The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-04
BUSINESS PROSPECTS.
The London Times Sees Coming Revival
I'm America.

The LONDON Times beeHh N0u1lnE heNiN"
I'm America.
We are indebted to a Wheeling gentle
man for copy Of the London TinIes OF
November Sth, in which is the following
ably written and very CHEEKY review Of
the outlook for business revival in the
United States:
The time has gone by when nations
could indulge themselves in the Lucretian
luxury Of contemplating with tranquil
satisfaction the mistortunes oftheir neigh
bors. A wider knowledge lof the causes
OF national prosperity, il not q larger and
more generous international sympathy,
has brought all civilized countries TO feel
that in commerce, at any rate, what the
political dreamers of the Continent call
1.-THE solidarity of people" has be-
come vital reality. When one
member is injured the whole body
suffers. The Jealous riyalries OF pol
itics do not affect this strong material rela-
ton. II Germany languishes, French
merchants and manufacturers lose much
valuable custom, and they are not consol-
ed for their loss by rejecting that they
owe it to the misfortuLes OF their recent
enemies. 0fno countries is this law OF
mutual dependence more plainly true than
of the two great Anglo-Saxon commune
ties which stand at the head OF the worlds
commerce. The unparalleled prosperity
of the United Kingdom during a period
which, by a curious accident, conceded
almost exactly with Mr.. Gladstone's su-
premacy in the Reformed Parliament was
stimulated by the feverish activity OF
trade and speculation in the United States.
At the close of 1878 the collapse in Amer
lea came suddenly, though not without
warnings from clear-sighted men.
The yenturesome improvidence OF the
prosperous years that followed the civil
war entailed its penalty OF stagnation and
manifold suffering, and the revival has
been hindered by errors in policy and
popular follies to which Democracy is
peculiarly prone. But though an incon.
eestible paper currency and recurrent
demand for its initiation, joined with q
protec,ionist tariff and passionate feud
between labor and capital, have retarded
the inevitable reaction, the Americans con-
fidently believe that it is coming at last.
President Hayes the other day assured the
people Of Maryland that IN early restora;;
ton OF prosperity might be looked for, and
Mr.. Sherman, the Secretary OF the Treas
ury, more fully explained his reasons tor
holding that the process of improvement
had already gone far and, unless checked
by dangerous agitation or unwise inter:
ference on the part OF Congress, would
enable him to give effect to the .resump-
tion OF specie payments, which isto com.
mence, as by law provided, on the LIST OF
January next. .a.f. l-s,.
From this measure and from revision
OF the tariff, II the latter can be accom-:
plished without protracted Congressional
wrangling and consequent uncertainty
and anxiety among men of business, much
stimulation OF commerce and industry is
anticipated. But great as would be the
advantage OF getting rid OF tiuctuating
currency and relaxing the stringency Of
the Protectionist system, the true ground
ior hopcfulness must be sought elsewhere.
Trade prospects arc Frightening in the
United States because the past five years
OF adversely have begun 70 bear their
wholesome fruits. The "hard times" have
been very hard indeed foe the Americans,
more difficult totendurc. than those
through which we are passing ourselves;
but they have repaired in agreat measure
the losses OF the reckless and Astounding
period that preceded them, and have laid
the foundation, 1t may behoped, OF more
stable and well-balanced prosperity.
The wanton waste OF capital in the
limited states before 1878, when 1t seemed
"a II Europe would never tire of lending
ar America OF borrowing, worked tncalcu-
liable mischief on both sides OF the ATTAIN
liz. II was the proximate cause OF the
worst part OF the corruption which spread
over the Union, and which was dragged
IN liaht in q succession OF scandals when
tho crash was imminent States and mum
icinalities. railway corporations, coal COM
nanies and industrial enterprises OF every
sort had the free handling OF what
appeared limitless supply OF borrowed
money, and in handling II great numbers
Of INSCRIPTIONS men levied toll for theni-
selves and their fayorites. The augmen,
tation OF wages which naturally resulted
from spasmodic and febrile increase Of
employment was pushed still further by
me ambition OF politicians and local schem'
ers DESTROYS OF acquiring cheap popular;
". How all this reyel otexpenditure reacted
upon production and the rate Of wages in
ais country we need not recall. We are
an suffering from the consequences Oh
that unhealthy iastness OF living; but the
United States, though much bad beer
wasted, and though the abandonment OF {
proftise habit OF outlay was difficult, hac
Something solid to show for the expendi
ture of capital. Years were required To-
the development Of many Of the enterprise
that had been rashly undertaken betorI
is7S. and in the interval bankruptcy en-
1llfed some OF them, while others manage
"a survive under new management Tn
bondholders, mostly European capitalists
were the chief sufferers, and for then
probably there Is little reward or recon
pense to be expected now; but the rail
ways and other undertakings on which tn
bot,dholders' money was spent remained
and they are beginning torise with the RI
INC tide Of business. They arc factors whicl
must be taken into account in any estimat
Of the coming revival, and although III
economical historian OF the future vii
eensnre the mischievous extravaganza otl