sum than three thousand i've hundred
millions. Of dollars.as.f ii. 5f-si.s r
This heavy war outlay ought, Il Is
argued, to have left us Impoverished by
precisely the amount that we have ex-
pended. The opinion, however, is evi-
IDENTIFY founded on partial view of the
amazing energy and recuperative power
with which the wealth producing ca
pactdes Of this country have always
been endowed, and especially since the
How far the fictitious basis OF paper
money may impart a treacherous,
tremulous weakness to the foundations
Of our imposing financial edifice, the
future viii show. At present, however,
there can beno doubt that this country,
like England after the wars with Napo.
leon, has realized an apparent increase
OF wealth, for which political economy
Is at loss to account.
Whether these accommodations oi
wealth are to be permanent or not, it Is
certain that at present they are produc.
ing all the effects which they would
produce il solid and real. ~
,el,s.9. --=----l- : : . ls.-- --.z=s y-!tIlp
Tho ERect OF . Republican Victory In
New York.
The New York Times, in an article
expressing confidence 'thatthe Repub.
ncans will carry New York at the COM
ing election, gives reasons for the faith
that is in it, and states that the effect OF
such a victory would be as follows:
"our expectation Of Republican sue.
cess Is predicted upon the conviction OF
the American people, that 1t were mad.
ness TO intrust to the democracy the set
tlement of the grave and delicate ques.
ttons resulting from the war. Between
conservative republicans and radical
republicans their Is not entire harmony,
either as to the policy of the past or the
policy Of the future. But there h
thorough unity on this point-that to
conserve 10 the country the gains of the
war, all power to meddle with the con-
ditions Of settlement between the sec
tions must be withheld from the Demo-
Gratis. The people are not prepared to
Jeopardize all for which they have
fought and suffered, at the bidding of a
party whose leaders did all that was
possible to render the war disastrous
failure. The Republican party preserv-
ed the Union which the democrats
Wou4N udN6 ueSIEOYeQiS ana we rely
confidently upon the tneradfcable aver
sion and distrust with which an over
whelming majority Of che northern peo-
pie regard the party which has Mr..
Hoffman as its champion, and Messrs.
Wood and Morrissey among its chosen
Representatives.
a Republican victory in New York
will do more than almost all beside to
smoothsthe path of our political future.
OF the difficulties that may arise from
any refusal of the South to accept the
terms rendered by Congress-, It were
premature to speak. But SO far as It is
practicable now to judge, we hold that
II the verdict of this State harmonize
with the verdict of other great States,
the President will find himself COM
PEELED to recede from his proposition in
regard to the amendment, and to ter
inmate the unfortunate differences
which have crippled the authority OF
the Government. Any other verdict
here would not permanently change
the result. 1t would, however, mean
while deepen the differences instead OF
'obliterating then, ,and to this extent its
1nf1nnnRn Nu0n16 I1Fa