The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-07-18
Cheerful View OF Tra
PnOapeeta,

Wheat, osu, barley, rye, and hay are
virtually made, and will very soon b
Ssisly stored. Thsss crops are large.
Corn, which was kept back by the cool
damp weather Of June, has made extraor.
binary progress within the last two
weeks, and owing to the favorable con-
dition Of the ground has more than made
up for the Lost time. Its safe, therefore,
10 calculate upon an unprecedeutly pro:
ductiye harvest. Inthis respect 1873 will
stand as . remarkable year, not only for
the great West but for the whole country,
for from the South and the East en-.
couraging reports also reach US. BIN
In this connection It Is pleasant TO know
that market will be found abroad Tor
our great surplus, whether shipped in It's
original shape, or as beef and pork. This
will relieve our farmers Of the apprehen-
sion Of discouragingly low prices. High
figures for agricultural sproducN will
mot soon sgain be reached, but figures
fairly remuneratiye may be depended
upon. In Europe the crops are short.
In Europe there Is also peace. The settle
ment Of the questions that have threaten.
ed TO involve nearly all the great nations
In war will stimulate industries, and this
will prove far more beueh cial 10 our IN
terests, In the long run, than would .
state Of war. Already there are marked
signs OF reyiying industries in Europe.
This will increase the demand Tor our
products which IL already larger than At
npy former period IN our history. In con-
sequence Of our grea. abundance We can
readiIy meet an increased demand from
abroad. and we can also successfully com.
pete with other countries. For q year, at
ieast, the United States will be the main
reliance Of Europe for deficiencies In the
food supply. This much Ia settled.
In addition, our financial troubles are
virtually settled. The scare has been
taken out Of resumption. NotWithstand-
ing the efforts Of demagogues TO keep up
a disturbing discussion, the resumption
question Ia settled by natural causes.
The difference between gold and paper >
not one full point. I. is only the fraction
OF point. This will soon disappear.
Before the lat Of January, 1879, paper
will be equal 10 coin, and what is more, the
paper currency will DO the beat that has
ever rested upon specie basis. II Is 90
good that people will not care to exchange
il for coin. This has been brought
about, too, without forced contraction, and
this pleasant state has been reached be.
cause forced contraction was prohibited.
Disturbing causes are therefore mainly
removed. Whatever may be the result Of
the experiment OF fosting gold and silver
side by side, the financial question Is now
In better, more healthy, aud more set.
tied condition than at any previous date
within the last eighteen years. The
country has passed through the period Of
shrinkage. In every department the
bottom has been reached. There are
now no lower depths to be feared. II the
volume Of currency shall shrink, 1t will
be from natural causes. There Is out.
standing Of paper at this time near 200
millions. The purchasing capacity Of
this IL now double what il was In 1870.
There Ia in addition more than $50 mil.
lions Of gold and silver, which in 1870
was merchandise. 1t is now part Of the
currency. There Is, therefore, no doubt,
more money in the country than Is nee
essary TO transact business upon the ex-
listing hard pan basis; but this will be
regulated by natural laws. The people
who complain Of scarcity Of currency
will get their share as soon as business
reviSes. A large proportion Of the mon.
ey OF the country Ia now idle and has been
for years. When the idle capital shall be
put into use, the people who have any.
thing either in the shape Of labor or the
products Of labor to exchange for 1t will
have no cause to complain Of scarcity
OF money. Those who have nothing and
will not work, and those who expect 10
get easy by talking, will no. find money
plenty. Ii would not be plenty with that
class II the volume should be doubled or
quadrupled. But for all legitimate
purposes there 10 relatively more money
In the country than at any previous time
within the last twelve years. This, too,
ia hard money or its equivalent. Fur.
thermore, 1t is cheap. In this city, for
exam pie, where Q and 12 used to be the
ClTEtHb Ea1eb lVI pucbuehb papcis Sapikai
ia now a drug at to 8 per cent We have
then TO stsrt upon, this season:
!. Unprecedented crops. This remark
it ia safe to make without qualification.
"a very large and increasing foreign
demand for our products.
3. The work Of economy carried to lie
most extreme limit. The coat OF con.
Quoting business OF all kinds and OF liz.
ing has been reduced TO u minimum.
The people have fairly recovered from
what may be called an initiation spree.
4. A vast amount Of rotten.hmber has
been cleared away through consolidation,
failures, compromises, etc. Consequent.
ly private debts have been largely redu.
ced. In this respect there has been Wig.
orons contraction.
8. The public believe there is no fur.
Their danger Of shrinkSge, and that the
tendency hereafter mnst be 10 the oppos-
lie direction. This feeling is now almost
universal.