The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-07-19
money matters at CIneInnatI.
me Gazetle OF Wednesdny SAYS:

Inc GuZGEE OF w euhSbuAS bd1Ss
The demand for money Is heavy as
compared with the supply OF currency,
and the market works close. Nearly
all the banks have more paper offered
than they can take, but the wants OF
customers, is so far as the securities are
satisfactory, are provided for generally
at rates OF interest ranging from to 10
per cent. The numerous failures oc
curing in New York, are causing IL
close scrutiny OF commercial paper, and
the standard, which had been liberal
lied somewhat, under the improved
feeling resulting from the fine crop
pros poets, has been made IL little more
severe, for the time being.
There is no discount on the crop news
we have had thus far. The harvest, as
far az it has progressed, has come fully
up TO expectations. Wheat is now Sc
cured in the Middle Western States,
and the WELD is fine, both as
regards quantity and quality. The
grass crop is also excellent. The
prevailing weather is very Gayora-
BILE for corn, and this important crop,
is making rapid progress. Merchants,
however, while very much encouraged,
and confident OF a good fall trade, are
exceedingly cautious, and there is a
disposition to hold back until the cOuu-
try begins to sell the crops and pay its
debts. Outside OF the stock market,
therefore, there is no speculative feeling
of consequence, and the latter is stinu-
lated chiefly by the abundance of mon
ey which caused is by the stsgnRtion in
trade. When currency, which Is in
such unhealthy abundance in the East
ern cities, begins TO be distributed TO
the West, we may know that a real
Improvement in business is near; and
then there viii be less money for us in
Wall street.
The Bank Note Reporter has the fol-
lowing on certain difficulties arising
out OF the methods of estimating the
exchanges between this country and
England:
"The quotation of our bonds in Lon
don at 70 really means 80 in gold, or its
e0nivsIsnt. a dollar in London being
called Is cd sterling, when il is really
worth 10 per cent. more if recOined into
soyereigns. A thousand dollar bond
sold in London at 20 gives $50, which,
rated ut IS Cd sterling, is equal to &l6I
IS; this again put into dollars at 81 50
per 6, gives 1891 5s Sd tor the bond. The
Hwk wHrdness arises from the fact that
dollar in London Is not rated at what
1t is worth by 10 per cent; and the same
awkwardness arises here by our rating
"a pound sterling at 81 II, when its real
specie value Is a IS, or sterling ex-
CnHuRe 1T 14u. II WOulu De an easy
thing for our goveTnmenttotix the con-
mercial and custom house value of n
pound sterling at what a sovereign is
intrinsicaIly worth when Tecoiued into
dOllars; and it would be equally easy
for The English government to nix The
value OF a dollar at its intrinsic worth
when Tecoined into sterling money
This. simple rs it is, is of more real use
to the people OF both nations, ana TO
other nations, than the much talked OF
scheme for a uniform coinage OF all ma
IiUns. Since IA sovereign is the specie
representative of pound sterling, We
should raIe the pound according 10 the
amount of gold in the sovereign; aud
instead or rating II dollar at f.. 3d., the
English should rate II at what it Will
produce in sterling when recoined at
her Maissiy,s mint. II this were done
the American people Gould easily IN
derstand the true value of sterling
money, and the English could hx u
correct value to American cUinage. It
is, however, of more importance TO
merchants and travellers TO have these
errors corrected, than 10 stock dealers,
exchange dealers or bankers.