The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-07-18
GOLD shows another slight advance


GoLD shows another slight advance
yesterday and Government bonds a
corresponding depression. A week ago
the tendency vas 10 make bonds follow
gold, but that was unnatural. Every
advance in coin only marks a deRrecia-
lion in the Government paper, and, OF
course, in he public credit. We speak
OF gold going up. but such Is not the
case. 1t is paper going down below the
coin level. AS paper depTeciates the
bonds. which simply represent lhHt pa
per, should depreciate with 1t. All
efforts 10 run up both coin and paper
are as illogical. as 10 try 10 flue Two
horses, each going different way. AT
the same time, while it Is true to say
that ths Government paper marks
lower notch on the scale with every
advance in gold, yet 1t is not true that
said advance indicates popular dtstrust
in the soIvency OF the Government
finances. No nation ever met its in
deb,edness with more uuvarying
punctualIty nor gave more reliable
promise OF continuing to do so.
The National Treasury shows
heavy balances on the right side OF the
books, and day by day money flows into
lis golfers more than sufficient 10 meet
current expenditures. And yet gold
goes up, and simply because 1t Is want
ed abroad more than anything We have
10 export In place OF it. The European
nsopls have ali of our bonds That are
markelabl. for the present, aud IKE
wise all Of the cotton, tobacco, petro-
leur.t and other staples that they can
consume. Therefore being supplied with
everything else, and we still owing
them ii balance, they want gold the
,yorIda medium Of exchange for set
Hing balances, wherewith to pay our
deficit. One cause of this drain Is the
unusual number of our people who are
abroad this summer, spending heaps
OF money all over Europe. All their
bills demand gold. Greenbacks will not
do. Hotel bills, railroad fares silks
and !nccs call for the coin.
Tuis is our condition abroad, and We
nllude to it as AN explanation Of the
nrmngss in gold at this time, when SO
much of 1t IL being paid out by the Gov
crnmenI for July interest. We confess
tina. ii further depreciation of our piper
money aL such u time is not hattering
10 til. national pride, but still 1t does
not. when rightly Understood, Indicate
ANYTHING else than the state OF facts we
have given above. The credit of the
Government ut home was never better
than now. Thepeople buy the Nation
al bonds in preference to any other &C.
ourities. The premium on all the issues
II unusually high, and this, too, not
wilhstBnding the immense supply.
Those who hold them do not especially
regret to sec gold going up, because
they reason that tho interest is thereby
enhanced. The 20 bonds pay now
some eight per cent. at the present rate
OF coin. This fact amply reconciles
most holders to II depreciation in paper.
To bg sure such persons do not take n
yerf CON prehensivs view or values, for
u tnoy did, they would see TINT an adj
vance in gold means an advance IN cof-
fse. lea, aud all manner OF foreign sup
piles, Ms well Rs of some domestic sup
plies. hut SUIT ~ W" nav" S""A'
IL is II fact that they chose rather
TO look to the yield from their bonds
thun to what 1t costs them for certain
supplies by reason OF an advance in
coin. Therefore we say that the status
OF the Government credit gives the peO-
pie generally very little concern All
1iey want is plenty of greenbacks and
plenty of bonds. They have the grand
confidence in the ultimate of "A govern
ment, and government treasury, that
passed safely and triumphantly through
the ordenl of the greatest rebellion the
world ever saw.