The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-07-16
Che ~a1ttAiasater
BUSHES P~ROSPECEs.
AFs Va On The verge Of Papies

IL appears TO the PdH Nal GdEEtte thai
the United States 10 on the brink Of an.
other commercial panic, That journal il
not recognised in this country as having
so exalted . reputation Tor financial wis.
dom that is observations need TO be
cabled in haste to the American press.
Probably nobody would have paid any at
tention to them il they had not been par
ticularly useful at this time to q clique oil
speculRtors. The mischief OF these spec.
ulatiye devices Is that they tend TO dis
tuTb confidence In legitimate business.
What may happen In the Stock Exchange
here or in London, comparatively few
people need care. But Il ia not we'll that
RroundlesS financial alarm should BIO
created at this time, when the general
business Of the country is unusually
healthy and prosperous,
The remarkable success OF the Govern.
ment In Iunding its five and six per cent
bonds, though gratifying to every we'll.
wisher OF the country, has naturally OK.
cited 0 little surprise abroad, and possibly
o little jealousy, It may be doubted
whether even tha British Government
conld borrow 1915, 900, ono In two months
at 81 per cent upon bonds payable at Its
pleasure, At ali events, no such loan has
yet been effected by any other govern.
ment, and II proves that there 10 a vast
amount oil capital here, as yet unemployed
and seeking investment. This may be an
indication Of health or OF disease, but the
fact that much Of the unemployed capital
here comes from abroad shows that for.
eign capitalists do not generally share the
apprehensions Whichthe GdEete expresses.
The volume OF business In this country
10 very much greater than aver before,
and the English observer apparently Jumps
to the conclusion that the increase has
been mainly speculative and unhealthy.
But no one who 10 moderately acquainted
with the facts will accept that explanation.
The truth 10 that business has rarely been
more free from speculative expansion. In
banking circles II 10 well known that the
applications for commercial loans have
oil late hsen wonderfully small, and yet the
exchanges prove that the volume OF bust.
ness Is large beyond all precedent. The
proportion OF business dons upon q cash
basis 10 larger than ever, and the pro?or.
ton Of business done without borrowing,
on the capital Of the firms engaged, 10
larger than ever. These are facts 60 we'll
known hersthat no one will dispute them;
certainly no capable banker will hesitate 70
bear witness to them. Nor has there been
any speculative imitation In prices, unless
It be IN a single class OF commodities, the
hog products. Prices In that branch Of
trade have been sharply advanced, wheth.
- = vntlk ~ NufNhaNt RaaanH Ia In HtanfNka
But wheat, corn, cotton, petroleum and
many other important articles Of com.
merce, are selling to-day at lower prices
than they commanded one year ago, al.
though at that time there had Just culmi.
mated q tremendous reaction from the un.
natural advance in the winter OF lS79!90
The bottom prices then reached, before Q
new aud gradual improvement began.
were generally higher than the prices At
which the same products are now selling.
Certainly, II cannot be said that there has
been n dangerous initiation OF values in
legitimate business.
Nor has there ever been time when
the earnings Of the people were on the
whole 90 large 90 they ale now. Wages
are good, while prices are relatively low,
and the savings Of the laborer, II Ia safe to
say, are larger In almost every branch Of
industry than ever before. These savinaB,
amounting to more than $500, 0OO,0 600
yearly, are not wasted In the purchase Of
articles Of luxury imported from abroad,
for II is q very significant fact that imports
OF that class have been unusually small.
In the main, the savings OF the people 20,
through banks and other financial iJsti-
tuttons, into new farms, mills, mines and
railroads, and are employed to enhance
The productive power Of the country.
tits not the purpose here to consider
whether speculation has or has mol puahed
the prices Of stocks too high. 1.-THE EGG
ljph journal bad no other object than 10
Gerve the purpose OF one set Of spectators,
its observations might DO left to produce
whatever effect they. could 10 that quarter
The important fact Is thatthere is no sign
OF weakness or rnsoundness In The condi.
lion OF general b~nslnees. Alarms In that
Quarter are absolutely gratuitous and IN:
warranted. We may have q large or small
wheat crop this year, but In either case
shall have enough to send more than l00,-
100000 bushels abroad, while the farm.
ara after several years OF remarka.
ble prosperity are In better. position
than aver before. We seem likely TO have
The largest cotton crop ever grown, and
this MAY prove 10 some degree untortu'
nate. fof The foreign markets may not be
able 10 take more than was exported laat
wear. But cotton will keep, and It eats
nothing, The thing which particularly
irritaies our English friends, probably,
IA that this country is likely To- produce
more and import less iron than It did last
YEAR, and that circumstapce may be nm.
fortunate for English iron masters. But
neither that nor any other feature 10 the
prospeots Of American industry indicates
that Il 10 In an unhealthy condition.
Great Britain might we'll wish that Ito In
duStrieA had before them 20 fair O pros