The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-10-17

bAAN AlAS-9AbANA " $50 = a
and especially in those articles when when
they eat, drink and wear. Thu, SOCK
Of these articles In the hands OF those
nearest the consumer had been reaucea
10 minimum, not only because Oh
lessened demand and a restricted put.
chasing power, but because Of speh
steady decline in prices, that 70 'nolu
many goods was the surest way 70 iose
money. Prices had reached polhI ~
which production was proltless, t Issns
ing in lessened quantities PloGmIESsu'
But the reaction has commenced. linus,
demand, price and supply seemed 81 the
lowell ebb. Indicating as complete . re.
ycrSai Al The condition Of things on the
lat of September, 1876, as compared with
those Of The same date in 1878, as It wa.
possible to imagine. The oscillation Of
he pendulum had been complete, from
high prices, large stocks, oyer-produc'
lion, and forced demand on the ;Sne
yerge-to reduce values, the smallest
stocks, diminished production, ana con.
sumption limited only by exact wants, on
the other. Now that the whole history
Of Inc past three years is spread before
ns Il IL dii;cult 10 decide whether Scyl.
In on the ope hand, or Charybdis, on the
otbor Was The most fatal 10 the well.be-
inc Of the community. To attain the gol-
Jen mean between the two extremes
seems now not only possible, but increas.
| ingly probable. To render such an At
tainment possible, the hard times Of the
past three years have been endured; and
Il this point in our commercial history
has been reached wilhoutserious disaster,
there is ground for congratulation, aside
from the positive signs OF revival which
the past month affords"
The circular thus speaks Of thepresent
condition OF the mercantile community:
"There iSnot only good deal to sho@
that we are nearer prosperous condi.
ton, but there are many proofs that the
Heightened depression has not produced
general exhaustion. The healthy con-
stitution Of the commercial organization
remains unimpaired, and 1t can well
afford 10 wait Tor the fulfllment OF the
better promise that now dawns. We
have suffered, 1t is true, but not organ.
ically; and therefore it may be- fairly
Soped that when the better times at last
arrive the trade of the country will be
found in healthy condition, with the
additional advantage Of many lessons
| from the period OF adversely through
which it has passed. The vast majority
OF our merchants and manufacturers,
though they have suffered heavily,
have sustained themselves in spite
Of the altered conditions Of bust.
ness, and the general stagnation Of trade.
This power OF resisting the continued
strain has been the hopeful feature OF the
past, as It Ia now ofIthe future, when
there are indications, be they ever 10
slight, Of improvement. Meantime, not
withstanding the reyerses OF those in
trade, the great bulk Of producers in az
ricultural regions have prospered. This
vast body, upon whose prosperity must
be based that Of all otherS in this country,
have been exceptionally favored. Good
4 crops, bringing good prices, CHEAP
Ifreights, reduced cost OF labor, and lower
, prices for all supplies, have largely in,
creased their purchasing power, and
placed them in position comparatively
! Independent Of the adverse circumstances
E prevailing in other classes"
Referring to the depression and en-
barrassment that prevail in other coun'
tries, i. is stated as significant that the
gloom which pervades the commercial
horizon Of the rest Of the world has mo-
; only been more disastrous and destruc
tive Of confidence abroad than in Thu
a country, but that the signs OF vitality
h and Of a return Of healthy trade, seen
I far more distant than here. Excepting
s France and Belgium, almost in ever.
!. other commercial country the failure
9 have been quite as numerous in proper
). tian to the number engaged in bust
= ness, us in the United States. But il
:, addition TO this, the daily reports ind
cate an extent Of liabilities far exceed
ing in magnitude those in this country
> So that, notwithstanding an expansion
= in permanent expenditure in. this oountr.
Il far exceeding the bounds OF prudence, d
0 enormous debt, the highest known tariff
u recklessness in trade, and extravaganza il
4 Iliying-notwithstanding all this, our com
!. mercial fabric has been able to sustain II
n self with far less signs Of distress thaI
= other countries free from these huruu
disabilities. Under these circumstance
is It not fair to assume that the yigor an
3 elasticity ELECTED under such pressure, i
the presence Of such adverse conditions
h will enable the country to all the.mor
: rapidly achieve prosperity which shal
p be as permanent as all.peryading?
s The circular concludes with a caution
It that prudent merchants and bankers vii
g not be slow to appreciate:
II "The improvement In business notice
!. able within the past month may be re
4 garded as the first feeble intimation Q
= this change. It would be unsafe TO rely
. however, TOO implicitly on the expecta
l. ton that the hard times are nearly over
e The Squirt in trade, which some tern
d the activity OF September, is not likel
r. to be followed by continuous reyiya
a throughout the autumn and winter. o.
g the contrary, there is hardly possibilit
u that the immediate future can be fruitful
Of much advance. The season OF tn
9 year, the expenditure OF the masse
10 travelling to and fro from the CentenDia
o Exposition, the circulation Of money 70
,e the movement Of the crops, cheap trans
portation, and other circumstances, kRs
been favorable to improved bushes
: thus far in the season, notwithstandin
:. the political excitement incident to
g Y Presidential year. These fayoring cor
% ditions will hardly prevail to the sam
)" extent throughout the current quarter
" It will therefore not do to take the re
!. suits OF the past thirty days as the han
% binger OF the next ninety. Still, the cor
o clusion is universal that the eide whic
leads on to fortune" has turned, and this
U the future will witness u steady thong
rs gradual improvement in numerous busi
u. ness interests hitherto depressed an
II prOftIess."
n The attention Of granters Of credit
r. called by theAgeucy to an important re
II duclion in the estimates OF capital whic