The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-09-23
acknowledgement.

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Is the Outlook Hopeful "a
From N. z. Fin. Chronicle Of Saturday. Z,
The oyerend panic Of 1866 In England
was one Of the longest and worst which
svpr banpened there. ! Not a few of 3onl
bn:iness man are fearful lest our presenl
isv Cooke naiiic. "a thew are pleased q
ri II. maybe equally long and equally
Jisas,rous We cannot agree with this
gloomy view. It's founded on q false
smnIory. and il supports itseli. on illogical
rsssoHinr, English banking and mercan:
,iIe credits prior to the panic of 1865;
,rc H VIGOROUSLY and dangerously ex-
",ndml With us at present this Is not
a. Since Inc close OF the war there has
S oaver Ieen A time when our. mercantile
Community have been in O better condi:
linn thsn now. Their eIgagements ARE
LIGHTER than The average of several years
Nat and every department Of business Is
nn,,snally PROSPEROUS. P4For the first time
Since the stispension Of specie paymentsthe
hs;snee Of Trade Is turning in our. favor.
Eyceptipe our. new !. railroad schemes,
which have beentlooding the marketwith
their naper. and have Geeu. importunate
borrowers. there is little ih.the loan mar
ket 10 Indicate danger. No firms have
srsneuded this; week EXCEPT IN consez
olIepcc OF embarrassmen,s,lae directly 10
railroad engagements. Thel outlookflfor
next season sis more promising than fof
ssveral Yeats. II We cast Our eyes III. any
Olher direction, than the stock market.
And everyone knows that the fluctuations
there important as they may be In other
sspec,s, do not affect the commercial solid
interests OF the country as much as is
oilen supposcd. The hundreds OF mil
lions Of securities dealt in at the Stock
Exchange may 20 down ten or fifteen per
cent. hi the interval Is not long before
thc scene changes, The loss OF yalueslis
retr;eyed, They prices 90 up again, and
meanwhile the' real wealth, the solid, per:
msnent productive power represented by
ihese hundreds Of millions 'oi securities
remain pretty much the same through
ant Il'these nominal changes Iof market
yalues Hence II happens that the troub.
les Of the Stock Exchange are more or
les cut oil from the mercantile transac-
lions and from the economics Of CONNER
cisl progress. The merchants are not
connected with them, except those who
sneculate or lend money In Wall street,
as lao many Of them at certain seasons Of
he wear arc said to do.
There are. indeed other wsys in which
stock sneculation affects our merchants.
The oniv 6ne which needs mention "a lie
cnr. na,;ot,' If stack EXCHANGE ,los1s with
mar i,,nsr Some hanks lend m
ali Ioana III certain SEASONS monev which,
t ,asy .o onobt 10 lend 10 mercantile borrow.
srs sGiI with few eycentfnnai instances
!, nav hr accented az ceneraiiv tri,e 'tbnt
,hs ssnerai hnsiness III Tho canntrv dSes
M, mt suffer in a commensurate deeree with
MI tho various kinds Of panics which arise
in Wall street ffTE'7 - U.
A We have often explained there are
three and Int tbree. general Reservations
0f manic There M. frat. "currency
nsnIos " manv nj which we sudered5 rom
Under our State bnnl, systeIIil In Erg-
land thev were not infreGlenf before 1874
int were s,onned Inv the Rank Act If that
Ie,r - - VlS7S
Tho second class al panics We call "cap.
;,aI nonicsn That nj Ene,and In 1Sl7
was n ,his sort IL arose from ,be enor.
nous amornt Of canitaif which invested
ilsell in railroads and unproductiye works
inns dcnlctino the loan market nj ia ac-
cns,omed snnnlv Our nresent manic mar
takes Of this character. Bank deposits
have heen' invested hero In railroads, lust
"a in Enoland in 1s47 But as me trouble
wac brief there and easily surmounted, so
in ali probability II viii be here.
The third sort al financial i,anics are
tho NJ moot , ssrior,s ~ All T,hev1 ara called
Scredit nsnics" Ofthis sort was that Sof
lSGS in ENGLAND and That Of t6e! Uniteii
States in 1SS7 II il their nccnliar char
ac,eristic that they destroy and -breaI,
down all The foundations Of credit and
confidence an which the ACTIVITY oil b,isi-
ness and The rec1neratiyeI energies Of
finance f,ndarentally fiepend, Hence
thc nrocess OF subsequent recovery is
slow orr nresent financial fIhrrv has no
symn,oms ri th,s MALIGNANT character in
i Two or three of anr rich firms have
rome hevond their denth in railroad build.
iag, il i trtie TBnt these energetic and
"vs- hona 9;vsn ~ ra;,roads
which arc developing the wealth OF the