Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-07-17
MONDAY, JULY II, 1919.
FoR PRESIDENT ~ 1874.
"a L. " * u e. l. a u.
For VIcE PRESIDENT,
JOHN DAVIS OF MAssAcuusErrs.
Fro-H The n Y Herald.
MONEY MARKET

MONEY MARKET
The taking OF the new loan at l0l 100 per
cent. gives crest OF 90 per Ceut on the In.
veslme'iI Tor ten years The SIX per cent stock To
Mold the same rate, should command 1871, bat The
hish premium payable Tor jhe stock Is Mt reimbur.
sable when the stock Is redeemed. The SIX per
cent stock Is redevmabe ~ en'y years Heuce;
a he present value Of annuity 81 for twenty years
De added 10 ihe value # the five per stock, ii
VIII form The value OF tn per stock. The
Present value OF ansuity Of 81 for twenty years
"a compound interest of FIVE per ccat Is Sl2 40,
which, added Ia the prte Of the five per cenr. viii
e'Ae Sll ~ rs the Equivalent for the sI per cent
stock al IIe rate Ol the new loan taken Cor per-
manent investment. That loan was however. Ia.
Ken on speculation. looking Tor further TAIL IN the
value ct money. The present price of the siI Ter
cent stock Is say. SllS an equivalent Tor a i've per
cant stock OF The same date and would he 81
i-yeiding an interest Ut , l2E per c9ut The ia
yesiment.
The Government stock stands the highest in the
nHrNet, and yIe d. the smallest amount Of interest
IL Is beyond all RISK, a.. may therefore 10 sand -
be the IrIe index of the value Of money. Ia FebrI.
ary last, the SIX per cent stock wls taken al par
and the lak ng of the new ) ger cent i"au AT Sl0l
VI Is IN ehec, reducing tie rate Of interest from
per ce''l 10 ! DO per cent per anuum. The banks
lnaned al CALI freely the former stack, at 81
D aud now loan al per cent. The taking Oi
Tins loan Rt such high rates is evidence of that
quarters, vzthat the Stock will ultimately go abroad
lndeed, IN no other light could the operation be
sIdered a matter OF cOngmiulaon To the people al
large. To suppose II.at, Tor a period OF ten yeats
mnney, IN young country like Tins. where capital
Is the only thing waning, Is 10 lie comparatively
dead To the extent al ST. 100000 Tie amount OF
Government debt yielding no more than 10 per
ceni Interest, far from being source Of triumph.
The money, indeed, does not leave The country bat
ITS channel Of employment is changed, IL Is drawn
irom those reservoirs ui money desIgued assist
Commerce, and poured through ihu official channels
of government patronage. The bankers give up
their accumulated funds 10 the support of Govern
menI Which suOuld have lived within It's income
aud which has mcrsased IT'S debt $40 900 900 IN
the last Two Yeas. The Banks hold the certIiCars
Tor tile money So lent 10 the Government IL, during
the next len years, there be tao revival ufIrade
that Will yield greater profit Than that derI-
we'd from the government sI0Ck, The prospect is
gloomy one. lisuCh revival does take place the
sutks held by The banks must be sold Ia other par
ties, aud Without luss Such purchasers can uuly
be found abrJi. and The shreNd, sapaciuus and e1-
pcrIcnccd men who have taken the Loan. Look to
sue n result as Certain The prUcee Is OF this loan
will, IN great measure, reruru the banks bur It
Is damage 10 them For instance. the Bank Of
Commerce ueid $4,000 Of treasury notes, yielding
Op er cent interest. for hose They receive pay.
nen.-bIt cln employ the money only at a Al
per cent. making difference OF % per sent in the
revenue from that money.
The Ouiy obstacle, apart from political causes
mich stands iin ihe way OF a reViYll Of trade, Oh
firm basis and of proJgIuus extent - The OnerOus
nature Oi ne existing IarIE aud the uncertainty thai
attends Ils cJntInua.re In our article Of Tuesday,
We referred tpthe fundamentally. which bank Gre
dis IN ihs country. aid ~ Euu land. formerly had
IN extending The import Of goods, aud forcing their
sale Throughout the county on credit, Those ere.
JHs have ceased l"r lie present. To influence trade
The foreign credit Of the Uued SiItes is ALMOST
gone Neither the open credits Of The London huu-
ses. the sale Ol Stale stocks are any longer avail
liable Iu making large purchases Of gods. Hence. !
under low 'aTIh, the purchases wuulI be confined
10 the means OF paying for he Imports. The effect
OF high Turli. Is to limit The assortment of goods
which II Is profitable L. buy with The prOCeeds OF
prnduce saies. For instance, last year vVouilens
were at 80 per cent duty-lhey ore now 50 per
cent or 80 per cent ug aust The import. although pr
ces here low thun last year. Many other
articles are alsu lower. The disposition To purchase
goI1s here, has also undeTg ,ne a great change
Fast. agricultural produce las been So lOy M NOR
ey value that The iurneis. VIM are The great
OF consumers, have had not the means buy Tor
cash. Second. very large proportion Of those dea-
iers who i"Tfnely bought credit. and sold
hu. JAILED add have just passed through the ali
solving process Of Tie Bankrupt Act. la Illinois.
Tor Insiamce, according Ia the censas, there were
35O6 persns employ ed in cUmmerce-Of these, j.
JOO have taken The benefit Vi the act. Now, these
persOns. all over the Union, being released
debt, are douhiy cautious how they proceed The
future. TIE credits they exien are very small.
and very safe S7O,OOO6OO Of banking capital,
which formerly backed Their movements. has noyy
ceased TO EXIT, and the wreck Of tna pita u find
iug us way back TO The Aranuc clues. The pops.
laton and Iniastry Of The whole Union is rapidly
acTeasIng-cOuseque their want, and the means
Of gratifying them, are as rapidly advancing. Il is
the deveOpemeui Oi the sound trade growing ouI oi
this. ib8i The TarH checks. Facts are much heller
i'an theories cunscq ueuty, ne will tale from the
Treasury tables the quarterly imports aud yearly CT.
pJfs Tor three years. follows
IMPORTS INTO THE UNITED STATES.