Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-16
ME. PsAssHdsR Eaa Uhs AasssIGtsG


| tANs = N9SNHA2tA eAAU SAe ~N6sSSsNS0Ns
| Banks.
(FrUrn the Money article Of tho N. Y. Timesl
The Associated Bank Committee met Mr..
Fesseuden this forenoon, and indicated
their readiness to recommend unanimous
~ to the Associated Banks of New York,
Boston and Philadelphia, TO iuscribe $780,
600, 900 to the credit OF the United States
Treasurer, conditioned that the money be
drawn for directly upon these Banks, for
disbursement 10 the public credItors.-
They also report that these advances might
be covered by tae Government with Z 80
per cent years Treasury Notes, half year
ly interest IN Currency, and not Legal
Tender fer tksir face, To bear date from the
inscription OF the credit on the Books OF
the Banks, In making this particular rec.
ommendaIiou AS TO the nature and tenor
OF the security to be taken from the Cow
ernment, the Bank Committee, we under
stand, to have been governed by two very
sensible and timely considerations: first
that they should require no Treasury paper
from the Government of n Legal Tender
| form, the possible use of which might i'm
| ply an expansion of the United States cur
rency. As scarce as Greenbscks are known
at present to be in ali the Atlantic markets,
the majority of the Bank Committee be-
lieye that the pressure for this class OF cir
culation has its compromising advantages
| for the public credit and the public good
at large, and that nothing should be done
| by the new Secretary, on their suggestion,
| to cheaper the value, much less increase
the volume OF Greenbacks. The relief of
the money pressure, now complained of in
the Corn Exchange and some other circles,
they hold to be of secondary consideration
| to the reduction of the markets for produce
and merchandise, which have been reck-
lessly advanced by speculation, on the false
| calculation that more Greenbacks must
! be issued to carry on the Government.
The second point made by the majority
| of the committee is that the Secretary
should not be required to cover or reim
| burse the advance of the banks by the
sale, at present, at low rites, of any por-
ton of his Gold bearing funded stocks.
Such negotiation would at once cheaper
the general credit of the Gold bearing
stocks OF the United Substantially too
low in the market, the large premium on
gold being taken into IcCount-besides cre-
ating an invidious Discrimination against
the recent takers aud present holders of
the same description of stocks.
The foregoing explanations we derive
from one of the leading members of the
committee. They place the liberality of
the committee on higher ground than from
some of the street discussions yesterday we
were apprehensiVe might be taken. They
show that the best financial opinions
among the old Associated banks are equal
ly opposed to the extremes of expanding
our gIeenback circulation or sacrificing
the gold bearing stocks of the U. States.
They assume that at 1870 per cent. inte-
rest In currency the government can COM
mand money to carry on the war, without
III oil
backs, or to the supposed necessity of
rapid increase at q high rate of gold inter-
est, of the funded stocks of the U. States.
And from all we can learn it will be the
policy of the new Secretary, as well as the
recommendation of his financial advisers
here to avoid both extremes.
Mr.. Fessendeu has not yet decided the
point made by the Banks that they must,
10 the extent of their negotiations or adj
vances, become the repositories of the
Treasury, the same as the National Banks
aud the Sub Treasury Office, to be drawn
upon in due course of business. That they
are otherwise unable at present to accom-
modate the Government we have no ques.
ton. They have no money in the shape of
Greenbacks to lend to their ordinary deal
ers in moderate much less to the Govern
meut in large sums. They are reduced
to $4,000, 900 of Greenbacks to meet
deposit line of Sl64 900 300, with a reserve
of $Is 600, 900 or 10000, 900 Certificates
on the Treasury due about ten days hence.
They are essentially or practically poorer
in Greenbacks than in Gold or Silver, aud
this fact explains the pressure for Money
from the Produce Exchange, from the
hordes of foreign merchandise and from
other parties who are fostering speculations
based on the unwarranted rise in Gold and
n Il
also find it difficult to borrow money, but
they have taken the remedy into their own
hands, and are doing less business and adj
visiug their customers to do less. The Corn
Exchange factors and spectators, whose
paper has falleu to Is or I8 per cent per
annum, will be compelled to seek relief 10
the same way if the pressure be continued
for a week or two longer. The public al
large are Immediately concerned 10 know
how far such damaging speculations are
justified by the relative supply of Green
backs over Gold and Exchange on London
in this market, and it is hardly reasonable
to suppose that the new Secretary of the
Treasury, with his conservative notions o.
the Government credit, will be in haste Ia
increase the volume of this description OF
paper, directly or indirectly. The necessi
ties of the Treasury are not so urgent as tc
require it.
1t is probable the Secretary OF the Treas.
ury will not leave town for a day or two
Wheeling Sanitary FaIr-The Expo.
rtence OF Man from ClRrksburg.
Correspondence of the National Telegraph.
was awakened the
next morning, the 4th, by the sound of fire
crackers and other unmusical notes. After
breakfast looked about little and went
down to the Fair. Now had q Fair tick
ct, at the tail end of my railroad ticket. l
tore it off and handed il to the fellow at the
door, who toll me to take it to another
fellow who would give me small tickets
for it. took it to the other fellow and
got four for it aud went in, and a lady
asked me if l wanted to vote on the
sword. I told her had as soon invest a