The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-01-02

IHfF
Fepopaala ofta htRigeReY,
NV YoRK, Dec. sl,-Hepry olews'
financial review for the past year says;
l'he year 1902 closes with a record Of
eyentsof more, than usual importance
% the inyestment interests Of the copp'
ny has witnessed q elimination Of
opinion ppopa monetary questionofthe
deepest Significance, not only to the
Gnited statesfbpt also to the civilized
population OF tho world al large. After
ce1tpFies Of the Joint use OF gold aad.
silver upon Q fairly even parityotyalpe,
ii has become q world wide question
whether the use.ot silver shall beRbap,
dnnel or broad international arrange
mantsahallheestabiS hedlorglyingtha
meta aIahilltyiof value and perpetual,
ing its use as atorm OF lawful money
coordinate with gold. Such q crlals
has been threatening to the existing
currency arrangements oteVery uattoni
aud 90 far as IL effects monetary sys-
temsEfk equally concerns vested inter-
.eats, outstanding obligations OF every
Kind, and ,co.pmerclM values the world
over; and especially does " concern the
delicate relations between the debtor
and creditor telasses. In the United
States, the problem la especially ur-
gent; Tor wephave, within late years,
committed oGtselYes to the fate otsilyeF
hy Incorporating the metal into our
currency system to the extent Of several
hundreds OF million dollars. Satisfied
thatstiefe Is no way OF reaching aAper'
manent settlement OF this question ex.
cept through a common international
agreement, Dur government this year
procured, OF a congress-
otthe nations, TO formally consider the
problem.
After d free interchange oil views and
the discussion OF certain proposals, the
conference adjourned without accomp-
fishingla any definite result, but to recon.
yenein the sprlng OF 1899, Taking an
Impartial review OF the work Of that
body, we are driven to the conclusion
thaG, although the subject may re ceive
fhftherearnest discussion between the
several governments, yet tho %jealousies
and preiudlces surrounding the case
afeso Formidable, and the theoretical
andworktng differences so great, that
10 seems virtually hopeless to expect
III concesstons and the commitments
from the various powers that are indis'
pensable to d sound and lasting inter-
national settlement OF the question.
Nextin importance among the events
ofitheEyear, is the emphatic demand for
fachange Of commercial policy asserted
by the result Of the November election.
That verdict was hardly unexpected,
and therefore Its coming has excited
lessintereat Than might have been ex-
pected. Not the less, however, ia the
toreshadowed change, one OF vast i'm.
pprtance. For the last thirty years, our
national development has followed the
direction OF lines drawn and made eli.
fectiyei through legal etactments. The
effect OF those enactments has been to
establishin this country q higher range
oil prices and a higher scale OF wages
thnn, have existedin any other country,
and also to- place, in a certain sense, an.
artificial valuation upon q large portion
oil our national wealth. The policy to
be executed by the new Congress and
administration aims at the reversal OF
the process that has been in force dur.
ingS The past generation. 1t aims at
lower pfices and therefore correspond.
ihgly lowerSwages: and it consequently
means lower valuations for whatever is
produced, bought or sold, or held. Il
femainsto be seen to what degree these
changeSs values may be enforced, and
whether IL will be decided TO make the
full change at one stroke or through
morelgradual effects must be the same
ito reduce values. Wall street will
understand how TO interpret such o
chang; but It is not likely to fall into
tho mistake of discounting the effects
too carly Ia advance. For the change
isaSyery complex one, and will not be
withouti It's condensation and anchor
atoms, which call for cool watching
rather than preclpitate action.
Among such a~meltoratlons, these de.
nerve due weight;-that, II manutac-
tprers are embarrassed by Q fall in
prices. they will find remedy in them
selves reducing wages and in getting
ceiyes low eaSh wages, the expenses
of'iiyine williat the same timeIbe corr
rasponai ifaduced; that, II the Ia.
come rom some inyastmenta ahouid
So reduced. the reduced income would
hnye p~nfchasinr mower equal TO That
possesssdfb ~ theI former hipherincome;
and that Il aome few industries will BIO
exnosdd Ia tutor ia consequence q.
their lack az natural ADVANTAGE. many
more Win sbe beneftted throueh lower
prices oneninea TO them foreign mar.
fets rom which they have bhen an.
cinded. I3ht with every disposition 10.
IA. ennst,,,etts 49,