The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-03-11
stand From Under.

From tho Providence JournAl)
There are some among our readers who
remember the great financial crash Of
iSg7. there are still more who Tecollect
the distress of 1857, which wiped out 80
many proud names and firms, and which
carried ruin cyea to many OF our Euro
mean creditors. Since 1857, there has
been no such universal bankruptcy In this
country Us was then witnessed. There
could be none, none could be permitted
durinp the war. Whatever might be the
ultimate result, il was incumbent upon
g5yernucn! TO manufacture money, or its
legal equivalent, in sufficient amount to
keen the business OF tho North revolving
nroitably. This was a9 much part Of
our selEdeIence and selfpTGserVation as
was the equipment and management OF
troops in the field. But, TO certain ex-
tent we have returned TO the ante.bcllum
financial condition. WhilO there remains,
In conse uuence OF our irredeemable paper
currency, and OF the habits and ideas, the
result Of an abnormal redundancy Of cur.
rency, u scale Of prices, and 0 system OF
expenditure far from any economical
standard, the contraction Of the currency
must 70 on, and the country must, sooner
or later, adapt its Oslensible valuation to
liz real-a specie valuation. Thus, while
a shrinking OF values Is inevitable, we are
in debt to Europe, say, ono thousand five
hundred millions; we arc importing hun
dreds Of millions oi dollars worth oil the
products Of foreign countries, every year.
We are speculating in stocks, in mines, In
lands; We are, as municipalities, going
into debt in the expectation that posterity
will foot the bill; we are aiming 10 get
rich rather by speculation than by labor;
We are less industrious and more extraVa-
giant than our fathers.
Now, all this being indisputRble, does
il itSignlly nnythipgH That goes without
saving. When an individual spends more
than his income, he must hold upo come
10 griel. ThIs Is just as true OF com.
muni,y as Of individuals. There Is cause
enough for caution; no reason, perhaps,
for dependency. There never was q
time when the resources ol the country
were more rapidly OF proftably develop
ing Notwithstanding the enormous out.
lay oil money by the north, outside Of the
war expenditures, the great bulk Of the
money invested has been invested in such
improvements as pay financially as well
as in health and morals. Tho introduc.
ton Of water, the constructing OF needed
railways, the opening Of coal mines, these
aud such like enterprises arc well worth
going into debt for, because they
give an impetus to business, and,
10 the long run, pay and more than
for themselves. That which II is
important to remember, and 10 be in
luenced by, is that go much money is paid
for that which yields no return either In
genuine comfort, 10 pecunisry profit or
the advance Of the community TT large.
is the needless expenses, the striving
for something above and beyond the indi-
vidual ability to support, the dresses, the
wines, the education which leads nowhere
save to discomfort and incompctenCy; It
Is these which threaten US with return
Of the scenes Of 1857, and II we DO not
listen TO the warnings Of experience, we
shall sssuredly pay tho penalty Oi our
heedIesspess, folly and crime The great
mass oI tho people are opposed to any
rapid and considerable reduction Of the
paper currency, and arc living as though
there was no connection between means
and expenditure. We shsll be brought
up with round turn some day; /; is 10 be
hoped not 50 suddenly as tO Cndanger the
iolVency Of tho people al largo,