The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-06-10
COMMERCIAL AND FINANCIAL.
secretary sIeCuIIoeh's Late Letter.


The New York Herald, still com
menting on this letter, says:
The letter of the Secretary of the
treasury, by giving assurances of non.
contraction of the currency in the i'm.
mediate future. is favorable to the pro.
motion of a "bull" speculation. and a
more cheerful tone in business circles
generally, although OF itself il gives a
somewhat doleful picture o the finan.
cial situation. From it we learn that
the debt is likely TO show an increase in
the monthly exhibits for some time Ia
come, while the further contraction OF
the currency will, as II matter of course,
be impossible. The revenue returns
for March and April show decrease oil
forty per cent. upon those for the cor
responding months of last year, and,
although this rate of decrease is not
likely TO be maintained during all the
other months of the year, there is every
reason to suppose that the falling OF
in the revenue in 1867 will be equal to q
sum not far short of a hundred millions
To the undue contraction of the cur
rency and the absurd predictions OF
Mr.. McCulloch respecting a resumption
of specie payments, even more than the
onerous taxation to which the people
have been subjected, we owe the de-
preston which has overtaken the
country, and the present unsatisfactory
condition ofthe national finances.
The Last Statement o the Public Debt.
On this subject, the money writer in
the Philadelphia Ledger comments as
follows: COS ErTUlEF
at will be seen by comparing the
statement of the list instant with that OF
the LIST OF May, that the total debt, ex-
elusive of the amount in the Treasury,
is increased SIS, l65, 42l, and that by in
Guiding cash in the Treasury, the debt
is decreased 50, l7O, 100. The debt bear
ing coin interest has increased SOL, 40, :
600; the debt bearing currency interest
has decreased S4l, AZ, 945; the maturGd
debt not presented for payment has de-
creased s., 2l9, $50, and the debt bearing
no interest has increased SS6S, 276. The
amount of coin in the Treasury has de
creased Sl5, 1872 OF, and the currency
balance has increased SSS, S21, 6O6-thus
resulting, as above stated, in a reduc'
ton ofthe debt during the month of May
of fUe millions, one hundred and SeUeH'
ty thousand, one hundred aud SIXTY dol
lars! The large currency balance III
the Treasury comes mainly from the
receipts from miscellaneous sources
anu AAbAAA AAACAhhA AtNGuuG llGaA XIV
close of the month, which were larger
than was anticipated. The sales also
of the new 5-20s of 1865 have been unu'
sually large and very materially in ex'
cess of the redemptionlof the $50 notes
Hence the increase of SIS, S27 ,606 of cur
rency in the Treasury. The volume o
United States notes has been con
tracted SI,O37,95O, owing mainly, i
is said, to the withdrawal o
mutilated notes, and the com
pound interest notes have beer
paid off to the extent Of S4,744, go. Thii
statement of the debt on the LIST inst.
has created an agreeable surprise, fol
lowing as 1t does recent givings-out o
less favorable tenor. At almost any
other time such an exhibit of the coudi'
ton of the Treasury would materially
strengthen the market for all classes o.
Government securities. But Just now
nothing is likely to arouse the country
from the lethargy that pervades almos
every department of trade. The senti
ment among intelligent business mel
is we'll nigh universal, that war tina
has recently killed and incapacitated l
million of people, left debt OF twenty
five hundred millions, and destroyed
and wasted property, the product o
! the labor of twice as many NOR
millions, cannot otherwise than impai
credit and confidence, which can only
be reinstated by time and patience ant
industry. Were the figures of the Sec
rotary even more satisfactory than theI
are, the public funds would not b.
materially improved, nor would trad,
and business revive. The money mar
ket, will for the moment, be relieved o
apprehension of any stringency, the
debt having during the past month
been reduced when an advance was
generally expected. But money has
been abundant at low rates for months
to those who had the requisite collater
ais. There is little demand for money
in legitimate business, those having the
proper security to command it not hav'
ing sufficient confidence in the future
to put it in use, and few want to lenC
money to pay debts with; though thost
who have money, and owe debts, can
not employ it better than TO pay them