The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-09-20
incoming INC FInanee. Of .he coun.
From NE cincinnati Ga.cttc.

!
We publish in another part of this
paper an interesting letter from our
regular Washington correspondent,
relative to the national finances. The
most important figures used in this
statement are semi-oflicial. In view of
the facts thus presented, it is, of course,
useless to be constantly denying the
stock jobbing rumors, that the Secre-
tary of the Treasury is about to issue n
new loan, or to borrow money to meet
current expenses, in any shape. 1t is
possible he will not need to borrow an
other dollar, Mt any time, for this pur-
pose. This is even probable; and IL is
quite certnin he will ask for no money
between now and the list of January.
If bonds should be offered mt all pend
ing the meeting of Congress, it will be
for the purpose of retiring interest bear-
ing Treasury notes. This is the single
point which should now interest fhe
public. As soon as Mr.. McCulloch be-
gins to haul in the slack of the currcn-
CIV. prices, in so far as value are
based on n redundnnce of paper mon
ey. will begin TO give way. We
suppose the Secretary of the Treas
ury fully recognizes the necessity for n
contraction of the currency; and that
he will contract it as soon as possible
His policy, however, will he a gradual
one. Otherwise il would be disastrous.
and 1t would not be to the interest of
the Government to knock the props
nom under the market mt one blow,
even If IL had the power. But however
gradual the contraction may be, it will
hurt; but this cannot be avoided, and
we may remark here, that in order to
distribute the consequences of n con-
tract on as much as possible, this is the
time TO begin, or nj least to make known
the policy that is TO he adopted. We
are on the eve of the heavy fall and
winter business, when merchants as
sumo heavy obligations. If the new
policy comes on the heels instead of the
eve of this business, the results must be
disastrous. Mr.. McCulloch, therefore.
owes 1t to the country TO cause his poll
cy be fOreshndOwed in some reliable
shape. This is all the more necessary.
because n vast amount of nonsense il
believed now in regard to the currency.
"A great many people believe that the
present volume of currency (SI, OOO, 600,
OOO,) is none too large; that tho now
enterprises which have been innu-
gurnted, the abolition of the credit
system, and the destruction OF South
eEh banks, make necessary this amount
OF money; that this volume will be
mnintained; that high prices will con-
unue; and TINT without the perform
ance OF miracle we can get back to
specie payments, and still carry this
mountain of paper money. or course
Mr.. McCullOch believes that the super
abundance of paper money Is an evil
this he hns said; of course he believes in
the Importance of n resumption of spe-
Gle payments; and he knows that con-
traction must precede resumption. On
these points the Secretary has stated his
views fully and clearly. The only oues-
lion remaining to be 0scertained, there
fore, is when the work of contraction
viii begin. And this, as remarked, is
the vital question for business men.
AS matters now stand, no man is safe
In undertaking business operations that
Will run fnr into the future. Hence the
importance to the country Mt large of |
70 be adopted by the Secretary of the |
Treasury.