The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-10-20
The Recent Failures and Their Les
SONS. 30,

From the New York Commercial and
Financial Chronicle, OCTOBER 10th.
Some natural trcmors have agitated
the finan cial circles of late IN con-
sequence of the recent mercantile slls-
pensions which, though serious, have
been much exaggerated. The aggregate
liabilities involved have been vsriously
reported at from three millions to a
much larger sum The real amount OF
losses cannot, of course, be known with
precision, and it is the duty OF every
GOOD citizen to avoid stirring up need
less alarm. That the approximations
which prevail are without reason, or
wholly imaginary, no well informed
man will venture to affirm; that they
have been magniiied By groundlei'
terror and speculative effort, there Is
abundant preof.
1t may help us to deal inteliigentiy
with the exigencies Of the moment II
we bear in mind two or three Leading
facts. In the first place, we have arriv-
ed ut critical part of our mercantile
wear. Most of the great financial CON
aayrations which have desolsted this
country in the past have had their out
break in this section Of the year. we
need not here review the well-knoWh
forces TO which this annual pressure IS
ascribed. To these fruitful causes OF
autumn trouble is added this year a
most formidable ally. We refer to the
extended debts left hanging over the
money market by the last panic year
AGO. A large aggregate OF EXTENDED
psncr which was then created is now
pn,a,nrinq. Much of it has been paid,
part of it has been again extended ana
some of it is now causing trouble. .n
Secondly. onf third of the failures
which have so far been reported have
arisen. as we are assured, from specuia-
tions outside 6fthe legitimate business
NJ tho insolycnts. We might instance
more than one of the large firms whose
failures were announced last Werk'
Their insolvency could in no sense be
said to originate in legitimate losses IN
the ordinary course Of business. II WAS
in aoutsided speculations and in the OBJ
lira.ions thus incurred that the fatal ieaS
was sprung. So we might 60 though
tho sad list of failures and find at every
stem abundant evidence of the vast eh-
tent of this paper money maiady among
our mercantile firms who have come 20
grief. Had these insolvents acted on the
1,yirn. which is So often urged. tnat n
mans capitai is nowhere so valuable rs
in his own business how many OF them
might have been in good credit to-iay'
Thirdly, one-half of the failures now
occurring must be ascribed TO the lal' IN
urices. So heavy downward turn IN
he value of staple commodities cannot
but cause a great shrinksge in the capt.
ttal of muiitudes Of our merchants
Some of these men, like wstchiul mar
;ners saw the storm coming and got out
charms way; others, equally watcn-
ia we're less quick or less fortunate IN
tSssr efforts 10 save themselves; while
others again, hoping against nope are
now paving the penalty OF tneir rasn-
ness, infirm Judgment or mistaken COM
binstions.
Some cynical observers may see IN
,hsse commercial troubles normal
struggle for existence ending IN me
survival of the tittest, LeaSmS fnis
fashionable philosophy, however, to spun
;ts shining web and to apply It's spee,ons
theories where II can, we agree WIZ IL
90 far as this, that the downward tali IN
nr;ces and the other incidents OF the ak
Sting crisis while they cause mpch TEN.
norary disaster to individuals, are not
without promise Of adequate comPenss-
.;nn in the future to the country at large.
t As the he old sdage has il, 'E1perien,ess
taans . dear school but she teaches well;
The present shipwreck ofso many good
~ barks will have this compromising
etsset among others, tina. ii win help 2
break UP several bad habits wn,. - II ma.
In va int >said our pApefSmohSy hn.-