Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1862-01-01


THE suspension OF specie payment by
the principal banks of the eastern cities
IS not TO be regarded as an occasion for
any commercial or financial panic. The
suspension appears to have been caused
mot by a scarcity of specie but by diversion
Of II from Its usual channels. Tho New
York Tines argues that In ordinary times
the bulk Of specie is in the centres of
trade. These centres have been for some
time past advancing their coin to the Gov.
ernmsnt, which has scattered it broadcast
over the country at the rate of moro than
a million day.
The suspension is resorted TO as precau-
tiou, TO prevent the financial ballast of the
country fsom getting all or too much on
one side. For the banks must retain
enough specie to form safe and substan-
tial basis of operations, or confidence is
lost and everything goes by the board.
The World on the contrary says there is
now 30 per cent more specie in the vaults
Of the New York banks than At any cnr.
responding period within the last six
years.
Whatever may have been tho occasion
Of the necessity, the New York papers
agree that suspension was necessary and a
wise precaptton. There is in tho country
some $3.50, 100000 or S275, 900, 900 Of
coin. which will be retained by this
suspension. Yet the generally received
opinion that the expectation of coin
rendered this step necessary, seems to bo
erroneous. The Times says that such an
expectation is not taking place; that the
exchanges with foreign countries are large
y In our favor, and that foreigners must
add to our stock of specie instead of draw
ing ftomit.
Il appears to US most reasonable that the
SnsfeSsity Of suspension, If there is any, as
the bankl have decided there is, has been
'oeeaSioned chiefly by the unusual drafts of
thelast few months on the stock of coin in
the metropolitan banks.
What seems 70 be needed Is, that the
money which must be continually dIsburs.
ca should be either drawn from all parts Of
the couF.Ey more uniformly and equally, or
be created by some act Of government
sho specie now scattered through the
county viii soon find It's way back to the
monetary centres as it always does, provi-
ied confidence be not destroyed 80 as to
cause it to DO boarded by those in whose
hands It now Is.
10 bring about this uniform demand on
the county . system of taxation by Con.
-Kress Is needed, or some successful scheme
for the creation Of United States money
becomes necessary. The metropolitan
press are loud in pemandingsome i'm.
mediate action by Congress for the
relief Of the finances OF the coun-
try, and We doubt not something will
soon be devised to meet the ezigenoy which
this suspension has forced upon the Gov
eminent,
AT any rate, whatever may or may not
DO done, this action of the banks is gem
srally regarded as y wise precaution in.
stead OF . step that should create alarm.
In times like these public confidence must
yield . wider scope than under ordinary
circumstances, and if our military opern.
tions are hereafter to be conducted more
on basis Of confidence and credit than
heEssofore, it will be only revsvtiug to the
usual mode Of conducting wars in other
times'and countries.
A despatch to the Cincinnati Ga;stte
says that Mr. Seward gave a dinner ON last
Friday evening, % the members of the for.