Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1865-03-30

lIEhe PreGcnG GDomoERllRedsCO Condition
80 ''t'' .H s4of wan stFe6tsi 30 -i1f
Money Articles New York Commercial Advertiser.
Wal. street was perhaps never ih such
Ian utterly 'demoralized jcdidition as a,
present. Not so much ft6rn the Fealtw weak
Etaess of firms, nor from The, existence of
large speculative liabilities; for it ts known
to all that, since last April, exclusive OF
the gold ring, broken and capitalists gen.
orally have c0nduStea thsir business npon
figidly conseFyatiys riRciPles, avoiding
important risks on n6tIof their custo.
mere, Andigenerailg ing on thsir own
account with q eau eard 10 such
contingencies as nets eeaffing, II Ia
Etosttis Hireunls ce, Indeed, tEat Ne must
attribute the nominal extent of failures re-
smiling, from the .Teee5t severe decline in
stocks The real caSSe Of the dsmoraIiza-
ton is ID the utter uncertainty about the
-tuture premium on gold: No one dares to
venture an opinion dc too'What it's future
price ought TO- be, or to what ex-
tent it should be affected by, peace; and
nome can give sn Intelligent reason
for the extremeness of the late decline.
Those who have'held that the premium on,
gold is regulates. by the volume Of. the
Currency are oontounded by the fall from,
2SO TO, 160 within 9 period during which
the volume has rem6ined stationary; and
hence we have had aaasmarked silence among
those who have urged q reduction of the
circulation as the only means of appreci-
ating gIeenbacks. Even those who take
the correct view, that the Yalue of the cur.
regency is chiefly regulated by the credit
of the Government, have not been able to
satisfy themselves that the national credit
has recently improved in the den
gree represented by atsdeeline of sew
'euty.fve points in the price of gold.
They regard thed fall as, to a GER
tain extent, due storan uureasoniug panic,
causing holders Of gold to throw it without
reserve upon the market, and pfoducing a
temporary depression of price, beyond
what may be required By the Improvement
of the public credit. But, how much of
the deeiinesis due, to panic, aud how much
to the improved Standing of the Govern
ments promises.to- pay, they. cannot tells
For this reason they find it impossible to
judge as to how far a reaction in the gold
market is likely to result from subsistence
OF, the panic. And even were they able to
satisfy themselves upon that point, they are
still uncertain whether important news
frem the army may not produce renewal
of ,thezpanio, and arrest the process of, the
adjustment of the value Of the currency
to its proper relation to the credit of the
Government. With this utter inability to
form anyiintelligent estimate OF the future
valueaOf2gold, they are are,eutirelyat sea as to
the probable. result of their contracts
they cannot form any satisfactory opinion
80 to whether it is better 70 bpy or to sell
theie securitiea I and havana alternative
but TO resign themselves to floating, .rud,.
derless, on sea. Of. chances. Nothing can
be conceived more utterly lamentable than
that the enormous capital centered in this
city should be thus taken entirely out OF the
control of its owners, Every value de-
pends upon the value of the currency; and
the value of the currency depends upon
considerations which, in the present con-
dition of the military situation, cannot be
iatelligently estimated. Thus the whole
properly of the county has to depend upon
the Whims and freaks of public opinion at
a crisis when scarcely two persons in the
country think alike upon the prospect; or
rather, when none whose opinion is of
weight dare to venture an opinion.