The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-07-10
The New York Jonrnal of Commerce Of

Saturday afternoon says:
The market presents but little ANNA
ton to-day, either in financial or COM
mercial circles. Money is abundant,
and freely offered by temporary loans
on stock collaterals at sac per cent, the
transactions being mostly at the lower
rates. The range of discount for the
best business paper is 6a7 per cent. per
annum.
The Boston Journal makes the follow
ing allusion to the effect of the usury
laws in Massachusetts,:
1t is scarcely time to speH. Of the re.
suits which will arise from repeal OF
the usury laws, as only "he day mas
passed since the new law, which Vlrtu-
ally makes money merchandise, went
into operation. One of our large lnstl-
tutions which loans very largely IN
mortgages, recently commenced notify
ing its patrons that after July LIST it
would renew notes at the rate Of seven
Der cent, abandoned, and the date for
demanding seven per cent. was post
poned until next January, when I'M
less there is some unforeseen monetary
panic, delay will probably take place.
Wilmer & Smiths European Times
says /: Messrs. Frasier, Trenholm g. Co.,
of Liverpool, who, during the recent
war in America, acted as English fnan-
cial agents of the Confederate Govern
ment, and who recently stopped pay
ment, called their creditors together on
the 18th. From statement prepared
by Mr.. Banner, the accountant, it ap-
peared that the gross liabilities were
fl,2lS, 900; unsecured creditors, f511,
900; estimated assets f252, 900; assets
on Mr.. Prioleau's private estate, 200;
Mr., Banner explained that the state.
ment he had prepared had ref
erence solely to the English firm,
and that there were two partners
in the American firm, who had
but no connection with the Liverpool
one. In America, the United States
Government had taken proceedings
against the American firm, to attach
the whole property of the firm in that
country; and that actions were also
pending in this country, on behalf OF
the same Government against the Lly-
erpool firm, to claim all property of the
firm which could be shown to have
arisen from funds transmitted from
America during the war. The result OF
these proceedings might, therefore,
materially affect the value of the assets.
1t was ultimately resolved that the
estate should be wound up under the
inspection of Messrs. John TORI, j. Nor
ton, (J. Hewitt L. Coz S. B. Brown, and
II. w. Banner.
The quotation of our bonds in London
at %, really means 80 in gold or its equiv
alent, dollar in London being called
As cd sterling, when it is really worth 10
per cent. more if recOined into SOW
ereigns. A thousand dollar bond sold
in London at 70 gives $3.50, which, rated
at As cd sterling. is equal to fl64 IS Cd;
this again put into dollars at S4,9S per
{, gives SS0l "a for the bond.
The awkwardness arises from the fact
that dollar in London is not rated at
what it is worth by 10 per cent; and
the same awkwardness arises here by
our rating a pound sterling at 81 a.,
when its real specie value isS4 g, or
sterling exchange at ITO.
1t would be al easy thing for our
Government TO fix the commercial and
Custom House value of a pound sterling
at what a sovereign is intrinsically
worth when recOined into dollars and
it would be equally easy for the English
Government to fix the value of a dollar
at its intrinsic worth when recoined into
sterling money.
This, simple as it is, is of more real
use to the people of both nations, and of
other nations, than the much talked of
scheme for a uniform coinage of all
Since sovereign is specie represen-
tative of q pound sterling, we should
rate the pound according to the amount
of gold in the sovereign; and instead of
rating dollar at As I'd the English
should rate it at what it will produce in
sterling when recoined at Her Majesty's
mint.
If this were done, the American peo-
pie could easily understand the true
value of sterling money, and the Eng
lish could fix a correct value to Ameri-
can coinage. 1t is however, of more
importance to merchants and travellers
to have these errors corrected than to
Stock Dealers, Exchange Dealers or
Bankers.