The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-09-19

With these authentic and significant
facts and figures before Us, we may reason
ably assume that the country has entered
again upon period Of business prosper
ity. The interesting questions now are,
have the good times come to stay? What
can we do in private and in public affairs
to prolong the period Of prosperity, and
to mitigate the severity Of hard times
when they again return? The prospects
are now bright, but all experience teaches
that the wheel Of human affairs, always
turning, brings around those tremendous
events called financial panics, II not with
regularity, at any rate with certainty.
The writer Of an intelligent article in one
.ot the monthlies says: s'Panics, 1t has
been observed, recur about every twenty
years IN this country, and almost every
ten years in England The explanation
of this is not difficult to discover. In
good times the tendency Is to extraya-
gance, to speculation, and to running in
debt. Many spend more than they earn,
and the balance OF trade soon begins to
run against communities and individuals.
When this has continued until the bust.
ness OF the country is loaded down with
debts; a financial crisis Is inevitable, and
only waits for "!the last straw" II this
view Is correct, the way 10 meet the dan
gerous tendencies OF flush times is plain.
Let two of DR.. Franklin's homely pro.
verbs be strictly observed by individuals
and by communities. One is: "Never
live beyond your means" and the other
is like it, namely-"Pay as You CO."
It is easy to see that, II these old max.
inns Of the philosophy Of common sense
could have general practical acceptance,
the period Of good times would be greatly
prolonged, and the calamities Of hard
times would be greatly diminished. There
can be no great financial crisis without
large Indebtedness, and the distress which
It brings is in proportion to the extent OF
the extravaganza, speculation and conse.
quent Indebtedness which have caused it,
Those who are out Of debt suffer least.
Where the debts are heaviest the calamity
Is heaviest. But It Is Of public indebted.
ness, and especially OF. the debts OF towns
and cities, that l wish to say few words.
The practice Of creating publ, debts, as
it prevails in this country, especially in
municipal government has long attracted
very serious attention. It Is q. great and
growing evil. States, whose good name
and credit have been hitherto untarnish.
ed, are threatened with Reputation.
Many towns and cities have reached q
point where they must soon face the same
peril. I do not wish 10 discuss the mis-.
chiefs rot Republication! My purpose Is
merely to makea tewsuggestions as to the
best way to avoid Repatriation. But In
passing, let me, observe: Experience in
this country has shown that no State
or community can, under any cir.
cunstances gain by population. The re.
ppdtators themselves cannot afford II.
The community that deliberately refuses
to provide for its honest debtsloses its
good name and shuts the door TO all hope
Of future prosperity. II demorallzes and
aegrades all classes ofits citizens. Capital
and labor and good people will not 20 To-
such communities, but viii surely leave
them. If ] thought my words could influ-
ence any OF my countrymen who are SO
unfortunate as 70 be compelled to consider
this question, ] would say, lei no good
citizen be induced by any prospect 81 ad.
vantage to himself or 10 his party to take
q single step stewards reputation, let
him set!hisiface like flint against the first
dawning otan attempt TO enter upon that
downward pathway. Il has been well
said that the most expensive way for o
community 10 get nd 81 its honest debts Is
Ffepudiation. sa'' . a.''''' Z ''l'l' p
Returning to the subject Of municipal
debts, 1t Is not alone those that live In
towns and cities who are interested in
their wise and economical government.
4 nwho ttsde with their citizens, alwho
buyiof them, al who sell to ,them-in q
word, the whole,ot the laboring and pro,
ducing classes must heaf, q share Of theil
burdens, The taxes collected In the city
find their way into the price:lists 81 what
4 Is bought Of and sod 10 the farmers and
Ilaborefs IN the country. 0nthe question:
Of debt and taxation the jewellers of Thu
city and those who habitually deal Will
them form together one community anC
have o common interest.
n The usual argument in favor Of creating
d city debt Is that the proposed building
Reinforcement Is not for this generation