The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-12-08
Money and Business Matters.

Some of our Eastern exchanges take
rather II responding view of the pres
ent financial and commercial situation.
The prospects are not encouraging in
their opinion, for much activity in
trade, and prices are gradually tending
toward a lower and more stagnating
point. The New York Post of Thurs
day evening last, says:
The dullness of general business is
increasing, and awakens the most pro-
found concern. OF its causes, the fol-
lowing are regarded as the most promi-
dent:
First, the Iauguor resulting from the
over excitement and speculative infin-
ton incident to our redundant curren-
cy, which has been subject to sudden
and great fluctuations in value.
Secondly, the depression caused by
heavy and injudiciously distributed
taxes, chiefly those of the internal rev.
enue.
Thirdly, the incertitude and appre-
henslon resulting from the talk about
speedy resumption of specie payments.
This suspense checks enterprise, and by
lnpalring credit is paralyZing and in
hlcting mischief on those forces by
which our material wealth and national
prosperity are developed.
The policy of Congress regarding the
currency is one OF wholesome gradual
safe contraction, and was settled by the
law of the 18th of April. 1t is the fear
lest this policy will be changed, which,
with the other causes we have adverted
to, appears to have the most influence
on business at present.
A friend in Philadelphia sends us a
clip from the New York Tribune, which
he thinks presents thePresent financial
situation in the proper light, and begs
leave to invite our careful study TO the
facts therein set forth. We quote from
the article as follows:
In January, 1857, prior to the panic, the
circulation ,TI6,S2
Al present IL is as follows:
National Bank Notes.... 29s'000iOG
Increase In circulation. 3 US
The loans of the banks have grown
in proportion to the circulation, and
upon this increase of circulation and
bank expansion prices now rest, with
an insecurity calculated to cause alarm,
not only to those who own commodi-
ties, but to the banks holding paper
based upon them. What is needed is
not more currency, but lower prices, TO
bring the business of the country with
III much smaller volume of currency
than 1851, 0OO,O 600. and a general liqui-
dation Ofthe credits based upon the pa
per money brought into use by the re-
belliOn. 1t is fortunate for the solvent
portion OF the community that the evils
of our trading and speculation are cor
recting themselves. The time is Mt hand
when, as in 1857, merchants must take
care of both sides of their bilI-bOok-a
proceeding few houses are able to con-
unue for a long period. The business
of the year has not been prosperous,
but the reverse, but commodities, from
January, 1866, have been sold upon
falling market.
PRICES IN NEW YORK.
Jan.6 'G6. Nov. q. 'G6. Decline
Middling Cotton, n 81 81 IL
. Y'd;: :;;:;;;:.:..:;.:..,.::; 50 4g1s "
ton t0G. - $500 $500 500
.............!7Os75c 5O9G5c. lO@9Oc.
The losses in cotton, coal and wool
have been equalled in the provision
trade, and among trades generally. All
trading on credit have seen their assets
shrink, while their notes stared them
in the face ut the original amount. The
idea that business is now done for cash
and that the credit system has been sus-
pended by the use of greenbacks, is re-
ported weekly by the bank statements
ofthe country, which report an aggre.
gate of loans as startling as those re-
ported i'll January, 1851. The session
of Congress will be of more importance,
financially, than any recorded in the
history of the nation, and too much
caution cannot be shown by the COM
munity III making now money engage
ments.