Wilmington daily gazette., 1874-04-24
Tho Effect OF tho Veto.

Many persons were doubles. deluaed with tho
idea that under the iuha,ion bill property would
rapidly riss In value and advant ig-ous srlcs
would be effected.
Had there beeu no panic this might have bt tn
the case But the laia panic has had the effect To
make men cautious, and nobody buys property
now unless they can see how they can make II
pay its own expenses, and leave n margin of
profit equal TO that which is derived from invest.
ments in United States or other good supposed
substantial securities.
In certsin localities property is now very much
depressed especially in the agricultural districts
But this is owing to the TACT that the price of Ia
bor for agricultural purposes has increased be
yond all proportion when compared with the
prices of grain and many other products. To add
- this also all that lhe farmer wears aud that
which he purchases Tor his table la, largely ad-
vlnced, while ever TOOL W. which ie operates
is in like Proportion iai. ed i. price aud these
prices are kept up ly Ugh -rl and hv combina-
tons among tn rlrrflc .urtl7
In the g. IS TtoPo'y already inflated in
some local es 10 a. = ..;.t luat IS astounding to
cautious and ielcct..-- peo e. frlpeltics are
held at ptl-' 20 iar At e: t,rir woi.h that they
will not reL: te pay IL le NJ, clear OF in-
terest aud ,'Aes. L"'Jre tn panic men were
sometime found to puriqs, II such r,sk But in
New York a.4 al the rrel; r'', tue eilec, OF the
crisis has been Wondtlil /. : said n the news
papers that thousands o, !, -s,s that rented for
three and four thousand dc. 1rs a year have not
found bidders at rates twenty live and thirty per
cent below these prices, and many stand idle and
are offered ~ lower
ThOse who desired the inC rcasc IN the currency
and may have hoped to see tho war prices again
return under the iuAation bill. But this ,ould
hardly have been the effect.
1t should be remembered hat there is now as
much currency as there was when all the Great
railroads and other works were in progress Of
building previous to last September. Many of
these works are now completed and millions Of
money, as is shown by the Bank statements, is
lying idle. II can be had by any parties who will
furnish the necessary security. And al who
want money can be supplied on easy terms by
the Banks; but until confidence is restored their
actions will be guarded End they Will carefully
scrutinize AL propositions to borrow. They would
not have done less had the currency bill become
law.
If the bill had become II" greenbacks must
nave SUNK an value ere properly could have bt IN
inflated, and those who sold under such etatc Of
affairs could not have purchased without 1rres-
ponding sacrifices,
The effect OF imitation upon saving societies
and loan associations would be very sell ious max.
ing thsm pay enormous pllcrs ior property 10 save
their investments, holding these properties fle-
quentiy without being able 10 renl them 10 an
advantage, ard perhaps scllin. finally at an i'm
mense decline
hat such was the 1ect Of The War prices many
know by experience, and II the bin had Mi, ten.
dency, certainly it must be confessed by ali pru
dent men that il is a iorturatc cr.uinStance that
the politicians of the Butler end Morton school
nave been disappointed in the expect ,tions they
had formed of being able 10 lead Tie Tcca.Grn,
to do thcr bidding.
sEI1ING THE CA>SoN, Tie City Cor icil la.