The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-11-06

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pic having acted the same way, those debts
closed In upon them, and when one OF them
was sorely pressed for money he had tho
consolation oil knowing that his neighbour
were In the same fix. Another great cause
was the suddenness with which the money
was thrown out to the people. 1.-THE masses
had not received II suddenly and siniulta!
neously, there would not have been the
competition there was. II the boom had
come gradually, the consequent purchasing
and debtinaking would have continued
several years longer, ana the maturing oil
some o. the deDta would have made u de-
mand Tor money, which, TO some extent,
would have connteracted the Investing
spirit. ..., ~ ,,,s
Next contraction OF the currency (most
probably wise national measure In the
emu drew lis coils around q milton oil
debtors. The avarice oil the money lender
meyea upon THOSE whoss aSaflce Induced
them 10 buy beyond Their means,
w,ahsL c%"ap nronor,v h.mn ~ nros. Tho
pressed dcbtor prcssei thosu who owed him.
Another class who gave the screw u closer
twlst were those VINO ncted from tlle prln.
nat oriS ,hn .rros, ' hu, ~ .i ,s, sa,r ",
while the moro lenient often lose their
claims; This class acted from tho fear Of
loss i9ss. mehee tney were isss repream,ensi,oie
hcr" SEEMS Mt taml, for otlarin" nremimm
to the greedy. agYa H. S,H j III.
The tendency OF the above causes cannot
DC ignored. VOW, wnsh .me nIa'liGr,nity o.
lot tho wise bcwarc < rrpnlar nniform
volume OF money Is tho great desidertum
The capriclous changing oil the volume oil
my k''lu VI ''o,nsy Ml'" aeh T1lks anjar!
Iinis Of money loo, hut tho amount .oi
any one kind should be governed by the
demand for tho particular, use Tor which
10 ree11i Ia,y sua'e so,;a, 's law W nj
stand nj a premium. md another nt n dis.
count be its name or stamp what it may.
n. u. 5.
We do not exactly get the point OF the
above article. There was no sudden 'nlla.
ton Of the currency. 1t came on gradually
through the war and after the war, reach.
ing It's maximum In 1853. The contraction
referred to occurred in two ways, ~ the
reiundDg Of the temporary certificates and
short obligations OF tho Government into
long bonds, and (9) the improved credit OF
the Government by which the premium on
gold fell of. The purchasing power OF
money increased, and hence money be.
came more desirable, and unproductive, or
at least unremunerative, real estate, less
desirable. The decline in real estate set in
about 1867, but as the farmers OF the land,
as well as everybody else, had been cdu.
Gated to high prices, and believed that we
would never again see low prices, they held
on to their purchases, paid high rates for
money, and also farmcd at high prices,
including high living expenses, and got
deeper and deeper into debt. They were
unwilling to let go Of theiHpurchases, and
like every body else hung on until the crash
OF 1873 shook them loose. That crash
could not have been avoided in the way
our correspondent suggests. An initiation OF
credits, such as that was, is never settled by
payment, but largely by bankruptcy and
compromise. There was no market for the
stuff to be sold except an unwilling market
growing out OF the relation Of debtor aud
creditor. There had to be sponsing OF
Of the slate before a normal market could
be created. This occurred in 1879, after
the premium OH gold disappeared and in
consequence OF good crops and good de-
mand for them, and has been improving
ever since. We are now apparently in
danger OF fresh initiation and from the
state Of things pointed out by our cores.
pondent, viz, the possession of a good
deal OF ready money by the
public and steady initiation OF
the currency. Still, there is this to be
said as yet, that there is no excessive intla-
ton Of credits. As long rs people buy,
even at high prices, and pay for what they
buy, we cannot have much OF a financial
disturbance. But the trouble is that an
initiation OF money begets speculative
spirit, and this logically and inevitably
runs into credits. We seem 10 beapproach.
ing speculative era in real estate. Lands
have almost doubled in the West
in the last year or two. AS 10 4 mixed cur.
rency, referred to by our correspondent we
have got it to the full extent, and this is
one OF Our dangers. We have gold and de.
preciated silver, and greenbacks and na.
tional bank notes, and silver certificates and
gold certificates. At least one.lialf the cold