The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-05-26

sether Ia estimated at 900, 000. 900 poundsi
mai where a market Is 10 be found y u
imnossible TO see, and that, therefore, the
deeline In prices already begun must DC
axneotad 10 continue and increase. AS 70
ihe INNOVATIONS which have caused the
trouble with American pig according
n the declaration OF the producers OF that
.nimal. Tor article), the following compa'
alive statement, from English authority,
d ponds sent to this country "a eloquent:
1 IMOu,h, 1850, ls7S: insrs g.
'sssIy lIstsS SS s az. g l lSssisSS;
March 2i2 6Oi 700 6SSsOoo 2oSi'SOo
Fnt Quart.r......-lsS,Ol6 VOO ls,Ss4,OOl 4s's2 90
To this may be added the statement,
already shown by detailed figures by
months, that the importaiions during the
Iast half OF 1879 were 675, 900 900, against
so 900 900 in 1873. and that OF the 6Sl 800.
900 for 1879, nearly 70 per cent was In the
last quarter. Unless the trouble Is that
IRON Is not yet sufficiently protected, this
must stand as q most impressive example
u the iutility Of trying TO put up prices
.gainst the whole world, and the peten-
nial mischief Of rushing into oyer.produc-
tion. =,
not stop with the case Of iron, which Is
only memorable example out oil the list
If commodities. Thus, cotton was IL 7:l0
cents about July last, l0I October J, u
9.l6 January l, 1876 March !, II u 10
Nav Is; wool started at 81 TO 49, was 50 t.
40 October ], "A TO IS January l, ~ 10 81
March /, 4S TO IS May Is; wheat began at
81 IL, was 81 As January ], and back to
81 % NAV 10; corn vent from from 40
cents July ! TO 63 February l, and back to
81 May 10, and so on through the llst ~
the financial markets, the boom which bad
been alllheyear carry ing With 1t every sort
Of driitwood and injecting value" where
none belonged, has notably come 10 its re-
action, and the downward turn has scarce
~ an exception anywhere.
More than six months ago, as the wave
Of speculative advance, following the
gradual recovery OF confidence during
1879, was beginning its rise, We made the
easy prediction that it could not go on
long without its turn, and pointed out the
obvious fact that It was anticipatory and
discounting. In iron and Its manptac.
lures, notably, but more or less in the
whole list, outside Of food, the increased
demand was mainly from dealers for
"stockipg up" after six years OF hand.to-
mouth trade; this demand, acting upon
the imaginations OF producers, already
excited BY glimpses Of activity, pushed
up prices and drove the dealers to
greater hurry in orderingi 1t was for
a time race between buyers and
and prices, but the important fact was
that the increase was not in consun ption
If the consumer felt any increased
need OF goods, he reflected that prices had
probably already got ahead OF him, and
The general impulse to run them up was
choking off his immediate increase OF
need, SO that the natural conclusion was
70 wait little. The whole process was
one OF increasing production and mark.
ing up prices TO meet consumpuYe de-
mand which was yet to arise, and, 1t was
assumed, would arise. But there was no
health in the overdone process, and the
inyariable result followed-over-prodnc-
ton. What has been done enormously in
the iron trade has been done more or less
elsewhere, and with the same result.
There is nothing new in this; 1t Is tie
latest repetition OF an old error, despite
the latest repetition OF warnings which
have been dinned so often that nobody
heeds them. This journal, and most Of
its contem poraries, in the commercial
cities at least, did It's best all through the
long night NJ depression TO keep that de.
preston in feeling from going too far,
but probably with little effect. In this
matter, experience seems tG teach no les.
son that outlasts the particular phase at
the time. Industrially sick, We see no
light, and are sure we shall never be well
again, even II we do not half doubt that
we ever were we'll; industrially well, the
past Is pitched out the window as leftover
and now useless machine, to- day Is to keep
on expanding in tomorrow, and we shall
never be sick sgain.
The only new thing, perhaps, Is that
one factor in the problem Of supply and
demand has been changing, in a degree
which is very inadeqnately appreciated,
namely, that, since 1850, not only produc-
tive capacity, but the ability to swiftly
augment that capacity itself, has enorm-
ously developed. Machinery and process
es can now make more goods, and, more
than that, can make more machinery and
processes, than ever, so that the pfoduc.
i've capacity increases, (or'has the power
Of increase, in q sort OF geometrical ratio
Of progression. This Tact explains 10
great part why over. reproduction Is result
now reached so much more quickly than
formerly. The boiler makes steam," 80
much more rapidly that it is now more
dangerous than formerly IN tribe with the
firing; only little term OF excitement Of
rising prices and the boom" works out
its natural issue Of gorged markets and
reaction.
The process is old, but it works more
quickly now, and 1t Is factor which can.
not be kept out Of the results, however
II may be left out in reckoning upon the
course Of prices. A scarcity to-day, read.
lily accounted for by the suddenness OF
demand, should not be accepted as per.
an increase OF consumption,
even II continuous, does not necessarily
produce parallel increase OF prices,
nor will 1t necessarily sustain all the In.
crease which prices may reach. We do
not need high or markedly ascending
prices; we do need 4 gradual, healthy
growth Of consumption. High prices are
necessarily connected with good trade and
general prosperity; on the contrary, sta
bility Is the desirable thing aud gradual
owering OF prices, the contamination TO
DO sought in the general interest.