The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-07-31
FINANCE AND TRADE,
Commercial md Financial

The August 80 notes are being rap
idly converted into the new $40 bonds,
aud nearly all the outstanding issue
will probably be taken i'll at maturity.
The shipments OF specie Oh Saturday
were 81. 406 200, making total for the
week of 1895, 1000, including the eX-
ports on "Wednesday aud Thursday. The
total shipments of specie since January
LIST. I-.i7. has been about S37 ,!6'i. 05l.
The following letter has been pub
lislred from the Secretary of the Treas
ury, as To the tim" nj which conversions
of 1-:i0S CEASE:
TREASURY DEPARTMENT, July 10, 1861.
SIR: | am III receipt of your letter
Of the 10th lust, king authority to re-
ceiyc August seveu-thirties for CONVEX
sion up to and including the 18th day
of August next.
apprchcnd one fact is not generally
understood. aud that Is that The Depart
mcnt now makes all these conversions
in one uniform way, as il the notes had
been presented on the first of the pres
cnt month. IN all cases drafts for the
amount of interest accrued OH the notes
10 tina, datr are returned with bonds
barring III crest from that day inclu-
sive. Consequt no delay i'll pre-
stntiGg the notes can be Of advantage
to the holder, aud, i'll this view, trust
the time already given viii be found
adequate To tho presentation Ut the en-
tire issue. Very truly yours,
II. MCCULLOCH.
The abundance of money at all the
trade centres on the Atlantic scaboard
is almost without precedent. aud cur
rency is still flowing westward. The
GOVERNMENT has yet to disbursc Il large
amount Of money during August in re-
demption of compound notes, which will
tend to keep the market easy.
At New York gold was run up to li0s
Oh Saturday on the sensation cable tel
egram abcr warlik" preparations in
France and Prussia. The foreign bank
ers have no intelligence to this effect,
and the whole thing looks like specu-
latiVe canard, especially rs bonds are
quoted firm in London and Frankfort.
The week closed on an unusually easy
money maI ket, and, Notwithstanding
the great speculation At the stock en-
change, the demand is not sufficient To
absorb the supply. The disbursements
oi the Government will be heavy in the
immediate future, and during the month
of August alone currency tn the amount
of S3l ,U00, 900 will be paid out in rcdemp-
ton of the compound interest notes.
Call loans are ia5 with exceptions at
SaG per cent; prime paper is current ut
GA. per cent.
The speculative interest has been
chiefly absorbed in the active and TX
citing business in railway and miscel
laneous stocks. The investment de-
mand for governments has hacn rather
limited. The main inquiry has been for
the later issues of the iivc-twCuties,
sevcn-thirties, and compound interest
notes, prices Of which have not varied
remarkably, though there We're rather
more sellers than buyers in an irregular
and "peddling" way, ~ the ruling Zig
uics. The ease in money does not OPP
crate very positively or advantageously
for the national stocks as Vet, though
the leading dealers seem confident ii
huovancy and animation within week
or ten days.
1t is a well-established principle that
a redundant currency is always liable
to depreciation, and to this We ascribe
the fact bat the paper dollar is worth
less than the dollar in gold. Bnt there
is another change effected hv the in
CREASED volume of the currency, which
is not 81 well understood. This is tho
change produced in the rate OF interest.
Til" cnrrrucy system ut England has
frequently hecn styled ~ rast-iruu sys-
tenn, hecaus" il does not possess that
ticNihility and elasticity which pre-
vents its volume from increasing nr di-
mini>hing Ia that extent demanded by
the varying cXigcncicS of business. This
molasticity causes the fluctuations from
, TO or ID per ccut., and baCS again.
In this country We iind that in the fall
of the year n large amount of CURRENCY
is required IT, move the crops, ami our
banks have continued demand for
money in the interior. In the summer
the reverse is true, and currency accu-
INITIATES III our cities.
1t is believed TO be ole of the great
advantages of our system of currency,
and to be a compensation for some of its
defects, that meets the two conditions
oil the currency problem better than
any other. For tbs composed Of a gov
eminent currency of Sl00, 900. O0U. which
Is always out, aud forms perma.
nent part of the circulating current,
and also of $500. OOO,0O of hank curren-
cy, the amount of which, under a healthy
system of redemption, would expand or
contract with responsive elasticity nm
-EN - ~ BYE