The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-05-23
Financial and Commercial Items.

The Age of Tuesday says: The tone Of
the market is weak and prices are I'M
settled. There are SO many causes OF
uneasiness, from any or all of which
financial difficulties may arise, that we
have little to hope for in the way of
improvement. Any ainelioration OF the
present condition of things can only
come from looking the situation fairly
in the face, and firm determination to
remedy it if possible. This is no ques,,
ton of party. We have been blinded
too long by partisan leaders. The ex-
penses of the War Department in time
of profound peace have swollen to an
amount ten fold larger than, the esti-
mates of the Secretary. The recon-
struction and bounty bills, and the
Russo American purchase, are also ex-
traordinary drains. Congress was Law
ish in appropriations and careless Ill
voting away the public lands. We can
not 90 on as we have been going. There
is limit to taxation, which we have
reached. The producing energies OF
the country are strained and Overtask-
ed. We have no desire to crOak, and II
the proper remedy is applied, croaking
will be unnecessary. Let the RESPONSE
bility be placed where 1t belongs-upsn
the dominant party. Turn them out,
and then do as every sensible, SOUND
business man does, keep the expenses
within the income, at the same time
providing o sinking fund for the grad
nal redemption of the national debt.
This is very simple but would DO very
effectuaL ..s-.
The market shows but little ANNA
ton in any department. The dry goods
trade is dull, and prices of most descrip-
lions of home and foreign productions
are lower. The demand for money is
less active. and temporary loans are cas-,
| ily obtained upon acceptable collater-
ais at sac pei cent. The range of dis
count for the best commercial paper at
short date is 6!a7 per cent. per annum,
while the inferior qualities rule ut from
10al5 per cent.
We have frequently had occasion ia
notice and copy the replies of the New
York Journal of Commerce to correspon'
dents who ask questions relative to
financial subjects. They are generally
sound, sensible and conservative. Wit
ness the following to Il person who de-
sires to invest his capital where it will
command IA large annual rent" and at
the same time have it perfectly secure
| There is one test by which it is fair to
Judge the mass of securities which are
offered. The danger of damage, delay
| or loss is in proportion to the promise
of return. This is general rule, LA
BILE only to such exceptions as prove its
truth. Hence, as our correspondent
NAV see, his conditions cannot be full
filled. There is not only no perfect Sc.
curity, but the highest safety is not
coupled with the largest return; and
the proportions are very fairly pre-
served between the extremes. Nothing
is more delusive than the aspect of this
question to those who have no expert
ence in financial affairs. 1t is almost
invariably the desire Of persons with
small means to select those invest
ments which promise large annual
return, whereas, they, of all persons,
should he discouraged from running the
risk always involved in such promise.
1t is fair risk, perhaps, for man OF
large means, because he can afford to
take the chances; but those whose
whole surplus is involved should never
make such venture. A small interest
will be found allied to the best secnr-
ity, and this they should always choose
-, ,nnthnlo nf n
ton are never rapid. In this, as In all
other departments of human effort,
"slow and steady wins the race"
Upon the authority of the Financial
Chronicle, it wouldeppear that no small
disquietude prevails in financial circles
in consequence of the claim which Gas
in the case of the late New Orleans and
other disgraceful National Bank frauds)
the officers of the Treasury have tried
to make good relative to government
deposits. 1t is claimed that when bank
fails, having Units possession money be-
longing to the National Treasury, this
money must be paid in full before any
other debts are satisfied. If there Ii
only enough to pay the government
the government takes all there is, and
leaves the private depOsitors without
dollar. If there is a surplus the private
depositors will receive it. This view
of the comparative claims of the gov
eminent and of the public over the as
sets of broken bank is the one which
if we are not misinformed, has not
only been advanced but enforced
Hence. the first kilograms of any new
bank failure assure us that "the govern.
ment will lose nothing and the circula.
ton is secure" The authority upon
which government officials proceed in
giving precedence to government claims
in cases of this kind is, for general war.
rant, an old law to that effect and spe-
officially, the 5Oth section of the bank.
ing law which provides for the govern.
ment first. The great question for the
community, however, in this connec-
ton, is, as the Financial ChroKicle puts
it, whether q bank possessing influ-
ence enough to obtain heavy govern
ment deposits should be allowed to use
those deposits in fomenting speculation
in cotton, in stocks, in gold, in provis.
ions, in breadstuffs, in robbing the poor
by high prices of the necessnries of life,
and in robbing commerce by deranging
the markets for the commodities Of
trade; and whether after all, the losses,
when the speculative bank succumbs
shall fall on the depositors-on the very
public who have been the sufferers from
the speculations the,nselvesP
A gentleman who was in New Orleans
during the excitement attending the
suspension of the First National Bank
describes tie feeling as having beer
very intense. The City National Banl
was heavily run upon Immediately aftel
the failure of the First, and during TIT
18th, 14th and 18th inst, paid ont S6l0,
900 of a deposit of S675,000. This wa
indeed Il heavy pull, not check hav
ing been refused AT o'clock on tn,
18th, the tide began to turn, and befor,
the close of bank hours $4,000 of tn,
amount drawn was redeposited. Tn,
attack the bank has stood viii doubles
strengthen it and give it n still bette
position than il has heretofore snjoyed
L -HL e AL Ir;.