The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-06-29
me GoIa MHkes.

The gold fever, as an epidemic, mzY
be SAFELY pronounced rs At an end. The
Secretary Of the Treasury s-sTed u for
awhile, and put II IN Quarzufine long
enough 70 insure our financial hsal1A.
and now wisely leaves is TO lis natural
course Inc latest news from Europe
fully jos[LhS the wisdom ofths course
porS1ed bytbe Treasury Department IN
tsellIng gold freely when II Sgzsz IS1, and
allowing II 70 leave he Country, 50
that II might arrive IN London IN time
70 prevent reaction in New York Of
the Tremendous financial panic which
had produced such disastrous oonse-
ausncss IN the principal European cap
ILzls- In one day, or AZ least in the
eou-se Of tventy-four hours, gold Auc-
tuAted 10 The enormous extent of nine
teen per cant. rising as high as sixty
nine, and falling toa fraction below Tifty.
Such = variation Is this shows the ex-
! tremely sensitive nature OF our spsea-
| lating community, and how easily a
panic might Be indDctsd which would
accomplish as much ruin in dag as
could be effected In , year Of WAY.
The shipments Of gold 10 England
1 have suddenly fallen on from SIX mil
lions week 10 q little more than q
million on Saturday last; and il vii
not be long, If The anticipated war IN
Europe shall be fairy comnsncsd. De-
fore gold viii be coming back 70 rs from
Germany By the way OF Engisod- Our
] importing merchants have suffered 50
1 vereIy during the past fortnight, IN
conseo uence ofIhe fluctuations IN gold.
We haPPen 10 know of an instance in
4 which three merchants, entering their
1fmpoFLaIions Of q similar description of
I goods in the same day at the custom
house, paid three different rates OF
4 duty. One of them paid as high as
4 I695< for his gold With which q pay
! duty, the second paid I67, and the third
! Iss. The next day gold fell again 10
( I57; il has since been as low rs is, and
on Saturday was about 152- There Is
not much probability Of another up
I ward panic; FOR, although the bulls in
gold are circulating stories TO the effect
that there VIII Be a great demand for
/ gold TO pay duties on withdrawal Of
bonded merchandise from the Gus
I fom-hOuEe, in consequence Of Ihe
new tariff going into immediate oper-
alton, il VIII be well enough TO re-
member that the new tariff has not yei
been reported by the Committee OF
Ways and Means, and thai nobody can
know what It's provisions VIII be nor
the time OF its taking eject Any spec
ulatiEe action In regard 10 this must De
wholly wanting IN substantial basis
for calculation. The tariff bill. amer il
shall have been reported 70 the House,
viii have 10 Be thoroughly discussed.
and there viii be time enough before
its passage for importers and spseuIa-
tors 20 make their arrangements The
/. reports as 10 the increase OF the taTid.
We have good reason 70 know, are
greatly exaggerated; btif, whether the
increase be large or small, Il VIII not Be
sufficient TO canss zng arrangement IN
the gold market, for Hiihdraw wing gold
out Of one depository only TO place II
IN another Is 70. ike shipping gold 10
Europe. The demand for duties how
eTer great u may be, viii never have
rbe efecs Of unszfIling the mind of the
pubIic and creating panic zs the de
I nand from abroad dos for when gold
Is In the Government Taults, we all
know thai il Is only held there IN tenn
pOrary deposits, for Redistribution
| whenever II Is needed. The actual
1 shipment Of specie 10 Europe during
{ The past week was bpt ], ~, 4S9 dollars
in amount; Of which less Than half
was IN gold, the remainder, S45S, $50,
being in silver bars The Bureau Of
/ Agriculture at Washington having
! made 3 report OF the condition of the
/ crops up 10 the ISt Instant, more Ia
FoFable feeling now prevails in relation
! 70 our corn and wheat than was felt
I before. The corn crop viii pretty
surely be an average crop. and that
means a superabuDdaDeef for home con-
sumption and foreign shipment, while
/ the wheat turns ont much better IN all
sections, except, PerhaPs, Ohio, than
Was anticipated. We can now conf
IDENTITY calculate on Ihree-fouuhs of a
crop, while the European war IS sure to
bring larger demand from England
than We have had in several years.
Wheat Is literally as good as gold for
the purpose of shipment, and a good
deal betber, for, while gold Is carried
almost exclusively in foreign vessels,
our grain Is almost as exclusively car
Pield IN American bottoms The repoFfg ]
OF the cotton crop are still unreliable; |
bat the amount OF cotton raised is not
Of 50 much importance, taken as an i
element affecting the price of gold; for. |
IL the crop Is small, the price IS high, so /
that the financial result viii be the 4
same. II may, therefore, be safely as l
sumed, We think, that gold will not I
tend 70 much higher prices during the |
next SIX months