The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-03-30
Are Better Times At Hand:

The London EeoHomia in its issue Of
March 0 has one Of those clear and
thorough studies which has made that
journal 90 valuable upon the CONNER
cial History Of 1877" ItshoWs that a
period Of commercial distress Of unusual
lepgih-four ysars-has been experiences.
ed In the United State, Germany, Austria,
Hungary, Italy and Great Britain, and
for the LAST year and a.half the same DIFF
iiculties have been felt In Francs. In all
these countries there are two great causes
for this depression-frst, the lessening Of
the means Of consumers, and second, over.
production in certain branches. In Ger.
many, France and this country there was
q prodigious destruction Of the means Of
consumers by war-a result which did
not show ibelf At once in Germany on &C.
count Of the payment Of the indemnity,
and in the United States on account Of
the stimulating effects Of an expanded
currency. In both countries railroads
and other industries were extended
beyond any legitimate demand; in other
words, floating capital was applied to the
working Of coal and iron and the con-
struction Of railroads beyond the necessi-
Ties Of consumers. Both suffered under
the same eyils-diminished resources and
oyerproduction. In Austria, Hungary
and italy the depreAsion arose from 100
speculative production and from thedim.
mutton Of means produced by excessive
taxation and war. The speculative in
dustries Of other countries, of course, stim.
ulated demand in Great Britain, while the
final collapse fellRith tremendous weight
on that country, where production has
been carried to excess, but where the eff.
cheney Of labor has been diminishing for
the past few yeass. The losses in all these
Countries we're especially felt in London,
the financial centre, and thus commune
Gated to Great Britain the depression
which covered the commercial world.
The EeonoHtiSt analyses the causes which
will stimulate anew the cash demand for
commodiliea, or in other words, restore
prosperity, into three classes: !. Greater
economy and Industry unusual haryests,
and 8, accumulation OF savings. 1t ia q
consolatory thought for this country that
all these causes are working steadily here
toward producing better times. Never be-
fore were our people 20 saving or more
industrious. There ia not 30 great 4
diminution OF the efficiency Of labor, in
reduced hours aud poorer work, a. has
been experienced in England. Unlike
the English experience. our harvests have
been unexampled. Much, too, Of our
previous oyerproduction has been in the
line OF future deyelopment--of growth OF
population and cultivation Of new land.
The savings OF the working classes, and
OF all classes, are speedily increasing.
Oar great obstacles to speedy return 10
prosperity lie in what the English jour
nal has but little touched upon-ouf
vicious financial and revenue systems.
The great ignorance OF the masses in the
West and South Of the simplest laws Of
political economy ia evidently about to
plunge US into the mire from which we
have been so long struggling, unless some
peculiar wisdom 0. Providence intervene.
Then We have weighing upon US, what the
Economist has go well indicated, the heavy
burden derived from our former eItray-
agance and neglec. Of economical princi.
pies-the fearful load Of taxation, both
municipal and national. An impartial
American must be obliged to coniess that
our experiment Of universal suffrage, as
controlling expenditure Of public moneys,
has broken down utterly in municipal
governments. Tables OF statistics show
that 10 six Of our largest cities. from 1860
to 1876, the local taxation was quadrupled
from Sl5,0O00OO to s65, 000. 900, and
the debts nearly quadrupled-from SIS.
100000 to sS05, 100000. In fourteen Of
our cities the population has increased
70 per cent, the taxable value 1855 per
cent, but the debt go per cent, and the
actua. taxation for State, city and county
purposes increased 1853 per cent. Better
times are certainly not far away from our
rural districts, but 10 the cities We have
yet TO wait for thorough reforms In tar.
alton and our revenue system.-M Z.
Ifmes.