The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-12-04

A Coming Reaction in Financial and
Business MntterN.

The following remarks, which we
6nd In the financial columns Of yester>
days Cincinnati Gazette, are very
much 10 the point, Itisapparent that
within week the country has had q
very narrow escape from a crisis,
threatened, and almost preclpitatedi by
too rapid decline in gold. The
shriukage In values threatened TO be
30 great and sudden that confidence In
commercial circles was seriously dis
tuabed, and New York began 10 feel
panlcky. Had Mr.. Boutwell, continued
to crowd gold on the market two or
three days longer at the continually
declining price, confidence would most
probably have given way and the
worst results have followed. OF course
when the currents OF business are
checked the revenues OF the Gov
eminent suffer. The Secretary, there
fore when he refused TO let gold
20 below 122, SCENE 10 have pAus-
ed just In time TO prevent disaster
to the business OF the country and to
the treasury. Since then there Is WIS.,
ible stltlsning up In New York, result
Ing from renewed confidence that
values are not to be knocked down 10 .
gold standard with such speed as seem.
ed Imminent few days ago.
IL Is becoming generally apparent
that the case Is just about as the Ca
rette states it-that there can be no per-
manOnt resumption without heavy
contraction; and that such contraction
made suddenly would 30 unsetLle the
business affairs OF the country, and 90
impair confidence besides. as to bring
on widespread disaster, one effect OF
which would be serious financial en-
barrassment for the Government. When
the impracticabillty Of sudden resump.
ton becomes generally recognized,
there will 10 considerable "let up"
on money. for the currency which peo-
pie are now boarding In every part OF
the country III expectation Of It's ap-
probation to the gold standard, will be
again brought into circulation. The
amount thus now held out OF cIrcula-
tIon Is estimated by the Gazette ct
$2OO.OOO,0OO. It il not Impossible, too,
that the reaction against the present
tighness may 60 80 far as TO induce
some additions by Congress 10 the pres.
ent paper calculation, II 80, Its stImu-
lating effects on all kinds OF business
would soon be felt. /
But this Id keeping the reader from
paragraph we set out to quote: y.
The scarcity ofcurrency Is 80 general
that the pressure upon Congress for an
Increased issue of greenbacks or Nation.
nj Bank notes will be very great. There
hHs heen so much talk, about resumlhg
specie payments that the whole busi-
ness Of the country Ia embarrassed, and
large amounts OF currency are boarded
Ia anticipation OF gold redemption. 1t
Il now generally conceded at Washing.
ton that specie payments at an early
day can not be reached, and 1t has been
discovered that the talk about such an
event as likely TO come 10 pass, has
done incalculable mischief, 1t need
not surprise anybody, therefore, il
Congress at, an early day takes
action to oounteract the evil effect
OF this general scare, and L. Ia
not unlikely that such action will be
an Increase Of the currency. AS soon
as Il shall be known, that no imme-
diate steps are to be taken 10 resume
specie payments, two hundred millions
OF boarded currency will be let loose,
and the money market Will be amply
supplied.
The great depression In business now
Is caused by the anticipation OF an ear.
~ resumption OF specie payments. So
that we suffer all OF the evils which
snch an event would bring upon Us,
without reaplug any OF the benefits;
for however desirable Il may be for the
country to be again upon specie foot
lug, this cannot be brought about with
out contracting the currency, and the
currency cannot be contracted, except
In very gradual manner, without
financial disaster, and the consequent
reduction OF the revenue OF the Cow
ment. o.. "