The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-07-19

from the surface aud mined to the
amount of s., 800, O00, 900; from that date
to the-close of 1912, s2,seo;oOO; to 1860,
Russia adds SAG, OeO, 900, California and
Austria S2,OOO,OOO,OOO more. The annu-
al average product of gold at the COM
mencement of the Christian era is esti-
mated at $1,000, 900; at the discovery of
America this product had diminished to
$780, QUO, in 1000 it had increased to
81. DOC, 900; in 100 10 $4,000, 900; in lsOO
to SIS ,OOO, 600; in 1913 to S34, 000, 600; in
1850 to SS5, O00, 900; in 1893 TO- ~, oOo,-
900; there was q Subsequent falling on,
so that in 1860 the product was only
S210, 100000. The averag ,nnuai ioss
by the wear of coin is est uai"d at one
tenth of one per cent; - = Dy con,
sumption in the arts :: ny hre anu
shipwreck is calculated ut from one
million TO three millions per year.
Congress at present shows no DISPOSE
ton to take up the National Bank
question, but it is one that should not
he allowed to rest. The interests of the
people demand that the twenty millions
a wear in gold which are to be paid to
the banks in the form of the interest on
he bonds deposited with the Treasury
as basis of circulation, should be saved.
This can be- done either by abolishing
the interest on the bonds thus deposit
ed and allowing the National Bank
notes to remain in circulation, or by pro-
yiding for the substitution of legal ten
ders for national currency and cancel
ling an equivalent amount OF the Sc
curities pledged for the redemption OF
the latter. This last would be the bet
ter plan, as uniform currency through
ont the country would be thereby Sc
cured. All the banks would then have
to bank upon legal tenders, and no
bank of issue being authorized by Con
gress, and the present scale OF Taxation
being sufficient 10 prevent the State
Banks from issuing their own notes.
The money which is now annually PAID
to the banks in the manneI described
would suffice, if placed at comp+und III
terest, to pay of the entire national
debt within NO very long period, and
the people have just cause for protest.
ing against the payment OF this large
sum for the exclusive benefit OF the
stockholders of National Banks.-NcT
York Hcrah.
The Journal Of Commerce OF Wedn es-
day says: We understand that an act
has been prepared, to be submitted to
Congress ut the regular winter session,
which is designed to enforce the dis
tinctions between the State aud Nation
al Banks heretofore attempted by the
Comptroller without regard to law.
The object is to force all the capital
used in public banking to organize
under the national system. We have
one or or two suggestions to make in
this connection. Capital is sensitive
on the subject of much governmental
interference, and it is far easier TO ac-
complish almost any other work by vlo-
lent legislation than to inspire financial
confidence in a system which does not
otherwise recommend itself. We know
the object of such legislation, and we
can see that radical measures might
force the existing State banks to with
draw from the field; but just there we
look for hitch. 1t is one thing to break
IN long-established relations by Oppres-
sive Congressional enactments, but quite
another to substitute another for the
one destroyed. The friends of the Ma
tional Banking system rely on their
strength, and count largely OH the po-
litical influence they control; but a
slight turn of the screw mt nm inoppor-
tune moment would reveal the radical
uefects in their system, and leave the
mass of Them helpless ruin, to the
popular indignation. We suggest that
they draw npon their political resour-
ces less literally, and leave little
more to time and experience. The
public have been patient with them,
but they are not so invulnerable that
they can afford rs yet to go into 4 free
skindg with the Old-fashioned prejudice,
of those who still have something at
stake in the country. If the smashing
of glass" is substituted for reason and
argument, the broken windows Will not
all be on one side.
The Cincinnati Gazette of yesterday
speaks of the crop news as follows:
There is no discount on the crop news
we have had thus far. The harvest, as
far as il has progressed, ha, come fully
up TO expectations. Wheat is now Sc
cured in the Middle Western States, and
the yield is fine, both as regards guam
tity and quality The grass crop is also
excellent. The prevailing weather is
very favorable for corn, and this
important crop is making rapid pro-
gress Merchants, however, while
very much encouraged, and confident
of good fall trade, are exceedingly
cautious, and there is disposition to
hold back until the country begins to
sell the crops and pay its debts. Out
side of the stock market, therefore,
there it no speculative feeling of con-
sequence, and the latter is stimulated
chiefly by the abundance of money
which is caused by the stagnation in
trade. When currency, which is in
such unhealthy abundance i'll the East
ern cities, begins to be distributed to
the West, we may know that real I'M
provement in business is near; and then
there will he less money for use in Wall
street.
New VorL