The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-06-28
FINANCE AND TRADE.


est due bondholders ON the public debt
Of Virginia, payable in Richmond on
the LIST of July.
The Western National Bank Of BaltiT
more has declared dividend Of 10 per
csnt for the six months ending 30th
instant, payable on and after eth OF
July next. Government, State ana City
taxes paid by the bank.
A striking phenomenon, without pre-
cedent in this century, is the large &C.
emulation of specie in the leading COM
mercial cities of Europe. The absence
of q speculative disposition is particu-
larly noticeable in European centres OF
trade, but it is anticipated that when
the new grain crops begins to move
toward q market, to be exchanged for
specie or merchandise, there will be a
heavy demand for capital, and that bus
mess stagnatiOn will, temporarily at
least, be broken up.
A,Philadelphia journalrelnarks: "We
aro sometimes asked to explain by what
process the special reserve of the banks,
not emily of our own, but Of other cit
les, is constantly fuctuating, being
sometimes greater and at other times
less. The solution Of the matter is
very simple, and it is to be found in the
fact that the national banks are all
brokers, buying and selling specie as
well as prOmissOry notes. In the
olden time it was beneath the
dignity of an incorporated bank to
act i'm the capacity of a broker, and If
taey needed paper to discount beyond
that which was offered in the regular
way by their customers, they sought
the services of a note broker; but now
the entire business of buying and sell
ing coin and government bonds ana the
purchasing of commercial paper IS done
by bank officers. Legitimately there
should be steady increase In the specie
reserve of the national banks to the
extent of the sums derived from interest
ON their government bonds; but this IS
by most of them sold, and the premium
upon it, of course, added to the prohts
of the institutions"
The general tone of business at the
different commercial and financial cen
tres is improving. The promise OF
good crops, the low prices of the lead
ing stocks the large amount Of unem-
ployed capital, combine, with the en-
forced quietude of the last few months,
to impart an impulse to business among
brokers and operators especially. The
week at New York opened with an easy
money market. The preparations OF
the banks for the quarterly statements
have not yet had any effect, owing
chiefly to the heavy disbursements OF
the Treasury Department. The New
York Express says that the most streau-
Gus efforts have been made to lock up
greenbacks, but they have signaily
failed thus far. On Saturday one OF the
Trust Companies refused to lend S5O0,
600 on sealed packages of greenbacks,
and one of the National Banks refused
a similar proposition, at the same time
requesting the party to withdraw his
accounts from the bank.
The New York city bank statement is
quite favorable, showing a decrease OF
s., 5s7 1888 in loans, ,sO4 in specie,
s73, 933 in circulation, $40, 1893 i'll depos,
its, and an increase of s4,s6l 1898 in le-
gal tenders. The decrease in loans is
owing chiefly to the fact that the banks
have parted with some of the govern.
ment securities, and thereby increased
their .e, as plainly indicated in
the legal tender movement. The gov
eminent has not been seller OF gold,
and therefore the specie shows large
falling off, the demand for customs and
export being about equal to the de-
crease. The decrease in deposits is just
about til. difference between the In
crease in legal tenders and the decrease
in loans and specie.
The following in relation to the effect
of the coming session Of Congress upon
the finance of the country is from the
New York Times L.:
A Washington dispatch reports q pur-
pose in Radical quarters to induce
Speaker COlfax to announce the COM
mittees Immediately, so as to be able to
90 right at work" What work. The
removal of doubts and appreheDsions
concerning reconstruction The max
ing sure of reconstruction according to
the will of Congress and against the
will of the Presidenti Doubtless these
points will receive attention. But the
work referred to in the Radical dispatch
is of another sort. Impeachment and
the overthrow of Secretary McCulloch's
present financial policy are the great
cards to be played. And mark the con-
fession which accompanies the all
nouncement "ThoSe who are in favor
of long session say if once quorum
is obtained the session will be kept up
long enough to settle definitely the
question of impeachment" At any
rate the attempt will be made so to pro-
long the session that time shall be Of
forded for the agitation of the various
extreme projects which endanger the
prosperity of the country and the unity
of the Republican party.
Every intelligent business man knows
what the effect of such session will be
upon trade and finance. We're the for
mer in thriving condition and the
latter endowed with the firmness which
springs from well-founded confidence,
the contingencies of ignorant and reck-
less legislation would excite uneasiness.
In existing circumstances, however,
more than uneasiness will be created by
the policy which ia now unblushingly
proclaimed. With trade already de-
pressed and many branches Of industry
paralyzed, the effect of Radical agita-
ton on the currency gu ,stion-affecting
as it. will all values-must be disastrous.
And with timidity as the chief charac-
teristic of capital, what but alarm and
difficulty can attend the continuance in
session of members leagued together to
tarry out plans which are not one whit
more iniquitious than open reputation.