The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-03-22

Sill influenced ny INC panic OI 1910 4FOse
who were In business then for themselves,
or employed by others, have not forgotten
It, and the recollection Of ii makes them
apprehensivethat we may experience some.
thing Of tho same sort this year, or next
year, or almost any day when We
arc not expecting it. Perhaps it is just
as well that this apprehension pre-
walls, as it operates TO induce more
or less conservatism among business men,
The extended esoilengthcned and atten'
uated credit, such US covered the country
like 80 much gossamer net work in 1873
have been guarded against, and every mau
you meet is not in debt either for goods
bought or for money borrowed for the hold
ing or development Of some speculative
property.
Not only Is this the case, but the wealth
Of the country is vastly increased since
1873. There is not only more money pei
capita in the aggregate, but more Of it in
the hands oithe individual per capita Of the
country. The farmers, for instance, instead
OF being in debt for lands or stock, or, worse
still, for idleness brought on by the inAa'
ton and generalization OF the war, in
which they lived mt the expense Of the
country merchant, who was carried by the
jobber, have, us class, pulled out, paid
off their debts, and are now fully On
their feet. Their lands are very
nearly, back to old selling prices
and in some cases beyond them. There i.
an imitation OF real estate going on all 0vei
the country, and it is almost the invaria
BILE rule that very decided real estate in
aation precedes panic. As yet this in
ilation has not been decided and excessive
People are not so easily bit us they wert
prior to 1873, and they do not borrow
money nowadays to buy land. It is STIR
plus and idle money that is now going
into real estate. This is why its rise has
been quiet and gradual for the last year
Credit has not been inflated. Jones
has not sold his land on credit tc
johnson, and johnson, in his turn
has not bought the lands Of Thompson
on credit. Such initiation OF land us has
resulted thus far comes ofgoOd crops, good
prices and surplus money.
We expect TO see this initiation 60 on
With the present large volume OF money
constantly increased every month by ovel
two millions Of silver, and also an incrcas.
ing bank circulation,it cannot be, except
in the event Of disaster to the crops
that we can have general decline in
values. An initiation OF money-cven Of
good money-begets an initiation OF values
first Of yolatilevalues and then Of real estate
We are now some distance in real estate
initiation, having had the volatile imitation
for the lust two years,
The present decade is going 10 be an ex,
ceptional one in its character AnimmensC
railroad development is going on supported
by an unprecedented immigration. A mil
lion ofpeople expected from Europe this
year. Already they are landing in myriads
'on our shores and vending their way West
to Kansas, Missouri, Iowa, Dakota and
Montana. Thousands Of them are following
the line Of the new Northern Pacific
tempted there by cheap wheat lands and Il
climate somewhat similar to ther own.
These people are not luzzaroni, but hardy
thrifty and industrious population, possess
ed Of some money and full OF anxiety and
determination to work and save. Be.
fore the year is out thousands and
tens Of thousands Of them viii have new
homes, partly paid for with their ready
cash, and next year they will all raise
crops, AID two years from now the rail.
roads will be crowded with their produce
and with return merchandise The wealth
producing capacity Of such people is
simply incalculable. The West beyond
the Mississippi will indeed be the seat Of
American empire in 1890 By the close Of
this century not all The golden dreams Of
the Orient will equal its wealth and power.
The recent check in business activity--il
indeed there has really been decided
check-has resulted from causes partly
artificial. Anunwise grain speculation, the
greatest and most prOtractcd this country
has ever seen, has cut down our natural ex.
ports, and the golden tide TINT has been
running in so strong for over two years on
our shores has been turned. This fact, 10.
gether with an excessive initiation in mil.
road securities, and the creation and par.
tial Absorption OF vast sCreed of new SO.
curities, has begotten distrust in values
based on this excessive diversion and alb.
sorption OF capital, and has shown itself in
the iron and railroad material markets.
The increased imports from Europe Of iron
and iron goods have caused dealers and
spectators to pause for the moment This
pause has thrown a dampGr on all sorts
otpartly matnred and doubtful projects,
and hence general check, such as it Is,
has followed all along the line,
Without bellttling or undertaking the
influences that have produced this check,
we may callit for the time being artificial
The fact that We have had bank failures
and deialcations, some large and important
ones amongthcm, and that no panic was
besotten in conseQuence-not even a semi.
panic-shows that everybody is still able to
walk up to the Captains office and settle.
In other words there, was no widely and
thinly spread initiation OF credits to DO
rndely snapped. That time is not yet. We
have tried our iasteninss during the last
few months and found them still equal to