The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-07-18
Great Success OF the Four Per
cent LOnn-What IL Indicates.

When the new per cent loan was put
upon the market3O days ago, Secretary
Sherman stipulated with the Syndicate
that months time should he given to
the people for popular subscriptions, the
expectation being that u moderate
amount, possibly 20 millions, would be
taken. The report this morning shows
that about Co millions have been taken,
and more than onc.haIi Of them in The
past few days. Nearly or quite one hall
otthe whole amount represents exchanges
for tue six per cent bonds upon which
the option .OfFthe government has ma.
tured, and which have been called in for
pa ment.
The unexpected success Of this loan
shows, better than anything else, the de.
preston Of business throughout the coun.
try. Had trade been what it was before
the panic, or even for two years alter
ward, such subscription in this country
would not have been possible. When the
people are willing 10 put their money in
IA per cent loan it shows that the public
mind is in apanicky condition in regard
to all other forms Of investment, and
therefore ia indicative Of the profound
distrust which prevails a. to the future
OF values.
While therefore we are glad, in one
sense Of the word, to see the credit OF the
government 80 well sustained, and glad,
too, to see the rate Of interest on the pub
lie debt thus marked down 50 per cent,
yet we cannot ignore the fact that the
otherwise gratifying success OF the 4 per
cent loan is to large extent simply the
measure OF the lack Of popular conf
dence in speedy restoration Of business
activity and prosperity.
1t is to be remembered, however, that
the lack Of this popular confidence is moi
evidence that We arc not Mt the turning
point towards better timcs. On the con.
trary, we may be, at this very time, past
the lowest point Of depression, and still
the public mind be even more scep.
tical Of the fact than when we were
further away from it, for the reason
that no one will ever know when
We have touched the bottom, nor
when the process OF recuperation has
slowly commenced. Indeed, it seems very
natural that at the very worst, when conf
dence "a the most shaken, we should be
most mistaken about the future. The
last six months have witnessed so many
failures, especially Of public institutions
such as banks and insurance companies,
that the public mind has been intensely
wrought upon, and at last made perfectly
nervous. in regard to investing in any
thing save government bonds. Even real
estate is avoided because Of its continued
depreciation, and the difficulty Of realiz
ing upon itwhen money is wanted.
It ia in such times as these that many
Sagacious men have laid the foundations
of their future prosperity. They have
exercised an intelligent faith in the fu
ture, and have not followed the multitude
in their apparent incredulity as to new
career Of good times. They have put
money in Investments which most people
were avoiding, such as sound manutac
turing stocks and deprecated real estate
and thus been able to rise on the aooC
that sooner or later follows great ebt
10 the tide of business such as the pres
ent depression.