The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-07-25
FINANCE AND TRADE,
Financial md Commercial Items.

| ne CNiiohCy IuCotioh, ohu 'iN VIC
posal of the United States bonds, con-
time to excite the public mind, while
all admit that the high prices of living
are directly attributable to the money
market. As long rs one class of the
community is able to live tax free by
holding bonds, with another, or an adj
ditional issue of paper, irredeemable
money, in the shape OF National cur
rercy issued, Oh the pledge OF said
bonds, ard in contra-distinction to the
legal tenders, we may expect the neces-
sites of life To continue To rule at fam
inc rates. One currency on specie
basis is the true policy of free people,
but rs that at present is not available,
the next best thing the people, OF the
peoples managers can do, Is to contine
their promises to pay, to the legal ten
der notes alone. Increase their issue,
! il necessary; call in the bonds, and
| thereby save an ANIMAL tax, in tive
shape of interest, of fully twenty mil
| lions. all of which goes into the vaults
of the National banks. In the primitive
days of the Republic tins little rag tax
alone would have paid all the expenses
| of the Government, with Il surplus In
| the Treasury ut tho end of the year.
Then cotton was 10 cents; sugar Ut
cents; coffee IL cents; beef cents per
pound; flour never over So per Dbl; cal
leo \ to 10 cents per yard, and corn ~
To - cents per bushel.
ST, 900. 900 per year, the interest of the
| u. 5. bonds held as their banking CAP
ital i'll deposits as security for their cur
rency, while the interest ON SAID bonds,
gold coupons, is taken iii by heavy
| depreciation, say 80 to ~ per cent, ON
the legal tenders. II gold Is deposited
! in bank, the owner can draw nothing
but greenbacks or legal tenders, dollar
for dollar, yet the Government rs well
as an individual, in order to pay the ill.,
terest OH its own issues, depreciate the
self said legal tenders nearly one-halt
below their value. Better increase the
issue of legal tenders at once to meet
the amount Of the bonds, and thus save
the interest. save the tax and equallZe
the currency and tax all alike.
The New York Herald remarks that
there Is IL decided feeling among bust
ness men, but no marked activity Oh
buoyancy in any department of trade
A brisk fall trade is, however, generally
looked forward to, based upon th'
highly favorable crop prospects. The
dry goods market has been extremely
dull, the recent failures of prominent
firms having induced StagnatiOn. The
demand is limited to small parcels tC
keep mp assortments, and goods are
gradually accommodating in the hands OF
agents and manufacturers. In prices
there is no material change to note, the
tone of the market being steady, partly
in sympathy with tine tirmncsS Oft that fO,
raw cotton. The receipts of the latter
at all the ports for the week ending OF
Friday. were very light, namely, 602t
bales, making the total since September
: last. .s29. 2O6 bales, against 1859 On
! bales for the corresponding length o
time in 1866. The exports for tn,
! week were also slight, the total heinI
only 1871 bales making |, n5, l54 bales
, against l,l7l, S55 bales for the same pc
{ riod in the previous year. The stOcl
at all the ports. according to latest al
, vices, is 1882 bales, against 3il ,U:i!
r bales at the same time in lS66. Of Thu
stock il is estimated that New Orleans
= has Il, 6tiS haies; Mobile, 1866: Charles
ton, 3l3l; Savannah, 52t2: Texas, SHl2
New York, 72,000; Florida, 4SU, ant
other ports - 900. The English cottuI
market has been unsettled. and on tn,
I 9Th instant the stock ut Liverpool az
greguted 7:sS, 200 bales, against l,t23 5Ot
, Mt the same time i'll 1866, and at Londol
6S.942 bales against 1881. There wer,
: at this date also 50,00O bales of Ameri
a can and 63l ,957 of Indian atloat, maxim!
I u total of l,4s9,099 against 1,764,777
aaoat and ASHORE in the beginning o
: July, 1866.
= The London Economist has recent,
!, contained series of articles OH our Ma
= tionai Bank system for the information
= of its English readers. They are no
worth publishing, rs the facts are pref
~ well known Oh this side of the ocean
Z
: confessedly the highest financial au
5 thOrity, i'll the way Of popular publ
cation, in the worid-are so startling
that we give them IA these columns
(: "linless notifications are speedily in
: troduced, of which at present there
: no sign whatever, but the exact cou
l. trary, it is not difficult TO foresee til
manner in which the National Ban
system will sooner or later come to a
- end. The large number ofincompetent
q inexperienced, careless, scheming an
d specializing people who have force
q themselves or been attracted into tn
6 control of National Banks will prossl
imismanage the business. They viii dissi