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

e. .
FSoM Monthly cGnaacre r Birch, AityuW6 Go.
The business of February has been
conducted on the principle of dtstrust
probably influence all large trlnsac-
lions until some line of financial poli-
CIV is duly established at Washington.
The extraordinary importation of for
olEn dry goods increases the general So
Hcitude. and no word can better express
the general feeling than pause. To I'M
fold and exhibit the real cause, we an
mex the importation of dry goods, ut
this port, for, the two months in this
and tho three preceding years, which
will enable our friends to make their
own comparisons and suggestions, viz:
january and February, 1888, $40, 29T,-
ObS; 1854, SI7, 62l, 76S; 1865, S6,O74, 325;
1866, So, ITO, 669. Ts.5Fs.--
There IS much apprehension as to the
capacity ofthe country TO consume such
masses of merchandise, and already
leading importers are said to be otfer-
ing their stocks ut and below cost. The
result is unusual excitement in the
general market, buyers holding oil for
a fnTther decline.
Foreign exchange has been much de-
pressed, at one time touching 1851 for
commercial bills. Tho present quota
ton Is about lO79< for city endorsed
commercial bills, whilst good bills are
on the market ut 1850 l0T. The future
of the market depends on supply aud
demand. Cotton. as Is we'll known, Is
the. principal article of export. and
many now doubt whether It will sup
ply the demand for imports and letters
OF credit issued to travellers Mt about
this season OF the year. The present
price, IL is thought, will be maintained,
and some antfCjpaLe a small advance.
Mr.. McCullOcb's loan bill has been
taken from the table In Congress, but
40 far without result. An amendment
IL pending which cuts OF tho foreign
loan clause, aud limits new 5-2Oss TO
par. The two bills are antagonistic.
and represent precisely, the eont[actiOn
and ex pansion parties. Mr.. McCullocil's
ball asks for the power to sell bonds
Eelor par, because he knows that any
important contraction VIII soon carry
them fhere,-and he knows that, with
out contraction. specie payments or n
move in that direction IS impossible.
The amendment requires all sales 70. be
at and above par, and the opponents of
contraction are satisfied that the present
or "A greater volume Of currency Is
necessary TO noat 5-2O's and supply the
increasing want OF circulation in the
South. \ vote, therefore In favor of
the amendment, will be understood in
Wall street as a vote against contrac-
ton, and in favor of the present line of
OAE however,
leads to the opinion that The ,stole
question will be postponed. The pres
ent authority OF the Secretary, 1t issaid,
Is sufficient for all pressing demands,
and action next winter will be in time
for the redemption OF 7-3O'. The Con-
greSSiOnal elections occur during the
coming autumn, and members OF the
House of Representatives Will probably
prefer to consult their constituents dur
ing the canvass to- encountering the
consequences Of q vote.
The compound interest notes can be
redeemed by Il new issue, without in
creasing the present volume of curreu-
cy, but snoh is not the fact with 7-S0's;
and some apprehension continues to be
expressed. Many believe the question
of funding them cannot be safely post
poued, and that inducements must be
offered 70 holders in advance OF mRtu-
rity. The option OF cash or SINS Mt
maturity, with large Intervening
interest will not be readily sun
rendered, nnd It IS presented MS u queS-