The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-11-04
oh. Panic, What Brought 1t About,
and Its Results.


ro,be Editors Of the IntcllIsenecr:
tn the regular readers Of the daily pa
r.rs il was plain to be seen from their
pnblics,lon Of the loose and underlined
manner in which the "bulls and bears" OF
Wall street were conducting their affairs,
land by theirs we mean almost all the pa.
%I SSr securities In the United Statesn that
IN a yerv short time q general ash'up
would come on the country, and values
n, every kind would not only greatly
sb,ink up, but that many that were then
worth something 10 their holders would
he entirely driven from the market. This
supnosItion has not only been realized
literally, but fully and strictly to the last
letter. Many stocks that were on the
stock lists before the 18th Of September,
hsve been cxpunged thereirom, and are
never quoted among the offerings now,
no more than II they never had an exist
enCe at oil
Governments have declined, and the
bes, stocks have been sacrificed to meet
pressing necessities.
Now as to what contributed 10 bring
sbou, the unfortunate and disastrous cir
cumstsuces in which we find ourselves
placed al this time, we answer, that Wall
Stree, has been doing all Of its business
withou, cash, and with valueless securities.
The developments OF every day prove
the tru,hiulness Of this statement.
Large mercantile firms, that were re-
ported to be worth three millions, couldn't
ply their thousands, and when brought to
iace their liabilities, succumbed to the
pressure Of surrounding circumstances,
ind have gone down never to rise to the
surface again. Henry Clews could not
furnish his CO. executors Of the Kelly estate
bond with $4,000, the amount he had
used belonging TO the estate, and had to
execute mortgage upon his home for
that amount.
ln his business transactions, he had al.
ways represented millions of capital. He
is only one exception that we might men
iion. There are many thousands just In
his fix to-day, that had national psper re.
pu,alions for grea! wealth, but when
weighed In the balance, they couldn't
draw down the beam. False capital and
Over.trading, and an Unsuitable greediness
10 get rapidly rich, have brought this
fearful disaster upon US all. Millions
piled on millions will not replace us as a
people, as We were at the commencement
Of the year. OF the results, and who will
mos. suffer by them, VIC have something
yettO say.
The thronged streets on yesterday In
our city Of unemployed workmen and Ia.
borCrs is one Of the most telling results OF
the crash. Every day added its large
number to the already too large number;
but every day some shop or establishment
discharge some Of their employees. We
number hundreds now, but before many
weeks elapse we will have many hun
drels more in our great phslanx OF idlers.
This condition OF things presents ques.
lion worthy the attention Of all our mer.
chants and manufacturers, and II they
don't heed II now, they may have TO heed
Il under quite different circumstances, and
certainly less favorable ones than the pres.
ent. Man will have food and raiment
at any cost. We must have something
for our families to live on or We must per.
ish with hunger and cold. This will be
the precise prcdicament in which many
thousands OF US will be placed, unless EN-.
ployment and wages arc given us. refer
more especially 10 large cities, such as
New York and others, than to Wheeling.
We hope to see nothing OF the kind here.
Bread riots have under more favorable
circumstances than existing ones, disturb.
ed New York and larger cities in the Old
World; and the blood oi'the starving
thousands ran like rivers along their pala.
iIal streets. What compelled human ma
sure to employ this desperate and dernier
resort may; and will, when the time
comes, drive iniuriated millions Of the
O'eadless poor, TO repeat again.
We say something will have to be done
Tor the unemployed workmen in our coun.
tE and that at once, before things as
sumo too serious form, Tor then II will
oemore difficult to adjust than It will now
10 lts incipIcnt stage,
We have a proposition, which we must
respectfully submit 10 employers Of every
description in the city Of Wheeling, and Il
. simply this; Take all Of your dis
charged hands back again, and you tbs,
MIL have yours, keep them, and pay them
lAli their weekly allowance, and II you
can't pay them cash, pay them In orderi
uutlI The existing order OF things passes
away. II you haven't any money Tor Us
nave some little humanity for Us. Fol
one wa ara MILLING IN t.,, 10