The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-04

consuming power Oh tIle CUuHIS. oVI
the manufacturing and the agriculture
classes were sharply brought down wher
the bubble burst in 1873.
The discipline was severe, but 1t worked
q thorough cure. Merchants drew In theil
ventures and shunned speculation; every
body diminished his personal expendi
4 ture, and began to look carefully attel
small savings. Even the working mer
were benefited by the reduction Of wages
which taught them once more the almost
forgotten lessons of irugality, patience,
steadier work and longer hours OF labor;
A DISCONTINUED residue have tried to dis.
turb society, and to enforce the acceptance
OF wild Socialistic remedies for evils that
gradually exhaust and heal themselves,
But the railway riots OF last year, and the
agitation OF the National" or Greenback.
Labor party during the past few months
have only reused the industrious classes,
whether capitalists or not, to steady re-
sistance. The recent elections in Ohio and
Indiana have gone far to dispel the alarm
that was reasonably excited some weeks
ago by the apparent success OF the Social
ist agitators In Maine and Massachusetts,.
The opinion OF all intelligent men Is that
II meddlesome policy be avoided the re-
vival OF commercial and industrial activity
will come about in natural way, not by
leaps and bounds, butby equable and sure
progression.
The rapid increase OF prosperity in the
agricultural districts OF the West has quick
" affected commercial and industrial in
terests in the East. A hopeful and, TO
some extent, q venturesome spirit has be-
gun to show itself. The Americans them
selves are confident that next year will
show a remarkable movement in advance,
especially II Congress can be induced to
abstain from mischievous meddling be-
tween this time and next March. The cur
rency question and the tariff, however,
are both tempting subjects for politicians
who are already looking forward to the
quadrennial battle for the spoils in 1850,
and il either one or the other be impru-
IDENTIFY handled, the growth OF confidence,
without which credit and commerce can
not flourish, may be disastrously
checked. It is OF the most vital
importance to avoid such a check
Just now, and we car heartily sympathize
with New York merchant who is said 10
have expressed conviction lately that
everything would go well II only there
were to be no session OF Congress until
December, 1870. The confidence which is
being developed among trades may be ex-
pected soon to release real estate from the
paralyzing influences TO which 1t has been
in bondage for the last five years. Farms
and house property have been almost un-
saleable, and ithas been in many instances
impossible to realize money lent on mort
gage even at heavy loss. But with i'm
proved agricultural prospects and increas-
ing consumption both ntown and coun-
try the value OF real estate will improve,
and buyers will begin to appear. 1t must
be remembered that the compul-
sorry frugality Of "hard times"
which is not likely to be impair
ed by any sudden retlux OF pros
perity-has created large amount OF CAPT
tai, now in the hands Of the Americans
themselves. They will not waste this in
strument OF power as recklessly as they
wasted the money they borrowed from
Europe before 1878. Their facilities for
accommodating capital have been considera-
bly, increased OF late by the diminution OF
the public burdens. Alarge proportion Of
the debt has been paid of, and an equally
large proportion has been refunded at a
low rate OF interest In 1878 the revenue
raised was 1888, 900, 900; in 1875, in was
$2S7, 900 900; in 1873, only 257,000,000.
The reduction of taxation is thus sensi.
bly, felt 1t is also healthy sign
that the Americans themselves now hold
three-fourths OF the proportion OF the bon.
ded debt which before the crisis was held
by foreign investors. This is the best
guarantee against reckless or dishonest
dealing with the public liabilities. The
cooperation ofall these conditions has pre-
pared the United States for new NANTES.
tation OF energy in business. When the
Americans once more begin to prosper,
they will once more become good custo-
mers for our merchants and manufactu-
rers. The excess OF their exports over
their imports, which Secretary Sherman
selected as proof Of their prosperity, has
been rather the result Of their inca
pacity or Discrimination to purchase
foreign commodities during a period Of
distress and uncertainty. Now that capital
has accumulated and speculation has re-
covered It's courage we may expect to see
the consumption OF British manufactures
augmented in spite of hostile tariff.
Such a renewed demand would help trade
and industry in this country to recover
their footing, and to hold their ground
against the Protectionist attacks that arc
threatened on the Continent. We need
not be afraid:of fair competition anywhere.
It is only when the markets OF the world
are closed against us by peoples inability
to buy what we have got 10 sell that our
case becomes really alarming.