The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-05-28
COMMERCIAL AND FiNANCIAL.

E. K. SMART proposes to publish a,
Camden, Mes The Bond Tarer and
Equal Rights Adpoeattes,, a paper that will
advocate the taxation of Government
bonds, the assumption of the war debts
of the States by the General Govern
ment, and general overhauline Of our
financial policy.
SECRETARY McCUILocH saws that so
far as the financial necessities of tie
year are concerned, there will be no
necessity for a summer session of Con-
gress. We should think this statement
wonld have some weight with those
who are urging July session for finan-
cial reasons.
On the prospect of business the New
York Financial Chronicle observes that
the "long continuedlGlliin commercial
enterprise, The general dullness of busi-
ness, and the fact that in 1887, 1877, and
1857, this country was ravaged by fnan-
cial Panics, have led few persons to
anticipate that the current year will
not close without d seripus rsyuision.
And though it may be easier to show
that the existing state of our monetary
machinery Is unfavorable,to the fulfill
ment of these predictions OF diaster,
still as the laws of panics are imper-
fectIy understood, and by most people
misunderstood, it is no wonder that dis
10 RnSl I'D
preVades all classes of our people, not 10
venture out Oftheir depth or risk none
tary engagements beyond their assured
means. When, few months ago, the
credit machinery of the country was
working at high pressure we warned
our readers against the dangeFousJ re.
suits to be unprecedented from over TX.
pansion. Now the people, with the
the usual tendency to excess, seem to
have rushed into the opposite extreme
OF low PRESSURE as Is shown by the
recent low aggregate of manufacturing
and other cliVesiuduStries. There
are, however, some symptoms of re-
action. We have a prospect of ample
crops. The earnings of the railroads
show an Improvement. Many other
circumstances contribute to foretOken
That the depression of several months
past with its enforced quietude will
give place 10 more gratifying activity,
Exempt, as we shall thus be, in all
probability, from two of the chief
causes of financial stringency-defi :
cheney of available capital Seeking in
vestment, and arrangement of the cur
rencybythe movements OF the Treas
ury-we may fairly anticipate an easy
money market Except, indeed, the
general confidence should be impaired
by further failures in the South or else
where. So far, however, these failures
have only served to show on how firm
basis the credit machinery of the
country reposes. Outside of u narrow
circuit the suspension OF Watts, Crane
d Co. for six millions, and that of Fra
ser, Trenholm IL Co. for four millions,
scarcely produced a perceptible tremor,
although these failures were sosudden-
~ announced, $50 wide in their influence
and soVast in the amounts involved.
The fact appears to be that our COM
mercial classes generally have prepared
Tor financial reVerses, and have
strengthened themselves in all possible
ways. But 1t must be remembered
that, though a ship under bare poles
may scnd through a storm, yet in fairer
weather, for purposes of navigation and
commerce, risks must be taken, and as
much sail carried as wise seamanship
Will justify. To err from timidity or
ignorance in the one case is almost as
fatal as to err from rashness and inca
pacity In the other.u