Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-12

its power OF foresight. The doIGgs there
are Just such as might be expected OF men
as blind as bats 10 what may happen next
month or next wesk-Of bibeds who have
somehow lost the great attribute OF bu-
mainly, the large discourse looking BE-
fore snd after
1t is the fact OF war. aud nothing else,
that produces the inordinate price of gold.
Nobody doubts that. Even if it be con-
ceded that the finances have been misman-
aged, yet it cannot be supposed that there
has been anything in this Encouragement
which would keep gold at its present euOr-
nous figure, were the war to end TO NOR
row in the triumph OF the Government
The tariff and the direct taxation now es-
taolished-yieldiug al least four hundred
millions aunually-are, indisputably, with
in the enduring power of the people, and,
we're there no farther war expenditures,
would at once place the natiOna debt in
the way of speedy eItinguishment. The
national credit and the national currency
would straightway command implicit con-
hdence, aud the extreme preference now
given for gold would cease. II is the con-
tinuance of the war that is the great pr!-
mary cause OF the high price of gold, aud
OF all high prices. The primary financial
question then is: Hon long the t0dr IS likely
10 coHtiHus2 In other words, the price OF
gold ought to be primarily determined by
the military prospects. But the fact Is
that it il not so determined to any apPre-
ciable extent. Successes achieved have an
effect: successes 10 course of achievement
have none. Show ever so conclUsively that
d momentous military event will, in all hu-
man probability, soon be consummated, and
il will have no effect upon the price OF
gold: but when the event actually comes
the effect is most signal.
Let us take the siege of NiCksburg as an
illustration. The news that Gen. Grant
had landed successfully al Graud Cult,
which reached here May 9Th, made no i'm
preston on the gold market, The price
stood firm AZ $50. On the 18th came the
intelligence that the army was safely en-
camped on the Big Black. Gold did not
bulge "a hairs breadth. On the 3Oth, news
arrived OF the capture OF Jackson, at which
it receded to 1893 On the cath, we had
official intelligence of the capture Of
Haiues' Bluff, and OF all the OutwOrks of
vicksburg. This put gold back only to
1889. On the 28th, news came that the
city was completely invested, and this sent
gold to 1879. From the time that Iuvest-
meut comm need, II was absolutely certain
TO every military mind in the country that
Vicks5urg must fall. TIE enemy could
Of possibly relieve it, aud it was known
that the place had but limited supplies.
Notwithstanding this, gold again began 20
rise. The mere fact that CRAFTS army re-
manned quiet was taken as a proof that
be was etfecting nothing. Within a week
it was at I47I. Il tiuctuated between that
poiut and l43 until the 10th of June, when
the news came of Lees advauce north
ward. That movement, formidable as it
=
price of gold, and yet, on the last day OF
the mOngn, it stood At li7. Tue battle of
Geuysburgh sent it down to 1873, and the
confrmstory official reports TO 1913. Such
was the impression made by the event,
when il was fully verified, that even as late
as August 18th, seven weeks after it had
taken place, gold was at l22. But if the
fall of Yicksburg itself produced that eff
feet, there is no good reason why il should
not have begun to manifest itself from the
beginning OF the investment OF the city,
which made the fall a certainty. 1t would
have doue so but for an irrational propen-
sity in William street TO igoore the future,
aud to judge only with reference 10 the
accomplished events OF the day.
The progress of the war, instead OF cur
ing this folly by experience, has only iu-
increased it. When Grant and Sherman
commenced their great movements upon
Richmond and Atlanta, on the frs, week
OF May, gold was one hundred and serenity
tlco. Now that Grant has gained a posi-
ton which gives him as positive an assur.
ance OF the early TALL OF YiCksburg, and
now that sherman. too, has got possession
OF the last stronghold this side OF Atlanta,
and made his quick capture OF the place 6
certainty, gold is sold Al tI0o hundred and
| siLty Hue-neurly three fflhs higher. Ii
is impossible 10 ascribe this enormous in
crease to any uniavorHb!e military opera
tons elsewhere, tor none have occurred -
Outside of these two great movements,
! the situation remains as il was. Nor eau
| it be imputed 10 any legislation injurious
as to the finances. On the contrary the
| financial measures adopted by Congress
/ are more advantageous to the national
Treasury than was generally expected
Nor can II be owing 10 auy rev disposition
OF the foreign Powers in favor OF the JEFF.
Davis Government. The purpose OF these
! Powers 20 maintain a strict neutrality is
| stronger than ever. The question of de-
taiDing the rebel rams has been permanent
ly settled, within that time, against the
rebels, and the power they had on the
ocean has been reduced 10 almost nothing
by the destruction OF the Alabama.
1t is impossible to attribute this rise of
| gold 20 any increased likelihood, from any
point of view, that the war will termi-
nate against the Government There is
not a military mind in the North which
does not recognize that the military situa-
too has been vastly improved within the
last two months, and which does not regard
the early fall of Richmond and Atlanta as
certain as any future events can be. Aud
yet the financial mind of the North, if Will
liam Street is its organ, is stone blind to
any such coming results. The first notice
it will take of those events will be after
their occurrence aud then it will manifest
itself 10 sudden reVulsion of prices which
will throw all business into paroxysm.-
This is all seuseless. Sound business prin-
ciples require that business should be reg
ulated quite as much by what is going to
! happen as by what has happened. NJ