The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-07
business aatiers.

business Matters -
A correspondent at Philadelphia I'M
der date of the 9th, writes to us that
the financial situation of the country is
very unfavorably regarded by ex-|
perieuced business parties in that city.
He says: There is great want of con-
tidence in things at New York,-not
only in commercial matters, but also
in their city banks For proof of this
We cite you TO to-day's Tunes and ITi-
6lsHe. The wild speculation of the Of
feers of several of the National Banks,
as enumerated by the Tribune, creates a
strong feeling of distrust, and the
knowledge of the enormous lines OF
stocks carried in New York lead us
to look for "a severe depression at any
moment. Our business men here are
loaded down with merchandise
upon which heavy losses must
be sustained, and they are holding on
in desperation, in the vain hope of a
further initiation by tariff or legal ten
ders. The country cannot bear another
advance in prices, as the cost of living
is already beyond our ability to stand"
"a general discomfort prevails in re-
respect to the weight of taxation, and
as wages are, as matter of necessity,
being reduced, it will, we fear, work
serious political changes. No one can
now anticipate the action of discomfort
ed masses thrown out of employ
ment, but as we cannot discover any
prospect of Improvement in the future
we look for trouble"
Our correspondent asks our attention
to the following clip from the money
article of a Philadelphia paper:
at TRANSFERRED in a discussion in the
United States Senate on Thursday, that
the revenue of the country had fallen
oil lately, in about three months, from
forty to fifty millions of dollars
While Mr.. Howard ascrlbed the falling
off in great measure to the kind OF
assessors and collectors made by the
President, Mr.. Sherman expressed his
belief that the decrease was mainly at
tributable to the fact that there are few
er articles manufactured now than a
year ago. Mr.. Sherman is unquestion-
ably correct, and there is much in the
fact bearing on the national credit. Ii
this decrease continues, as IL may, in
even greater amount, there is real cause
for the apprehension that Is beginning
TO find expression, that the claims on
the Treasury for interest, bOunties, ETC.,
will not De met with that promptnesS
that has hitherto so signally maintain
ed the public credit. To turn the cur
rent of depression, something must be
done TO inspire contidence-somethin
in the language of Mr.. sherman, that
will induce "the manufacture of more
articles" Revenues come from labor
and enterprise, and these live only in
confidence of future reward. Acting
from this conviction, quite number
of articles exempted by the Tax bill,
such as engines, locomotives, and yari-
Gus agricultural items, were stricken
from the free list and made liable to
tax
In giving the above extract and
memorandum from the letter of our
correspondent we do not wish to be
understood as endorsing either, especi.
ally the particular views of the writer
which we regard as to some extent NOR
bid and over apprehensive. We re-
member that in the Spring of 1865 just
succeeding the close OF the war, and
after Mr.. McCulloeh's specie payment
speech, there was great decline in
Prices-great stagnation in business,
and great losses inflicted upon the in
dustry of the country. The present
time Is not unlike that, and we see nc
reason why Il similar reaction will not
follow. 1t must be remembered that
the late winter has been very severe
one, and that it has borne hard upon
the industry OF the country. We are
just emerging from its retarding effects
but by and by the sunshine will come
and more cheerful feeling will per.
vnde and overspread the country.
Ours is agreat country, and people In
Philadelphia do not see it all, or take in
the whole SCOPE of its wonderful and
often proved recuperative energies
when they sit In IA back office and write
Onn gloomy day, in sight and sound oil
all manner of depressing influences
They forget that we have thirty mil.
lions of people who must consume the
products of civilized life, and that tens
OF thousands of emigrants are pouring
in among US to swell that consumption.
They forget that labor is wealth and
that the earth yields her fruit in due
season, and that we have before us the
prospects OF immense crops that will
yield vast resources for both home and
foreign trade. All this and much more
might be recited US an offset to the al.
most exclusive view taken by our cor
respondent.