The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-08-05

| free of tonnage duty for three months
| from the first of October next SHOWS
that the drought which has been SO Sc
rious in England has Tapped over upon
the Continent to some extent, and pro-
duced an unusual necessity for food,
which this country can easily supply,
| If nothing unfavorable shall occur as
the season advances. We are now
sending, and must continue to send ,
cheese, butter, lard, grease, bacon,
corn, cloverseed, and even oilcake and
hay to make up for the loss from the
dried pastures of England. Reports
from Russia show that their harvest OF
wheat has been lessened by unfavora-
BILE weather. It is not improbable,
therefore, that the current of gold may
set in toward this country earlier than
was supposed before the extent of the
drought appeared.
Some anxiety is expressed on ac-
count of the large amount ofour bonds
held in Europe, and financial disaster
Is predicted from the amount OF paper
money in existence in this country,
and from the expected return of bonds,
owing in part to the platform OF the
Democratic Convention. The feature
which gave malignity to the crisis of
1887. and to the less severe one of 1857,
was this-that as the State Bank money
then in circulation could be redeemed
only with gold and silver, which every
debtor had undertaken to pay, and as
these had been expelled on both occa-
sions as the result ofa large increase of
paper promises, there was suddenly
found to be, as soon as that paper had
become discredired, a great diminution
of the quantity OF money-the precious
metals-applicAble to the payment of
debts. The promises In the shape OF
bank notes had been multiplied, while
at the same time the means OF perfor-
TV,1 FHnnafunR1Ey H10nfF1.
ishing, and extensive ruin WAS the re-
suit. Now, however, the quantity of
money is fixed quantity, and as 1t
cannot be diminished, no such crisis as
that which occurred in 1887, or
indeed of any description, can
be possible, except in the sim
gle contingency OF the complete de-
struction Of the public credit, which
cannot be produced unless the charac-
ter OF our legislation at Washington
shall indicate-what is not to be sup
posed-such a want of integrity on the
part of the people of the United States
as to fail in the payment of interest. II
there is sufficient integrity and wisdom
in the country, we shall go through
with honor and success.
Neither the legal tender money nor
the bills of the national banks will be
exported or boarded, and as prices,
credits and business are adjusted on
that basis, and as the former are made
receivable for debts and the latter by
being receivable for all dues to the Gov
eminent, excepting for duties, are en-
dowed with general credit, no severe
crisis can be supposed as the result of
causes which are soon to operate.
Some anxiety is expressed as to the
result of the political campaign, but the
opinions of foreign holders of our secu-
rites coincide with the intelligent SEN
timent of this country, that General
Grant, who represents peace, stability
over the erepudiatinga and revolutionary
ticket of his opponents. We do not
hesitate, therefore, to predict fair
trade for season which must encoun-
ter the vicissitudes of an exciting but
not doubtful political contest.