The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-15
COMMERCIAL AND PIRAECIAI.


The Boston Journal, speaking OF the recent
failures N that city, says there . general
Esrds transactions among brokers aud bank
ems, the T, cent failures having brought to
ght such gross irregularities that even v ELL
established and high-tOned houses suffer
nom the suspicion which is naturally ere
Rted.
The New York Tribune says that the real
estate of fancy kinds Is reported rs guile IN
cent ask lng prices. Moderate prioed houses
are wanted, and in Brooklyn real estate there
Oftic rents are more reasonable, and promise
by May day to be lower.
The reason that shares OF National Bank
stock are not taxable in Illinois, Is, that the
law OF that state requires all taxes levied on
Banks 10 believed on them as e1rporcE iCyly.
and under this law the stock cannot be as
s5SSed rs the private property of the owrers.
TN the other hani, the 81 preTne Court OF the
! Uni.ed states holds that shares in National
Bank stock can only ne assessed the PR
vate property OF It's holders.
The New York COlaJHeTcinrs money article
says that "the upward turn in prices has in
creased the disposition TO make arrange
Tnents for a spring movement in favor of an
advance; but the lack of cuisine interest in
ths market and the contingencies attending
The continuance OF contraction by Mr.. Nc
| dency.''
| The following remarks are from the New
/ York Financial and Commercial Chronicle:
There Is a growing anxiety IN the public
] -
mischiefS. which by common consent are as
or bed b the vast powers Of the treasury rs
exerted from time 10 time upon the currency
and upon the Tnoney market a very strong
! antipathy prevails both in and out of Com
gress against allowing 50 large sum OF idle
cash 10 remain locked up in the treasury
while the government Is paying so heavy a
rate OF interest as per cent on all the long
] londs II issues. The interest at : per cent. on
the sum We now have in the treasury vaults
would amount to twelve millions OF dollars
4 a year. II this sum could be reduced by one
/ half xix EltlliDnS Ia
! In view OF the recent changes in tue in
come tax, which may reduce its product
the country cannot afford 10 lose so large an
] annual sum in interest. Especially is this
| accumulation OF currency to be objected to
/ Sh=n, As in the present case, II Is obtained by
/ selling gold:beAring bonds.
| the only point OF interest which remains
[ to be noticed is the cancellin- Of an undue
! amount of greenbackS. The ntIUgt!on law
! positively prohibits the WITHDRAWN 81 more
than four millions in any one rnonth Mr.
McCuIIoch has taken in more than fiVs mil
I lions This violation OF a plain, positive en-
| nctnent OF the law provolZsl.s much comment
I In January the gTesnbacEls.were Increased
| one million, and II IS claimed by some per
I sons that Tie extra million was Withdrawn
/ in February on that account But this ex-
PLANTATION does not satisfy the directors. The
law, they say, Is clear and precise. There is
| no power given to reduce the currency more
than Jour inlllOns unOr any circumstances.
I The subject, IL Is said, will probably come mn
/ in Congress. 1t cannot be denied that there
Z are good reasons against contraction. Many
4 persons oppose it Ne ourselves vehementIy
! oppose contraction of the currency when nm
skiliuliy done because IT is apt to contract
credits, TO disturb business 10 react on the
public revenue, to depreSs the markets and
I 10 iniure the price OF government securities
Contraction, like some other useful things. is
a good servant but very bad master. The
difficulty Is that its help cannot in the ex-
istSnR depreciation be dispensed with. Stop
contraction and there can be no resump-
ton"
The money writer of the New YorI, TIT
GtHs has the following article on the pros
pective PoIicy of the Treasury Department:
Prudent people also see that Secretary
AcCulloch means contraction, and has the
power 10 carry out mis- opinions and are
steadily getting out Of dcot and avoiding
new engagements ''Shrinkage'' of assets is
and must be the order OF the day, until the
National debt is funded and specie payments
assured. the clanor of SPECTATORS to the com
I tTaTy Notwithstanding a new crop Of cot
Z ton, grain, and PROVISIONS means lower
prices of these articles at an early dav and
/ the loss Of millions of debts made by parties
whose assets viii not pay more than half
their debts 1t IS these facts which make
] specUlattOnS Tor an advance extra haZ artious
and sure TO be fat Il TO those " no make them
I In the reduction Of the volume OF the cur
rency sure To be shown in 1867 all market
/ prices must shrink, and Intrinsic values IOSe
much OF their power IN arresting the decline
/ in commodities, and IN stocks tzspeciaiiy
/ These are now piled up IN Wall street as
never before, on Spe enlatiOn, by parties will
/ ing to put up 10 Per cent margin on coo
shares, who have no mere idea OF holding
100 shares as an investment than they have
Of paying the National debt. Upon shrink
ing currency these hypOthecated stocks will:
I in some unexpected moments, be forced TO
sale, and a panic be produced under which
margins Will disappear. and large q differences
I be LEFT against their holders. In short, under
! contraction, prsces OF stocks Will go down as
/ they rose during expansion. by sharp spasIns,
! which Will sweep OF the pToTits OF me past
two years as rapidly as they were made.