The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-03-29
GheGntelliaerrrer

Ohio,an Gen. JeiIsamuels, of Cabell coun'
ty, in this State; both we'll known to many
Of our readers. Mr.. Norton is on a pros
pecting visit, as it were, with view 10
rehabilitating himself here or hGFeaOou','
Hehas never sold his farm uPat PoF'la"u'
and Is holding the question OF settling
down on /, for the balance ofhts days un'
der adyiscment. lie has weakness for
Wbeeling,howevcr and will probably de-
cidc n cast hi. fortunes once more
amongst US.
We find despite his recently re-
ported ill.health that. he is apparently
much improved since his last visit some
months ago, and is able to take as active
hand as ever in discussing the topics
Of the day. He reports hard times at
Iron.on in consequence Of the great de-
preston in business, but says the new
!E.na furnace is making neutral foundry
iron, out Of the native ore and coal down
there, at Sl5 per ton. He still retains
large interest in the Norton Iron
Works at Ashland, at which place,
in common with Ironton and all
other iron manufacturing points, they are
feeling the effects Of the panic very keen
l!.
Mr.. Norton sees no remedy for the pres.
ent stagnated state OF things save a speedy
return to specie payments. As for more
money wherewith 10 start the wheels OF
trade, he scouts the idea us utter insanity.
The trouble with the country, he says,
even now, Is over-production. We can.
not distribute and consume what has al.
ready been produced. Weare overwhelm.
ed with the immcnsity OF our productive
capacity. The present producing capa'
city is equal to the demands OF the
country twenty years hence. The i'm.
mense initiation Of the war, when We we're
destroying and consuming SO rapidly,
set capital to work in every part OF the
country, developing new enterprises and
enlargiug old ones in every department
Of skilled labor. There never was such
an impetus given to production. The
effort Of everybody was 10 find employ
ment for the money that the Government
was emitting from its printing presses.
Every fresh emission lessencd its pur.
chasing power (along with the hazards
of the war; and consequently nobody was
afraid to embark in any sort OF business
enterprise. It was only necessary to
start some sort Of business-to produce
something-in order to reap a profit, i"
deprecated paper money.
Now everything is changed. The
country is over.produced in every kind
Of manufactures. There is too much
iron-too many nails-too many cotton
goods-.oo much Of all we use in the do
nestle arts. There is no longer any fear
Of the government money. Tho people
are no, afraid to keep ii on hand. lthas
changed places with iron, cotton, wool,
leather, and even houses and lands.
All these things arc now. for quick
exchange for Government money. It is
money that people want to hold on to
these times. And the reason they want
to hold it is because they think it is to
appreciate in value, while everything
else is to still further depreciate.
As Mr.. Norton truly says, there is one
very effective way to change all this, and
to bring on again the condition OF things
that prevailed during the high old times
Of the war, and that is to faint the money
aircsh with suspicion and uncertainty by
launching out once more on sea OF ir-
redeemable paper money. The people
will soon, in that case, want to part with
their money, as they did before, and
houses and lands, iron mills and
coal fields, will be in more active demand
than ever. But the prosperity thereby
begotten will be, as a matter OF course
purely fictitious and very shOrt.lived
1t will run its course rapidly, and end
In grand catastrophe Of general repu'
diation and collapse. Such would be the
logical result Of new imitation.
Mr.. Norton contends that tho politi.
clans OF the country, in Congress Assem-.
bled, do not go even skin deep in pre-
scribing a financial remedy for the
times. Effective steps toward spe'
Gle payments are needed at once
This will bring US to level
where we can export our surplus manu-
factures to foreign countries in competi-
ton with nations that do business on a
sound money basis. This is our only
hops of real and permanent relief. All
else is mere tinkering. It ia like apply
ing salves and lotions to disease Of the
blood that calls for strong Alternative med
icines. Mr.. Norton further contends that
these politicians in Congress, who are
fooling away their own time and the peo'
pies money, should apply the knife of re-
trcuchment inexorably to all the apPrO'
priation bills, and then put on an
income tax-such as was collected for
several years-graduated to the size OF
different incomes, and ranging say from 3
up to 10 per cent. The rich men Of the
country should bear the burdens. Tax
laxurics Of all kinds and discrimin'
ate in favor Of necessities. Pass
a national interest law limiting in
tcrest to three or four per cent, and
enforce it with rigorous penalties. High
interest and high taxes are eating
out the vitals Of the people. Nom
producers should be content with
al low rate of interest, and il they arc not
content let them 50 to work and employ
their money in active business.
Mr.. Norton thinks that a crisis is