The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-09-12

lue EHuBtt US NAhH
We quoted \ day or two since the re.
mark oil a prominent citizen Of Wheeling
to the effect that there were serious ap.
prehenslons to he entertained that the
present business boom would not DO kept
within proper bounds, but, on the con-
trary, would be boosted up to a point
where heavy importatiens would set in
from Europe, and ultimately make US
once more a great debtor nation. At this
time we are nearly out Of debt to Europe.
Our securities have been sent home Of
late years In immense quantities, so much
80 that it Is estimated that we do not at
this time " more than two hundred
millions Of dollars abroad. This Is a good
condition to be in. II enables us to keep
the former drain for interest OH these
securities at home, which Is that much
more money in our " pockets. 1t Is
always undesirable to be in debt 10 for.
eign countries. Their political disturb.
ances are constantly liable to preCipitate a
sudden avalanche OF our securities upon
us, and thus seriously ieopardize the
money circulation OF this country. This
country has paid q vast amount OF inter.
est to Europe on bonds OF all kinds, State,
municipal and corporate, that were sold
at a heavy discount in the flush times sue
Ceeding the war.
The reason that gold is now coming
to this country is because we have alb
sorbed' our foreign Indebtedness to such
an immense extent. Europe is forced to
send us gold for our agricultural products,
and il prices were kept down to a moder.
ate scale she would continue to send US
gold. But this seems to be improbable.
The tendency Of prices is now to shoot up
ward, and every advance brings us that
much nearer TO the point where importa-
tions will set in. The very goldthat we are
getting helps to create this upward tend
ency in prices. The fact that We have 81
much paper afloat in addition to the in
creasing amount Of specie available rs
bank reserves, stimulates an expansion Of
business, and this expansion in business
begets a boom in prices. Our situation is
somewhat similar. to that OF Germany
after the receipt Of her immense sums Of
indemnity money from France, when she
plunged headlong into M era of business
expansion and speculation, and finally
brought up with u grand collapse.
As long as We had low prices we export
ed not only our agricultural products bu'
our manufactured products, but this We
will not do to the same extent from THU
time on, unless there is an increase il
prices abroad to correspond with our owr
in this country. Europe is still suffering
from a plethora Of unemployed labor, ant
this labor will be glad to produce cheal
manufactures. But for the fact that il
must be fed by importations from thii
country this year it would be u mucI
mole threatening cloud than it il
on IL horizon ut this time
Having to import its food from abroat
labor can not be us cheap in Eng
land as it otherwise would be. Dear foo
makes dear labor. This fact is our proteC
ton to a.cerlain extent this year. We sa,
to a certain extent only, for dear food il
Europe increases the price OF food in thi
country, and thus the discrepancy is some
what balanced. But for the failur,
Of crops in Europe this year oui
food in this country would be very
cheap so cheap that the cost Of living
would be almost reduced to its minimum
But instead OF such a prospect we see on,
breadstuls advancing in our own markets
Every such advance is u tax upon labor il
this country and in Europe, and mus
enter into the cost Of labor. But in Eu
rope the laborer does not live as well a
the American laborer, and hence the I'D
vance in breadstutIs here is not such
tax on him, Hence he produces manu-
faCtures cheaper than We produce in thii
country. 1t is cheap labor and cheal
capital that have enabled Europe 10 81
this country in times past with theil
merchandise. And now the danger il
that they will do the same thing again
because Of the tendency to an excessive
advance in prices Of all kinds in thil
country. II this tendency could be KEEP
down below the importing point, we
should be assured of q season OF long con
tinued prosperity. AS it is, we may SEQ in
tho next few months such an increase in
our imports as will wipe out our balance
of trade and deluge the land once more
with foreign fabrics.