The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-10-13

important subjects have been discussed,
relating mainly to matters Of economy and
the elevation Of the financial condition oil
the people. One banker, in an address on
the appreciation Of gold, made an exhaust.
i've argument which proved that while
gold had increased in value COM
modities, in consequence, had depre
cialed. In applying this fact TO the
finances Of the day, he gave the following
example.
"a farmer, who owes ten thousand dol
lars, bearing interest at elk per cent, ten
years ago had to raise S57 bushels Of wheat
10 pay the interest on his debt; now he
has to raise 4S5 bushels to do the same
thing. A wool-power, under the same
circumstances, formerly liquidated his in
terest with 1000 pounds Of wool, while
now he has to give the value Of 1900
pounds. An iron miner, in the same stu.
alton, ten years ago paid his yearly inter
est with about twenty-one tons Of pig iron,
now he has to pay the equivalent OF fifty
tons for the same item. And all this in
crease in the quantity Of commodities,
necessary to pay certain stipulated debt
charge, comes upon the debtor in the face
Of o steadily falling market, making his
prospects gloomier every year, and de-
creasing his capacity to get out oil debt
more and more. On the other hand, the
creditor Of the farmer, who ten years ago
could buy but S57 bushels OF wheat for the
interest on his loan, can now buy 4S5 bush.
els. The creditor Of the wool-grower now
receives the value Of 1900 pounds Of wool,
where formerly he received but 1000
pounds; and the creditor Of the iron man
receives the equivalent Of $50 per cent
more pig iron, as interest on the came ten
thousand dollars, than lie did ten years
ago."
This short statement shows the effect OF
the appreciation Of gold upon the debtor
and creditor. 1t also carries with it les.
son as to what should be the course Of
prudent men under the circumstances. 1t
shows that the burden Of a heavy debt, the
fictitious approximation Of all property in
basipg an intrinsic value upon IT, is more
than usually Of evil at this particular time.
"But, in place Of this desirable reduction
and retrenchment dictated by prudence
what do we see?" continued the same
speaker, "what are, in fact, the financial
tendencies Of the day? Excessive capital.
iz,tion Of corporate properties, extrayagant
and reckless Increase OF the debts Of the
States, counties and municipalities, which,
in many instances, tend to certain bank
ruptcy. Business was being pushed and
credits were extended almost without re-
Election Of day Of reckoning, until the
late disturbance, caused by an alarming
increase Of failures, checked the tendency
Z Of expansion to some extent We see
bonded debts and share capital increased
by some means or other, mortgages and
trust Indebtedness heaped upon property,
according to its earning capacity" as Jay
Gould says. Experience shows the intla-
ton to have been often mach above that
chimerical capacity. The financial mana.
gers Of institutions, following the initiation
policy, do not seem to consider that, what
Is earning capacity to-day may not be
earning capacity in the future"
Another important subject was touched
upon by New York banker, the betrayal
Of financial trust caused by an inordinate
desire for the rapid requirement Of wealth
and the temptations OF gambling in stocks.
The speaker said: "Mulhtudes Of faith.
iul men, occupying positions Of great fiuan-
cial trust in this country stand unheralded,
while the comparatively few who betray
their trust are blazoned before the people.
II Is known that bank managers have
been ruined, and some institutions bank
rupted by an inordinate desire to get rich
in hurry, but iorbsar discoursing upon
the improperly and danger Of entering
contingent enterprises, participating in
syndicates or assuming individual liabili-
ties, that may by any possibility endanger
the good standing Of such institutions.
Confidence Is impaired and business un.
settled by the prevalence oil gambling in
stocks and in futures" Of agricultural
products.
IA few great fortunes are made by such
questionable methode; but their possessors
become objects rather Of pity than envy,
when we contemplatethe misery entailed on
better people by the fraudulent arts Of the
successful operator. Horse racing engenders
falsehood and deception, but tamely in
comparison with betting on the price Of
stocks and produce at some future date,
The shear" resorts to falsehood, deceiving
even his own friends, appeals to the courts
for injunc.ions, and brings suits, for the
sole purpose Of depressing prices by fright
ening timid holders. "Bear" and "Bull"
alike use the weapons Of wickedness, and
the result Is equally disastrous to both.
The winning party 10 demoralized and
PUSHES on to destruction In still wilder
speculationg while the loser too often be.
comes q deiaulter and brings misery upon
family and friends. II it be possible for
the arm Of the law, either State or Nation.
al, to reach aud stop this kind Of gambling,
II should by oil means be Done"
PERSONAL.
peaa;dapk Caviar Ia very anxiona that