The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-08-21
FINANCE AND TRADE.
E;,.ue;ni and Corn.,,c ciai items.

several days past has been unusueny
IMPORTANT, the shipments since August
LIST having probably b. en- near Glgm n
millions. This large export has pee.
nortialIv to meet foreign inves men
demand. and represents large amount
off bona fide purchase; but conslderaoIe
amounts have been sent out for tho p"r.
nose of making exchange, to be soid at
pln.rent bigb rates for both gold and
S;IIs with the expectation of being able
n Inv both lower at future day, when
cotton and produce are being exported
freely.
The Minnesota wheat crop is q splen-
did one. 4 st. Paul correspondent Of
the Chicago Journal, under date Of Au-
gust IA. telegraphs as followss r. 81
Fhe fears of extensive damage TO tue
wheat crop by blight, caused By the
late excessively hot weather, do not ap-
pear to have been we'll founded. Reii-
able accounts from various portions OF
the State represent the crop IN general genera,
fully as good as in the most favoreg
wears, and promising an average yie,d
OF from twenty to twenty-five bushels
per acre. The blight is mostly confineu
TO the low lands. Oats are very heavy,
but in many instances have been badly
lodged by heavy rain and wind storms,
within a few days. The harvest OF
wheat is Just com mencing.
1t seems to be generally believed i'll
financial circles that the present easy
condition oftbe money market VIII con-
tinue for some time to come. There IL
an abundance oftlisposable capital seek,
inc investment in oil the great financial
cities, but that aggregate is swelled
by large accessions OF foreign capital
which is driven from the British and
other European markets by the long
continued staguatiOn that has shut up
.ome of the usual ntlets for the tempo
rary employment of floating balances
II is also urged that so far as England Is
concerned the tendency of capital VIII
still be TO come to this country, und ar
the vague fears engendered by the new
reform bill of that country. 1t is pro
bable, therefore, that for some time to
come our money market will continue
to receive large supplies from abroad
And il must he acknowledged that II
this movement should only last till the
close of the year VIC shall have arrived
at n critical point beyond which we
have less to fear, as our more presslne
monetary wants will have been provi'
dcd for, and the crops will, for the most
part. have come forward.
While we are turning our eyes to-
wards the South, and wishing for the
day. when political union shall be per
| fected, and it's blessings realized, 1t may
be well to know what industrial pro
gress is being made in that section Of
our country. When the war broke ont
there were 10,032 miles of railroad
building or actually completed in the
fourteen slave-holding States. On the
LIST of January last there were l6,7
miles in progress or completed in the
same States, and at this present writing
there are 5000 miles in the course of con
struction, which are being pushed for
ward with an energy limited only 10y
the supply of capital. Many of these
are of great Importance, constituting
new trunk roads or forming new t.anch
lines in connection with al" ostaoiisned
roads Texas leads in the march of i'm
nrova,ncn+ having 1900 miles of road in
ronr,. of construction. These form
the Texas Central, with branch
es to Houston and Galveston. A
ship canal has also been projected
from Houston TO Galveston Bay. Next
to Texas the most important railroad
enterprises occur probably in Virginia
The Virginia Central Railroad has been
opened to Covington. This is most
important work on account Of the con-
Meeting links. Another prominent line
is that contemplated between the Kama.
wha region and Richmond, but one Of
the grandest schemes is the Chesapeake
and Ohio Railroad, designed to con-
meet the commerce of the Ohio and Mis-
sissippi with tide water. Besides these,
there is plan TO divert To Richmond,
via Memphis, Little Rock, the Rio
Grande, and onward to San Francisco.
The same railroad movements are TAX
ing place in Alabama and all over the
South, too numerous to recount in detail.
All that is now required is confidence
and security, aud when these have been
obtained, the South Will enter npon q
career of prosperity.
Tho London Timoo Of August 1 draws
the following diseouraging picture of
stagnant capital and enterprise in Great
Britain:
II is q wont so often used as almost to
have lost its force, but il is nevertheless
literally true, that the present state of
the money market is Unprecedented"
10 is true that twice since the bank
charter act, the bank rate Of discount
has been as low as it is now: but in
stead of its falling two per cent. within
a twelvemonth of tho panic, as it has
lust done, that depth was only reached
10 five years after the panics of lS47 and
1851. There are now five millions more
bullion in the bank than on the last &C.
casion when the rate Of discount was
as low, and three and half more than
at the present time.
Ten years ago there was reptetion
of money aad depletion of the ner-
vous power requisite for its use. That
disprOportion is now aggravated to the
extent of FIVE millions of bullion in the
Bank of England, and three millions of
crest" But the Bank of england is
only one of many capitalists and money
leuders, and all the others are under
bidding it for custom, and not to have
their money lie idle in their Golfers. 1t
is the case of Midas-gold all around
and not the power to use it, But il is
the case everywhere. Meanwhile COM
Lanies without number, with nominal
capital which 1t is difficult TO oversiate,
are insolvent aud unable to gel ioaus
on any terms. TIE more they ask the
less they get, and the old stock picture,
so much employed by the league, of
huge graaaries crushed to the earth,
with corn spelling as it lay. in the midst
of starving population, Is applicable
TO the London banks.
Never was there SO much money.
Never such want Of it. Many thous-
ands Of well-to-d0 people, genteel peo-
pie. reputediy rich people, are at their
wits end for the money which they
possess in some nominal form, but which
they cannot solidify by any process, and
reduce to an available form. The more
money there is, the worse for those who
haven't it. So they think, at least.
People are all asking the reason of this
state of things, az we'll they may. If a
reason can be discovered, remedy also
may be discovered; or 1t may be shown
that the complaint is imaginary, aud
the disorder has no real existence. Per-
haps 1t is the apprehension of war.
Certainly he would be rash who under-