The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-06-15
FINANCE AND TRADE,
Financial and Com mere iaI Items.

finance AND TRADE.
Financial and Commercial Items.
Crop reports from all parts of the
country, especially from the South, con-
time good. In the Southern States the
harvest has already commenced. A let
ter from Charlie ston says the receipts at
that port will he heavy, several mil
lionl of bushels being expected, beside
large quantities of -four. The South
ern wheat will come forward as early as
possible to take advantage of the hun
CRY market. No wheat raised in the
country is more acceptable for the early
trade. 1t grinds better than any other
new wheat, and will carry OH long voy-
ages without heating.
Some of the newspaper estimates of
the prospective yield of cotton put the
figures up to 1900, 900 bales-more than
twice the crop of the past year. The
information of the Department does not
warrant the hope of more than three
millions, while there is more reason to
think it will be nearer two millions
than three, and that yield would prob
ably produce more money to the South
than the average for the past ten or tif-
teen years, the last crop, under 1,90O,-
900 bales, producing to the growers the
largest gross income, with possibly one
or two exceptions when the crop was
extraordinary, ever realized.
The New York Tribune says there are
more ITO Lets" to be seen in business
streets than have been noticed for sew
eral years, and prices of real estate, en-
cept for special locations, favor the
buyer. The demand for property is
mainly confined to medium" and fancy
descriptions cannot be placed except at
u concession. The high prices paid for
building materials have given way, and
quotations tend downward.
THE NEW ORLEANS BANK FAILURE
BY direction of the Comptroller Of the
Currency the Government Receiver of
the First National Bank at New Orleans
has made a statement. In counting all
the assets, good, bad and Indifferent,
they exceed the liabilities about fifty
thousand dollars. The liabilities of the
bills and notes reach over three hun
dred and seventy thousand dollars rs
makers, aud two hundred and sixty
nine thou sand dollars as indorsers.. He
is confident that large portion of this
Indebtedness will be arranged by the
parties. Against other portions of il,
there are credits to individual depos-
itors to large amount. The Receiver
SAYS that all debts collected by the
Bank will be paid over to the United
States Treasurer. The Comptroller of
the Currency declares the dividends to
creditors and they are paid from the
Treasury, the Receiver having no such
direction.
The New York Times thus alludes to
the International Monetary Convention
now sitting in Paris:
1t is an important Convention. not
only from the subjects it has to discuss,
but from the fact that of the sixteen
governments invited by Napoleon to
participate the greater part will be rep
resented, the distinguished NJ. Ronher
presiding. The main question will
doubtless be the invention of univer-
sal monetary system in the interest of
the whole wsrld. Not only is the di-
versity of reckoning money in civilized
nations an unmiXed evil, but in many
countries the method i'll vogue is utterly
Absurd. Take, for example, Hungary,
with its mark banco and its current
mark-that is to say, with money sys-
TEN in use by bankers and commercial
houses for their accounts, which is on
tirely fictitious, since another currency
in in common use. Take Great Britain.
where there is no reason why the pound
should be divided into twentieths, and
those twentieths into twelfths, and the
twclfths into fourths. OF the two gen.
eral systems in use, the decimal cur
rency is Mt least scientific, while the
other is unscientific, arbitrary, and in
everyway bad for commercial purposes.
Of the latter We need not speak;
but even the decimal currencies
are at fault in many countries,
because the unit is too large or too
small. For example, the error in the
Portuguese system, (and accordingly in
that of the Brazils,) where the decimal
system, We believe, prevails, is in max
ing the unit ridiculously small. For
ordinary transactions, clerks figure up
tens and hundreds of thousands. The
large houses are always dealing on their
books in millions, and if you buy a
breakfast or q jacket, you pay in hun
dreds of thousands. Even the franc is
too small to be subdivided into cent
lines or hundredths, but this is employ
ed in Switzerland and Belgium, as well
as in France. So far as the United
States are concerned, we have happy
means already, and need no change. But
the truth Is, the unification of the mon.
etary system for all nations are greatly
to be desired. And when it is once de-
cided upon, the best plan can easily be
adopted. The economy and conven-
ienco of such change in commerce can
be understood from rejecting how much
time (Which is money! is now wasted
in reckonings of exchange. 1t will do
away with that perpetual interchange
of values which forms SO prominent q
part of the daily duties Of hundreds of
thousands of entry clerks and bookkeep-
ers throughout the world. This is a
step to that change of
weights and measures to the decimal
system which is progressing the world |
over, and which the last Congress es-
tablished for our country, to 20 into |
operation after q fixed date.
The Cincinnati Gazette of Thursday
says: Avery large proportion of bust
ness men who make paper in ordinary
times are now doing nothing in this
line, and of what is considered strictly
prime commercial paper there is very
little onerlng.s II Is also trae that this
class of people are to considerable ex-
tent lenders Of money, and are now
holding. for temporary investment,
Government securities; but since these
have reached . high price, parties who
have money to spare, for the time, are
looking around for something else, and