Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-02

FROM the Money article of the N. Y Commercial
Advertiser.
The present striBgency of the money
market is the result of a combination Of
causes. There is an unusual demand for
accommodation from Font street. Large
speculative purchases in posk, bread stuffs
and other articles of produce have been in
duced by the recent advance in gold, which
have created heavy drain upon the banks.
The moving of the wool crop also is draw
ing large amount of money into the inte-
rior. Within the next thirty days, about
eighty millions of pounds of wool will have
been clipped in the United States. OF this
total, about sixty millions of pounds will
be offered for sale in States that have direct
financial association with New York.
Owing to the high prices asked by the
farmers, probably not more than half or
two-thirds that amount will be at present
sold. Arrangements, however, will be
made by buyers from New York, Boston
and Philadelphia, with their bankers,
which will cover an ability to purchase
nearly the whole sixty millions of pounds
Estimating the average price at eighty
cents per pound, the value of the sixty
millions of pounds would be S4S, OOO, 900.
Thus it may be estimated that nearly fifty
millions of money stand engaged for the
wool crop. which, whether it may all be
required or not, cannot be considered free
for other uses until after the Ist of August.
The withdrawal of money for the pay.
ment of the accepted portion OF the six
per cent. loan is still in process, apd the
probability is that, within the next twenty
| days, $50 900, 900 more money may be alb
sorbed by subscriptions for the balance of
the loan. We have thus crowded into a
comparatively short period demand for
about Sl40,O00,000 of money beyond the
ordinary requirements. The wonder, there
| fore, is not that money is scarce and dear,
but that the stringency is not such as TO
create an absolute panic. Fortunately.
this extraordinary demand comes at peri.
cd of severe contraction in stock opera
tions, or we might witness disastrous con-
sequences.
An important relief is near at hand. On
the LIST of July an immense aggregate of
interest falls due on the securities of banks,
railroad, insurance, manufacturing and
mining companies, besides int0restIon U.
S. bonds amounting, in currency, to about
ten millions of dollars A large proper
ton of these dividend payments will be
made in New York, or will find their way
here, land must sensibly relieve the tenn
porary pressure for money.
A correspondent inquiries how it is that
If there be such a redundancy of green
backs as is represented, there should be
just now such q scarcity Of money, and that
the banks have not sufficient for their pur.
poses. The answer is very obvious. Green
backs are deception. While carrying on
their face dollar value, they are worth
really only 40 cents on the dollar; and thus
two and half dollars is required for an
exchange of commodities that in ordinary
times could have been effected by one dol
lar.
The present amount of Government cur
reney, at its face value, is 1926, ooO, OOO.-
But, estimated at its true or gold value, it
represents really only 1891, 100000. No