The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-04-29
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THE FINANCIAL OurLooK.-The New
York; Financial Chronicle, probably the
ablest journal Of ia class in the country,
takes a hopeful view of the financial and
business future. 1t thinks there is no
great danger Of a mercantile panic and
that the tsrdiness Nl tho prolracted and
oAucmc srlngency to pass way while
Injurious to trade is not really threatening.
While there Is much in the present con-
dltion Of the banks and in the expansion
Of general credits to inspire caution, still
the Chronicle finds safeguard against
panic in the bank reserves, now nearly up
to the full 25 per cent required by law.
These reserves offer available means for
instant use, and prevent the necessity oil
calling in loans too violently in time oil
pressure and Of annIhilating capital by
throwing securities on a market which is
TOO sick to absorb them. We quote the
following in regard to panics;
"In this country we have rarely had
mercantile panicS except from two sources
The first Is from broken bank currency.
Under the old State bank system such
disasters were frequent, but in our nR-
tiOnal bank system they arc impossible
The second KIND OF TeTulsions are called
credit panics. They arise from a psraly.
sis OF bank credits II Is against this
species Of disaster that tho bank reserves
oller 50 complete protection. So long
rs our reserves are kept up.and the bank
ing machinery Is kept strong, panicS, IL
would seem, arc not likely t0troubiC US
The stringency which still diSlurbs our
money market, however Otherwise eX-
planned, does not necessarily fOrebode an
approaching panic. II Is the result OF
movements which can be cOunteracted,
and have now almost spent their force
And among these one OF the most active
Is due, perhaps, to tho tight money
cliqueS."
And the following in regard TO present
prospects:
"Many of the shrcwdOSt observers arc
discouraged al tho slow progress Of re-
turning case We arc now at the close Of
April, and 1t had been supposed by some
persons that fortnight ago all symptoms
Of stringency would have passed away.
Against these premature hopes we have
often warned our readers. II they will
refer to the reports Of the past year they
will find that after the April drain the 70.
turn OF money is usually moro tardy aud
the resulting development Of case more
sluggish than after some Of the other pr-
riodicSl drains Of currency to the country.
One reason OF this Is the opening activity
Of spring business, which is this season
even more retarded than usual. There Is,
therefore, no ground for surprise at the
delay this year, nor any just reason Tor
alarm. The diaiOry return OF deposits
and currency from the interior Is perfectly
easy to understand. Itindicates no prob
able pane, nor any other coming troubles
beyond such us aIc connected with the
expansion Ok credits, the growth of bust
ness, the too rapid conversion Of floating
into fixed capital, the pcrtubations from
tho fires at Chicago and Boston, the
growth OF our national wealth, tho devel.
Opment Of our productive power and the
pressure OF these expansive forces upon
our banking and monetary machinery"