The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-07-11


OF the United States Government, from
April l, 1851, to June 80, ls6S-seven
and quarter years Of active war. or Of
excessive expenditure growing out Of the
war-was a. follows:
From internal t1xts........ ...--.-..-sl, III 100 IS
Prom ~ 1870
Prom land eltszD
From direct 1xes....--.----..-.--.-.-----. lZ8I69
From llAneoui.....-......--....--.-- Al'fsisIg
saqs8ss.ss
From
COS SO ts
Mr.. Wells excludes from the sum total
the $4,000, 900 loaned during the war
period TO the Pacific railroads, but refer.
ring to the grand totality he remarks as
tollows: AThis gross expenditure for
seven spda quarter years, amounting to
s4,7Oo,OOO,O0O, partly in gold and partly
in paper, is the measure or price Of the
labor performed by and on behalf Of the
Government during seven and quarter
years. Assigning s7oo,O0O.OOO As ordin.
AIRY peace expenditure, somewhat more
than $1,000, 100000 represent the effort
or labor Of the North. This is the meas-
ure of the consumption Of war in com.
modities or services" Touching the
measure Of the effort at the South, he as.
sumes it to have been equal to the force
represented by 5000, 900, 0OOO-ihat Is
ofsuch dollars a. were used 10 the North.
ern section.
aIf We convert" ssys Mr.. Wells, +" this
sum into terms Of labor, the following re-
suit il reached: Annual cost North and
South for four years OF actual war, about
81. 100, 100000, little over S3,000,000
day for every day in the year, including
Sundays, which sum, assuming the aver.
age payment Of two dollars per day to
each person, represents the work Of 81.
5O0O00 men," Touching the three and
one quarter years after the war, Mr..
Wells asserts thatthe average annual ex-
penditure appropriated $500, 600 600,
and equalled the work Of 100000 uen
employ ed at 50 per day. he argues that
the necessity for this vast expenditure
created demand, and demand induced
supply. As consequence, crops were
everywhere increased, buildings and
works were universally multiplied, and
railroads very largely extended. Having
shown the stimulus given to all indus.
trial branche. BY the war, and the expen
diture Of treasure 1t imposed, Mr.. Wells
observes: (" The real cause Of subsequent
industrial depression, and Of loss in the
North (ss in England after the peace Of
1851, was the cessation OF the war de-
mand, and the necessity which ensued for
the discharged soldier to seek new fields
and new modes Of work; and this neces.
sity also spilled 10 large portion Of
those who had been engaged in subsisting
the soldier while he was engaged in the
war itself."
The railroad mania and the area Of eI.
cessive municipal expenditure, a Mr..
Wells believes, simply deferred the de.
preston Of industries and the financial
crash from 1858 10 1873. The culmina.
ton OF disaster in the latter year, be
alleges, brought 10 light the true and
necessary remedy for industrial recon-
strpction. BE says: at then became
evident that the work Of the country
must be applied under the normal con-
ditions Of peace, and that there could be
no complete restoration OF prosperity,
even il The bad conditions Of the currency
and OF taxation were cured, distributed
between city and country, between ware.
house and Workshop, between factory and
field, between mill and mine, except under
these normal conditions Of pesee. Until
that il accomplished, We shall have the
glut Of unstable abundance on the one
side, and the penury Of unemployed labor
unable TO share this abundance on the
other"
INF. Wells notices the declining value
Of accumulated capital, and lays Il down
a. 4 sound axiom that the welfare OF
community consistS far lesS in the amount
Of accumulated capital it may possess
than in the quick distribution Of il pro.
auctions. "a quick distribution and an
ample consumption, rather than large
accumulation be remarks, "givs
evidence Of prosperity" Oar present
alleged oyer.production consists Of scot
ton, corn, coal, goods, wares, merchandise
too many houses, TOO many railroads,
too many mines, too many factories, bat
all these are capital In the strictest sense,
which at present benefits no one" But
from this accumulation, Mr.. Wells says.
has come the seeking for new sources Of
demand and the effort 10 increase con.
sumption. o. this point be further re.
marks: "0f what consist the alleged
abundance Of money seeking Investment
and easily TO Be borrowed At lower rates
OF interest than ever before prevailed in
the North and E4stl L il not simply
this mass Of loanable capital in cotton,
corn, coal, meat, iron, leather, lumber,
and the like, seeking use2 What Is
needed 10 bring 1t into active use Can
Il Be anything bat renewal Of con-
hdsnce in the future progress Of the nA.
ton, and Just and righteous standard
Of value :"
Mr.. Wells concludes that the whole
question Of prosperity consists In the
right distribution Of the working forces,
and 4 correction made Of the fAlse dis
tribution caused BY war, imitation, and ex.
traVAganee. peace, he argues, .is work.
Ing out only bene6cent results, painful
a. the process may Be, and the prosperity
that must ensue when the new distribu'
ton Of work and workers has accomplish.
ed itself, no man can foresee. The capa-
city Of this country, freed from slavery,
served by 5000 miles Of railway, and
furnished with sound National banking
system on specie basis, and with IL land
hardly begun 70 be occupied, may psrhaps
be imagined by some sanguine men, but
cannot Be realized BY the community
until the evidence IL before their eyes."
TIE season for summer vacations for
professional men e here, and preaeherI,