The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-04-23
pErpEssloN rME wonLn Owen.
Lower Prices Forcing Restricted Pro.
duction-Iho Steady outflow Of Gold.

Lower Prices Forcing Restricted Pro.
ductiou-Ih o Steady outflow Of Cold.
Philadelphia PrH.
The slow readjratment Of price, produc'
ton and demand now In progress all over
the world offers little in ita daily progress
for comment, prediction or remark. Pre-.
cisely as from 1870 10 1870 production In
all branches was In advance OF demand,
and tho work Of the world seemed to pause
before q new advance, 90 now there 10 not
dus.ry whose results are meeting the rea.
sonable expectations Of eighteen months
ago. No better proof OF the folly Of resting
national prosperity on any one condition,
excluding other numerous causes, could be
offered than tho fact that the same indus.
trial and commercial altua:ion appears to.
| day In countries where land ID cheap and
| where it is dear, where It Is owned by the
farmer and where he Is q tenant, where
more food Is grown than is headed at
homo or less, where wages are high or
| where they arc low, whore Free Trade
exists or high tariffs obtain.
The shadow Of decreasing prices and
profits rests over the world. Tho shoe
strike last week In this city Was matched
by one In London. The determination TO
reduce the production Of the cotton mills
reached In New England exists also In
Lancashire. Belgian iron and glasa Ia Gs
badly of as that OF Pennsylvania. The
largest coal mines OF France have been
suffering from the came over-production
apparent here. Wool Is being sold at
a sacrifice In every market and
wooden goods at q small profit. Not
a great stock exchange but records no
business and falling values. The financial
columns OF every European money center
are full Of the same complaints rs here. 1t
is the ycriest nonsense, under these cir
cumstancee, 10 neek in any one condition
for all the reasons 10. this state Of affairs.
Nor Is 1t vice 10 forget that in these days
the Deeds Of great prcti. arc being sown.
The planu laid now, the enterprises yet on
foot, the steps taken TO supply the coming
demand are those which will lead 10 for.
tu1 I.
There has been no check during tho past
week In the steady operation Of the causee
which have been 80 long recasting values
and reducing profits in the United States.
Attention has been drawn during the las!
week to q letter addressed by Mr.. s. Wright
Dunning, Of tho New York Railroad Gd=
cite, 10 the Chicago Tribune, in which he
points out that, while wheat acreage has in,
creased only q percent since 1870, popula,
ton has increased 10! percent. II Mr.,
Dunning had extended his comparisons
to the entire line Of food products,
it wonld have been plain that, while
The United States has certainly $500,
600, ana probably 10000, 900, more
mouths to feed than in lS19'S0, 1t ia pro.
ducing fully twenty percent Less food. In
addition, while only n bushel in ten oil
our wheat production was grown on the
Pacific Coaat four years age, last fall one
bushel in eight, and this fall one bushel
J in seven will be grown. In addition to
having leRs food for more people on the
E,sters side OF the continent, less cotton
was grown last fall by a seventh, and the
country is reaching around trying 10 find
4 profit on 81, 100000. 900 locked up in rail.
roads, and some Sl,2OO,000 900 put into
buildings in the last three yesra.
1t is in the light Of these facts thst the
railroads, whose profits turn on distribute.
ing the product OF the great river basin OF
the Mississippi, fell last week, and gold
continues to 80 abroad because grain must
be eaten q. home. Congress is blind to all
these facts aud continues the silver curse.
Money remains cheap, and the New York
bank statement reflects the situation by
giving sign that money, the representative
OF value, is in nc great demand where
values are week by week falling.