The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-08-14

they made two years ago? That is thl
question,
Although the present is State canvass
yet it has been invested with National
Importance, The whole country is look
ing to Ohio, The great newspapers are
daily calling the attention Of their read
crs 10 the Issues involved in our State
canvass. This Is because the issues are
National in their character. Ohio Ii
leading the column Of public opinion
somewhat rs Virginia did in the days be
fore the war. Indeed, Ohio may be said
to have succeeded to the National place
vacated by Virginia at the outbreak ol
OF the war. She has, so to speak, the
premiership p among the States. Her lead,
ing men have stamped their power and
influence upon the history OF the country
to an unusual extent during and since the
war, She has given the Federal govern
ment two distinguished Chief Justices;
she has given it successful generals; she
has given. il able and influential states
men, Her geographical Importance goes
hand in hand with her political prestige,
As a great, rich and principal State, it Is
no wonder that her voice in this canvass
is listened to throughout the Union.
THE FINANCIAL QUESTION.
The uppermost question in the minds
OF the people to-day Il the question Of
tho currency. The Democracy Of this
State met in Columbus in June and put
forth a financial declaration that has
challenged discussion all over the coun.
try. In discussing this question it ia
necessary first to understand the nature
and cause Of the present financial de.
preston. What il Its history2 What
are its anlecedents2 Let us consider
them a moment With the war there
came customer for everything the people
had to sell such as they had never known
before. Whatever was raised on the soil
whatever was made in the shops-what-
ever was produced in the factories-all
had u custOmer-a customer who paid
cash and who paid good prices, There
was no surplus production Of any kind
and no unemployed labor. The country
was in flood tide Of apparent prosperi.
ty. Whatever people made, bought or
sold, there was money In 1t.
PRICES WENT UP, UT, Up.
What was the reason Of itS The ex.
plRnation Ia very simple. It is that dur
ing the war q portion Of the people in.
stead OF being any longer producers had
become consumers. Not only consumers
but destroyers. They were consuming
and destroying immense quantities Of
food. They were In like manner con.
suming and destroying clothing. And so
in regard 10 everything else. Under such
circumstance itreQulred neither sagacity
nor economy to make money. Money was
made by everybody. 1t was made easily.
Very naturally the pCoplcspent It freely.
Come easy, go easy, Ia m old saying.
The country lived fast. The old methods
Of doing business were discarded. Habits
Of extravaganza, credit, ,lebt md Rpccu-
lalion were contracted. What was the
final resultY II was the old, old story
the story that is so familiar to all stu.
dents Of financial history the world over.
Whatever goes up must come down.
THE WAR CLosED
and the government stepped out Of the
market. She WIS no longer great Gus.
toner for 1.-the people. She nolonger
wanted provisions, clothing, guns, arniy
wagons, saddles, and all the paraphernalla
Of war. Hence there was break in prices,
and from that time the tendency has been
In direction opposite to what II was In
the war, that il, down, down, down. What
wonder then TINT n panic came in 1873.
The only wonder Is that II did not come
before. SAgaciouH men felt that In the
very nature Of things we must have
panic in the end. 1t Is unnecessary to go
into discussion as to who Is to blame In
this matter. The original and procuring
cause however Is not 80 remote but that
1t can easily be traced back. We all know
who brought on the war. The RESPONSE
bility for the present depression Ia not
more diflicnltto place than the responsi.
bility for tho pension list expenses Of the
government. But let that question pass,
WHO SUFFERED MOST ny TIE PANIC.
II is always the case that the first blow
struck by panic Is where there has been
most oVertrading-where credit has been
most expanded. Our railroad system felt
the full weight Of the blow. There was
where we were weakest. Railroads had
been built through country where there
were no inhabitants for miles and miles.
We had built beyond our necessities, and
certainly beyond onr abilities. There was
building Of this kind even in Ohio, and
much more Of II IN the far west, There.
fore, when the blow fell upon rs In
the shape Of the panic, the great railroad
system first felt Il and first succumbCd.
The consequences were wide spread. We
had been building six to eight thousand
miles Of railroad pcr year. One half Of
the iron product Of the country was thus
consumed. Think what q stimulus that
was to the iron interest, and not only to
that interest but to the coal interest, 10
the labor market, and, indeed, to an In.
Vulnerable variety Of interests through.
out the country.
GRADUAL RECOVERY FROM THE PANIC.
Since the fail Of 1873 we have been wit
Messing n slow but sure shrihkage In val.
ties. Production had to accommodate
itself to consumption. There was no
market At home OF abroad for what we
had produced in Our over stimulated de.
partnetts Of manufacture and trade. The
great law Of supply and demand had to
work out its natural and inevitable re.
suit. Great sacrifices had to 10 made In
prices and profits. For nearly two years
a process Of adjustment Of values and
liquidation Of debts has been going on
We were getting we'll through with this.
dragging process before the Ohio Democ.
racy met and made their financial decla-
ration at Columbus The evidences we're
that confidence was slowly teviving.
People felt that things had seen their
worst, and that IL was safe once more to
invest their money and re-engage In
active trade. But now how Is it2
We are threatened again with a-
a NEW ERA OF iNrhArtoN.
The value Of the paper dollar Is to-day
about 50 cents. What will IL be two
months hence? That IL a question the
people-those who have money to invest
are asking. Upon safe and we'll as.
snred principles We could see out way out.
Upon the presumption that our money
will get no worse pedpled dte ready togo'to
work. They have gone 10 work on thnt
hypothesis already. The railroad inter.
cat Is slowly reviying again. In Ohio
there are from three to four hundred
p,tIns nj bnv rnal unInf WaV. A now