The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-04-28
SUBSTANTIAL. 1N1FLATIoN.y
The Elements that are Necessary TO
Make BUSINESS Prosperous.

The Elements that are Necessary Il
Make Business Prosperous.
f7,,n the Cincinnati Gazette OF Saturday.
That largo proportion OF the Ameri
ran people believe it essential to the in
,pres,s OF The country to increase the
volume paper money, can not be denied
Business is not lively, and manufacturing
interests are not as prosperous as desira-
b,e Railroads are also suffering, and
ejaculation in everything and everywhere
ia dull. In Wall street fancy stocks de-
clped when the Imitation" bill passed
Congress, and they declined still further
when the President vetoed that measure.
The prospect of the so.called initiation did
mt enliyen trade, nor has the veto affect
cd II one way or the other. There is
something the matter, no doubt; but what
tbst something is is the question. Is it a
scarcity OF currency9 Money is not scarce
in England; vet trade is dull there. Mon
ey is not scarce in Berlin; trade Is dull
there also. There is an abundance of ir-
redeemable paper money in Vienna, but
business is dull in Austria. Money is
Cheap in the United States, still business
is moi satisfactory. The temporary dull.
ness that prevails in all the commercial
and manufacturing countries of the world
is causing an accumulation of idle CAPT
tai at all the financial centres. There is
trouble, and because OF this trouble capital
is limid, and much of it is therefore idle.
To attribute the prevailing inactivity to
scarcity OF currency, therefore, must be a
mistake. II currency were really scarce,
loanable funds could not be plenty, as
they are in Berlin, Vienna, Paris, London,
New York and Cincinnati. Another eV-
Idence OF the superabundance ofmoney is
the high price paid for undoubted securl-
ties. United States skies arc selling at
11S to 100. That is to say, bonds bearing
six per cent interest in gold, equal to 81
in currency, sell at premium, excluding
accrued interest, of Is to 18 per cent,
These investments net 81 per cent In cur
rency. Now, if money were scarce as is
alleged, would people loan it at OF per
cent? II ordinary business were attrac-
tive, would not idle capital be used in the
channels OF trade rather than invested in
bonds at st per cent? The fact that
government securities are very high is
conclusive evidence, that more paper
money is not the medicine the patient
needs. Trade needs, strengthening, but
for this an extra dose OF paper money
would not avail; nor would an extra sup
ply of gold if that were our currency,
avail. Berlin and London have gold In
abundance, but there is a depression in
those countries as there is In this.r-sERen,
gold medicine, therefore, would not be
effective 3E9 Z e $50
When we say, them, that imitation is
necessary, we do not refer to paper money
or money of any kind. Nor can the in
fltiOn that is needed be afforded by banks
or by Congress. Legislation cannot give
the relief that is needed. If Congress
could make trade active and create q de-
msnd for articles that are not wanted,
and give business to railroads and steam
boats that are only partly employed, and
put up prices OF speculative securities, 1t.
would no doubt do so, but it cannot. 1t
might, by initiating the currency and thus
depreciating its value and impairing con-
ndence In its soundness, create furry in
Inc market for a while, but this could not
last, and the relapse would only make the
situation worse. - 49, IS
The initiation that we refer 10 is the in.
Jflti0n of the crops. This is what is need
ed, and to the farmers of the United
States, and not to the Congress of the
United States, we must look for relief.
Congress cannot relieve the farmers, but
farmers can, with a favorable season, re-
heYe the country, - 49,
England imported last year food to the
Value Of fire hundred million dollars.
That hurt. OF that the United States
supplied large proportion. Had we
produced more we might have exported
more. The heavy demand from abroad,
coupled with inadequate supplies, put
prices up in our markets, and food is now
&c gar ID all the markets of this country.
ms shows that there is deficiency, and
tle nigh prices show that we have lived
anu Traded beyond our means, and here
.es Inc difficulty. We have consumed
100 much, and produced too little. 10
agriculture underlies all other inter-
sSts' and upon the prosperity of this
prancn depends the prosperity ola other
branches Hard times are sure to follow
snort or inadequate crops. Every bushel
VI grain or pound ofmeat produced is so
much added to the wealth of the country,
, WINE paper money is not wealth, but
tne representatives. something else. II
t9e Issue of paper money is in excess of
me wealth it ought to represent, II is to
mat extent sham and fiction. Con-
gress may create paper money, but pro-
Gucers only can accumulate wealth. The
latter is what is wanted, then, and not
me former, and for that we must look to
the hardy sons of toll and not to the non
producers who compose the Congress o.
the United States. Those, therefore, wht
depend upon good crops for areviva o
business rest their hope upon2a s6lil
oundation' while those who think NOR,