The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-30
IheqntelIigfttter.
. - wc 10 Have u New Era OF In.
Az llnliOn?

Gold closed last Saturday night at II
,,.mium, and last night, only two bust.
~. Jnys thereafter, it closes at 2l an
.J,,Dce Il Of one per cent. II gold was
commanding ten per cent premium a
s,,i,,iOn Of one per cent in two days
vopld not be wonderful, although ii
vopld be unusual and would arrest at
,.n,ion. When ii commanded Is per
ron, merchants often bought goods paya.
Me in gold al the end Of thirty days, and
il they realized decline Of one per cent
in that way they generally realized their
expectations
The explanation Of the sudden advance
.ince Saturday is the passage Of the Mat
,bsws resolution. The vote in the House
in favor of was very strong-more than
northumberland now comes the develop.
m.pt Of ,ettled purpose to not only pass
,be Bland bill in favor Of unlimited sill
", coinage and unlimited legal tender,
bo, also to repeal the Resumption Act.
In other words, the new policy, as now
indicated, is to reverse the steps travelled
since the panic and go back, il possible
:, IN, era of initiation and speculation.
Some body once remarked that you
enid never make bottle Of champagne
pOp but once, even though you corked it
up again ever 80 artistically. Its popping
qu,lilie. had efIervesced and exhausted
themselves, and there was no more pop
in the bottle. And go, II we may be al.
loved this hOmely illustration, it is with
An era Of initiation. We had a genuine
pOp Of the bottle in 1873, and the car
bonic acid gas has been escaping ever
since, until now the champagne is fiat
.nd stale and unpalatable. And yet we
haye large class Of people who think
,ha. we can cork tile bottle once more
.ul ,et things to working inside the same
81 ever. This is a grievous mistake.
Such an era Of imitation as we could
now gel up would bear the same resem-
blauce to the one that we passed through
before the panic that galvanism bears to
genuine life. As well set a patient upon
biz feet after long spell Of fever, during
which all natural stimulus had played
out, and after giving him drink Of
spirits tell him to run the race set before
him IS in the plethora Of his dissipated
days. IIis run would be very short. It
would be, as we all know, an impotent
effort.
We propose topny everything in silver,
even customs. That means a rise in
prices. But who will be our buyer 2
This country can only consume SO much
.nd it is now over produced. We can't
repeat The folloy Of trading jackets
with each other. We have no more
railroads to build, save a few lines here
and there. We have no more furnaces
or rolling mills to build. There is no de.
nand for the product Of those now in
existence. People can't buy who have
not the means. ltisnot proposed to sell
TO everybody on credit. There must be a
real basis Of business and not a fiction.
Its not probable that great national
loan will be made in order to build lot
Of useless railroadp, in order to consume
iron and give employment to labor. How
else ia an exhausted and over-produced
and over.built country to be galvanized
into new era Of initiation.
A week ago our position indicated
speedy wiping outo Of the gold premium.
1t had steadily fallen until Il had been
reached. The war in Europe had enabled
Us 10 export 200 millions more merchan.
die last year than we had imported. In
other words, We had made 200 millions
clear, and in gold, too, of Of Europe in
1871. We had made something by in
iucing her to exchange big lot Of six
per cent bonds for four per cents, thereby
saving SO per cent in interest. 1t was
only a question Of a brief period about
tic balance Of our bonds at the
same low rate Of interest. It was abso-
lniely certain that II we could wipe out
ihe gold premium we could add 200
millions Of gold to the currency of the
country, thus giving us suPerbundant
supply Of money as compared with the
past half dozen years Of our existence.
0lce more we are involved in doubt and
apprehension as regards the future Of
business. The country is deeply excited
over The threatened passage Of the Bland
pill. Where the present storm of ex.
siement will leave us as respectS busi-
pes this year is wholly a matter Of con.
iSture. The Cincinnati GOsette Of yester-
dEpredicts that the schemes now on foot
HW"hInglon will bring only dlsap-
p0intnent to the iudationists. II further
Predicts that "the next movement will be
An increase Of the issue Of greenbacks
according to what they deem the wants Of
trade, and an attempt to yalvanins the
Collapsed imitation prices by a new inas.
llOn, which everybody, including the in.
al'en Themselves, will regard with dis.
trust, and which will only aggravate the
monetary uncertainty and disturbance
Prospects for Ice the Coming