The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-07-16

First half OF 1877 .......-l,T ,T9i e55,oOO VOU
First half OF lS76....-.".4,OOO l0S,ilo,GOO
First half OF $50 5........".3r06i 7o,Ioi,Zoo
According to the circular before us, all
the conditions seem 10 favor better times
yet there appear to be fatal barriers to
their return. These conditions are brief =
stated to be good crops, high prices
therefor; small imports, abundant and
cheap money, q settled political condition
a sustained public credit and the promise
OF anot her most abundant harvest But
rcular adds:
"The experience Of the past does not
permit the hope that all this will bring
around prosperous or satisfactory trade
Something more is needed; but what the
true remedy is none has yet discovered.
Numerous explanations are, OF course, AT
| hand, and it is etoquently urged that the
adoption OF THIS or that policy would re-
store con fidence and prosperity. Yet the
fact remains that, in the presence OF
all favoring conditions, depression reigns,
values decline and business Is restricted
and Improbable. Judging fren the
| state Os business abroad. ali this Is not
| chargeable to the peculiar disabilities
| under which this country labOrs. Other
nations, with gold OASIS, q low tariff
and not chargeable with either public or
! private extravaganza, are suffering even
| to a greater extent than the United
az nt ku
advantages and prospects which this
nation enjoys
Referring to the now generally receiv.
ed impression that yeara OF economy and
liquidation must follow years of expan-
sion and extravaganza, the Agency at.
tempts to illustrate the nature and extent
of this expansion by the rapid growth IN
the creation OF debt. The figures given
are probably open TO criticism, but, in
this shape, they are very significant:
"The figures most acceptble show tnat
the national debt, rs compared with SOL
100000 in 1860, amounts to $1,000, ,OOO,-
600 in 1877: that the States dcot
amounts to S375,0O0,OOO, the municipal
debt to 81, l,000,00OOO0, the railway debt
to s., 800 10000 the discounts and loans
of national and other banks to another
81 OOO, 100000, and the loans by insur-
auce and other mortgage machinery may
be safely estimated OF another $500,0OO- =
coo. Grouping all these roughly -
gether. the visible Indebtedness, sf which
some financial conception may be
formed, amounts To the vast sum OF
! 81. .375 100000 The curious can cslcu-
regularly paid, would absorb the yearly
product Of the natural and other r.
sources of the country.
The calculation which the curious are
here invited to make leads to the start.
ling conclusion that the interest on this
! debt, at SIX per cent, amounts TO over
four hundred and thirty millions per
snnum, sum larger than the surplus
cotton and grain crops combined. The
circular proceeds TO draw some further
differences which will repay perusal:
"The rapid increase in deb..creating
power which the above figures imply in
some measure indicates the expenditure
| 'or permanent purposes in the last fifteen
wears 70 what extent that growth OF
| expenditure is in excess OF the growth OF
population, or the increase in consuming
power, finds its fullest illustration in the
number of enterprises now protitless, and
| especially those devoted TO articles ut the
| foundation of human wants, such as iron,
coal wooden and other teXiie fabrics,
lumber, sc &c A leading economist
| in recent article says: the fact is now
very generally recognized that the CAPT.
tai which has been invested
| in the L nited Ststes since 1860 IN IRON
works, and woolen-milis, and winch re.
presented the savings Tor years OF very
large number OF persons, has been
in great part as much wasted ~
though DESTROYED by fire or sunk in the
ocean In view of the enormous eXpsu
sion which the above Increases OF indeb:-
edness illustrates Is It Sny wonder that
business is depressed aud slow o. recov
cry? Applying the same principles 70
the community ~ An individual blsInes.
man, the inevitable result o, such :
growth of obligation, with such al ina
bility to paw, Is that disaster and a long
process of liquidation is sure to follow.
The growth OF the country, the develop.
ment OF It's varied resources, economy
and the steady application OF conservs-
tive business principles, in time NAV
protitsbly employ all the facilities the
last ten years have created, and adjust
this burden OF debt so that 1t usn be
carried and eventually repaid. Only in
proportion ss that period Is approached
may more healthy and prosperol: con.
dition be anticipated; bat the immediate
future possesses no such hopes, more than
II possesses ability 10 iquiiate or make
pr ftable the debt which hiss been sc
cumusted with such fearful rspdlty.
The agency however, concludes its eX-
ceIlent report with the following IN re-
gard to the fall trade;
Meantime people must eat, drink and
wear, and in the supply O. these necessities
q certain extent OF the trade Is secure.
And this trade ought not 10 be unsafe in
sections of the country mainly depenGent
on agriculture, which includes the great
West and South, where the purchasing
ard debt paying power is not 50 restricted
rs elsewhere. Tne chief difficulty is
that the number engaged in trade thus
limited is so far in excess ot Its extent
that the competition Is destructive Of:
profit. The evil is one which will. it is
supposed, cure Itself Unfortunately the
principal process by which this wi! be
effected is that OF failure, as the voun.
tsry Withdrawals, especially from retail
trade, are very rare. The failure statistics
sre, therefore, likely 70 show continued
large number of casualties, but in this
view may be more signihcan: OF health