The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-06-22
Tho Present Depression.


Some Of our readers will remember the
Hon. JoHN AL11soN, who was stationed
in this city portion OF the time during
the war as q Paymester, and who
was before the war member
Of Congress from tho Beaver, Pa.
district. While here he was fsvorably
known for his good sense and gertlemsnly
demesnor, and in Congress he was also
known for these qualities as well as for
his integrity Of character. He is
at present Register Of the Treasury
at Washington, and during the last
few days has written letter upon the
financial situation that is calculated TO
attract attention. he says that in
considering the propriety Of fixing
time for the resumption OF specie pay
ment by the Government and banks, 1t is
we'll to remember some important facts
However desirable 1t may be 10 reach
specie payments, there are few, Mr..
ALLISON says, who will not admit that o
premature attempt in that direction
would be attended with the most dis
sstrous results to the general business
interests Of the country: The waste
occasioned by the late war and the
constant and enormous drain upon the
wealth and resources Of the people have
caused too severe strain, and the real
cause Of the depression now existing Is
not so much the arrangement Of moneta.
ry sftairs as actual pecuniary exhaustion
Of the people. To show the magnitude
Of these drains, Mr.. ALLISON says that in
1855 the maximum Of our national debt
was reached at $2,7OO,OOO,O0O; at tho
present date. seven years later, the Gov.
ernmeut has paid $54O,0O00OO Of that
principal, aud an annual interest Of about
&laS0OO0OO, In addition to the current ex.
penIes ot the Government. The Register
says that when We add TO this the yearly
interest paid by the country at large upon
State, county, city and railroad bonds, we
can form some idea Of the appalling de.
mands made upon the industry and earn.
ipgs Of the people. The total amount oi
interest paid by the Government during
the period above mentioned was 81 100.
100000, which, added to the amount oil
principal oil the debt, makes 1,845, ,000,.
900, or o sum $500, ,000, 900 greater than
the aggregate wealth Of the people Of the
United States IN 1890 i's1
Mr.. Allison concludes his interesting
and remarkable letter by saying that
from these facts and figures he thinks 1t
evident that the ability OF the country
has been too severely taxed and beyend
what the people can endure. Under this
state Of saAirs, he says 1t becomes seri.
0 question whether speedy resumption
OF specie payments would not cause wide.
spread ruin and unparalleled disaster.
The designation OF day In the near ia.
ture, he thinks, "would cause alarm and
stop enterprise, lessen the demand for la.
Dor, compel the cancellation Of debts BY
process OF law e4poee u lOrCeu sales
vast quantities Of real estate, and thus
cause great shrinkage Of values and dis
tress among the people, Bonds for green
backs and greenbacks for bonds NIGH
become q popular cry with many
who now deem such 8 scheme
a species Of reputation. Il seem!
TO me, he says, that oil this may bt
avoided by permitting the business Of tht
country to adjust Itself without eIthel
further imitation or compulsory reSump
ton. Time Is the essential element II
efecting recuperadon from the present
financial exhaustion. This, with In
duStry and economy on the part Of tht
people and apIudent economy on thl
part oi the Government, will restore COZ,
tidence and prosperity" VI