The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-11-18
GneQntelliqetrcer,
FINANCIAL MATTERS.
The Rate at which the Currency has
been Contracted.


been Contracted.
From LIe Philadelphia Inquirer.
The approaching session OF Congress
is daily regarded with more interest
and anxiety by the financial and COM
merciaI communities. All parties now
agree that there must be u change In
the national financial policy. Some
thing must be done to strengthen con-
fidence and restore the dropping busi-
ness interests OF the country. The
main object OF interest is whether the
present contraction of legal tenders at
the rate OF four millions per month
shall be persisted in, and resumption
unduly hastened, without the least re-
gard to the trading and debtor portions
OF the community. Those who were
uucompromising contractionists II
twelve month ago, at present contend
that nothing but temporary suspen-
sion of Mr.. McUulloch's policy will re-
store confidence, and make active the
diversified branches OF business now
i'll enforced idleness.
Our circulating medium reached its
max tmum in August, '65, the amount
of legal tender notes, including COM
pounds outstanding on the first OF Sep.
tember OF that year, aggregated S64S, :
l3S, $50. On the lst inst. this amount
had been reduced to S429,039. .sS4 ; to
this, however must be added Sl1 ,56O, 600
of p cent. certificates issued in re-
demption of legal tenders, which are
now counted by the banks as portion
of their legal tender reserve. Deduct
ing these two amounts from the tirst
mentioned sum, we discover that dur
ing twenty.siX months the legal tenders
were contracted S243, ,539, ,075 AN average
monthly rate of s., 1856, ,SS7. During this
same period the national bank circula-
tion was expanded Sl61, ,463, ,O9I, viz
QIQ- ha Ia Nf
'65, to sos, 235, ,7yG, on the ID inst.
If we otfsett this increase against the
legal tender contraction, we find that
the actual circulating medium of the
country has been diminished by $S2,-
075 1884, during the last twenty-siX
months. Reviewing the financial ope-
rations of the last year, we are startled
by the fact that the legal tender notes
were contracted Sl09. .66S, OIL from No
vember l, 1866, to the first of the present
month. The amount outstanding at
the former date wRs S53S, ,705, ,925, and on
the 1st inst, $429.0S9. .SS4, while during
this time only So, $50, ,9I2 of the national
bank notes were issued. The amount
of the latter in circulation on the 1st of
Novem ber, 1866, was S293, 1854 ,S55, and
on the ID inst, S299, ,2S5, ,796. Therefore,
during the past year, the net econtrac-
tiOn of the currency was SlO3 ,7S1, ,O99.
The effect of this rapid withdrawal OF
money from the CHANNELS OF CUISINES IL
painfully evident in the present dis
turbed condition of our financial af-
fairs, and it is not surprising that the
people are anxionsly awaiting relief at
the hands of Congress.
The money market remains in a
somewhat anomalous position; there Is
an abundance OF cash for those who do
not need il, while those really in want
never found it more difficult to obtain
loans. Lenders are pushing the eau
tious discriminatory policy to extremes.
Long accommodations are about out of
the question on the street; fair short
dated paper is obligiugly done ut and
lal1 Il p cent. month. The very best
commercial bills are rated at from to
10 p cent. Call loans are what the
lenders most effect at present; "money
is plenty on call" is the stereotyped
phrase in the offices of all the money
brokers. On call, with approved col
lnteraIs, they are all willing TO lend at
8 p cent. But this is not the accommo-
datiou needy borrowers desire; but just
now they can get no other. The banks
are disposed TO do the very best they
can for their customers, but they tnd It
impossible to discount n tithe of the
puper presented at their counters in
these call loan days.