Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-12-06
WE nreaume that the markets to-day

We presume that the markets to-day
will show what the money dealers in New
York expect from Mr.. FesseEle lens budget
aud the Presidents Message. Last week
they were very much puzzled how to OPP
erate-whether to be bulls OF bears-and
they were both occasionally, according as
the indications of the hour seemed to favor
one or the other tendency. One of the
most gratifying features of the Eastern
market reports is the enhancement in value
of the fve-twenties-uow decidedly the
leading aud most desirable bond on the
market, paying as they de six per cent. in
gold, and being always convertible at a
handsome premium. They have therefore
no competitor either with our own public
or with European capitalists. Those who
here in Wheeling and other places in this
State have puttheir money into FIVE twenties
when they were par, and when money was
q drug on the market, have certainly cause
to congratulate themselves on their good
fortune.
We trust that the present Congress- will
heed the warning of the times as regards
our threatened financial difficulties, and
follow what really seems to be the plain
dictates not only of patriotism but of COM
mon sense, viz:-incr eased taxation, di-
minished loans, and no further issues of
greenbacks. By far the greater amount of
our financial troubles aud ADVERTISEMENTS
for the past year have arisen from uncer-
tainty and distrust of the future rather
than from anything connected with the
present. Show the people where they are
going and what their destination, is to se-
cure them, and they will walk cheerfully
and gladly over the toughest road; or, in
plain words, they will gladly pay taxes,
and high ones, too, if thus they are to help
their government and benefit themselves.
The aggregate volume of currency will
hardly be much diminished at present, as
the National bank currency is every week
increasing. But if the government itself
keeps out of the currency printing BUSH
ness and borrows its needed funds in the
open market at current rates, it will be q
great point gained that will be of immense
financial benefit to both the government
and the people. The whole number of Ma
tional banks now established is 5s7, and
the amount of National bank currency is
something over see, 100000. The State
banks everywhere are rapidly converting
themselves into national banks. Comp
troller Mccullough announces that no more
National Banks will be authorized, but that
state banks, can continue to take refuge I'M
the national system.
Speaking of the general condition of the
money market, the financial writer of the
New York Herald makes the follow ing re-
marks.
The general uncertainty which prevails
makes men hesitate either to borrow or to
lend and millions Of money are lying abso-
lutely idle in consequence. One of the ma
tional banks of the city, in view of this
peculiar condition of the money market,
advertises to allow four per cent interest
on deposits above Thousand dollars at.
ter fifteen days, and that such an offer
should be made aud that there are parties
who avail themselves of it, shows the de-
gree of stagnation to which the money
market is reduced, 1t is at present i'm
possible to lend large amounts freely on
good securities, bat not a few capitalists
who were formerly lenders are now specu.
lators, and they prefer to allow their funds
to remain idle ut intervals to employing
| them constantly in discounts or loans; and
they do this for the sake of having them at
command at any time for speculative in
vestment on their own account.
Specifically it appears somewhat singu.
lar that with more than nine hundred mil
lions of currency in circulation this state
of things should exist; but when we con-
slider that within a few days measures may
be passed by Congress and events may oc.
cur in the field which will greatly infu-
ence the gold value of the currency dol
lar, the apparent anomaly is easily ex-
planned.