The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-03-09

ton whether 5-90's, at par, would CON-
mand any large proportion. The Treas
ury movement, in the month, governing
only ten millions, promptly reduced the
price of SOS and a further conyersA-
ton, 10 be successful, must be private
and gradual. Any sensible contraction
of the currency, it is argued, will in
crease the difficulty, and such parties
throw the whole question OF contTac-
ton in front of the funding of 1905.
Arguments and fears will not be want
ing to dissuade against contraction, and
il this feeling prevails action Is post
poned for two years at least.
The price of Gold has steadily de-
clined, first under the influence OF
large sales by the Treasury, and then
in Consequence of high rates OF inter
est. These two causes broke the mar
ket, and now large holders are selling,
whether with the view of closing or
buying back Mt a lower rate remains 70
be seen. The Treasury sola al 4est
fifteen millions, which Withdrew over
twenty millions OF currency from the
street, and placed gold at seven per
cent. per annum discount. II was
bought on speculation, but being IN
convenient to carry, large sums were
thrown on the market at heaYy loss.
II the price can be driven below thirty,
as some assert, and outside parties in
duced to sell, these losses may be
made good by purchasing for a rise.
The future of the market is the subject
OF anxious discussion, and to the many
enquiries being made of us we Will an
swer in general terms: That it is be-
lieved TO be the anxious desire of Mr..
McCHlIoch, the Secretary Of the Treas
ury, to appreciate the value of our
paper calculation as rapidly as posi-
Die. The finance bill, drawn by him
self, and submitted to and reported by
the Committee of Ways and Means,
is evidence of this. But Congress
Is evidently disihclined to favor
any scale of contraction, however
small, and without withdrawal of at
| least five hundred million Of our pres.
ent paper circulation the par of gold
will never be reached. When this VIII
be done,-when the people will yolun-
tnrily submit to low prices and low
wages, unaecompanied by any reduc-
| ton OF taxes, for the mere sake of see
I ing and feeling that paper is equivalent
! 10 gold, is the admitted problem of the
age. When five hundred of the nine
hundred millions of paper now in cir
cuIatiOn is retired, when every de-
scription of labor is reduced at least
one-hAlf,-when the aggregate of the
products of the earth are reduced in
nearly the same proportion, and cotton
and tobacco in u greater ratIo,-then,
and not till then, Will gold assume its
proper position in the trade and COM
merce OF the United States. When the
people come TO this determination they
will elect representatives 10 Congress
/ who will give effect to their Will in
proper legislation, hut until then gold
i will continue to tuctuate. The price
will depend upon II great variety OF un-
\ intelligent gentleman is as capable of
judging as another.
Compound interest notes are saleable
4 in this cityat about the following rates:
June, 1864, l07s4: July, ~; August,
! go; October, 81; December, "a; May,
1865, -; August, 1 -; September, l4;oc-
I tober, /. These prices are very subject to
| tluctuntion, and depend upon the opin-
ion, from day to day, of Congressional
| action i'll permitting Them or otherwise
| to be used ms bank reserve The
| opinion most prevalent ut present is,
that Congress will postpone all curren-
cy and bank legislation until next win
/ ter, and IL that is well founded the
| price will not decline.
The present value of money is per
cent on call loans, whilst all classes of
commercial paper are difficult OF sale.
This is in consequence ofthe Withdraw
nj from the street, as before stated, OF
over twenty millions for gold sold by
the Treasury, and now locked up in its
Yaults. The transfer of this vast sum
was prompt and positive, and it is Won
derfIl that a more palpable result was
not produced.
The cotton question is still of great
Importance, nnd the closest attention
given TO the subject. Since our last, as
Is well known, the decline in Liverpool
wentto IT1<d, and something near a
panic was unprecedented i'll this market.
But no human language can express
the change of tone manifested on the
2OIh of February, on the arrival of Il
rally in price which closed ut 19I<d for
middling. a dark cloud succeeded by
a clear sky is the best figure we can use
to express the general feeling. The
future, it may be we'll said, is more
hopeful, and the best informed look for
fair prices to the end Of the season.
Receipts are falling of mt the principal
ports, and mn overstock is not now as
much fenred as heretofore. The closing
price is from IS to IS cents, with feeling
we'll nigh up 10 iirmness. The govern
ment, contrary common expectations
and general rumor, threw 5000 bales
on the market for cash, when they were
holding a surplus of over 1U0 millions
in tho Treasury. The policy of the net
Is not perceived, and ii it had been fol-
lowed by other large holders the market
would hive been smashed and many
parties ruined.