The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-11-26
COANBRCIAL AND FINANCIAL.
Every thInE Tending Towards Re.
sumption,
m 1cllcTduy'S PilLs6ur0h Ga.eiLe.

From 1cJicTldyS Pittsburgh Gn.siLe.
A downward movement In gold com.
menced to-day. although the market
opened firm at l261S, but gradually sold
down 10 126M, the lowest point touched
since 1865. The apparent firm tone OF
the market since gold touched 1868 the
first time this season was the result OF
the oliques In stocks, who tried their
best to sustain high quotations for The
purpose OF advancing stock quotations,
and have so far well succeeded, but It
seems they are ut an end now. Tho de-
cline close on l2j has been expected
some weeks since, ind prices OF all
commodities that Are not actually down
are tending to this basis for the present.
The administration In support Of it's
policy OF early resumption OF specie
payments will endeavor Its best 10 force
down gold before the next Congress
meets. The measures likely 10 be resoted
to to bring about an early resumption
are pointed 10 In the withdrawal OF the
balance Of the three per cent. certl[l.
Gates now amounting 10 about forty
six millions yet outstanding; gradual
withdrawal Of greenbacks during the
dull season Of the winter, and q free
banking law based on Government
bonds as security for circulation by the
Government. This would enable tho
Government to withdraw an equal
amount OF groenbacks for all back cur
rency, raise the price Of Government
bonds here and abroad instead OF sees
ing them go lower in currency quota
tion just In proportion 40 gold declines,
and would give the Government the
power TO substitute bonds bearing a
lower rate of interest than Is now paid.
As for the practlcablllty of this scheme,
there ia no doubt that the banks with u
redeemtng agency at some point, say
New York, and at their counter, would
be enabled TO resume on smaller
specie reserve than the Government.
Greenbacks could be procured In
quantities, and the gold drawn from
the National Treasury, but the gather
Ing UP Of bank notes OF different banks
would be slow and expensive, and
could not lead to any disturbance in
the money market.
II 1t is the purpose OF the administrR.
ton to pursue such course, gold is
actually dear at 120, aud 1t Is not to be
wondered at why the entire transac-
tions Of the gold room yesterday
amounted to about five million dollars
in gold, thirty or forty millions being
formerly considered small business.
A CONTRARY OPINION.
Ffonl the N. Y. Independent Of Yesterday.
Commercial paper has been excep-
tlonAblS high in the street-or. rather
the terms OF sale have been high. tho
resultia a good degree Of the sensation
al rumors, which have been palpably
pu. in circulation by the bears as TO
the designs OF the Administration to
force the country into specie payments.
But there Is no cause for apprehension
on this subject. Specie payments Is not
one OF the dogmas Of the party iu
power. Tho present Congress is de.
cidedly opposed to any measure calcu.
lated to preclpitate It, and there IS a
much greater likelihood OF the curren.
Cy being increased than there Is of Its
being reduced. There is little proba-
billty, however, of anything at all be.
Ing done at this session toward dis
turbing tho currency In any manner.
The West Is suffering now from de.
preston OF prices; and the representa-
lives from that region are not going to
advocate a measure that would not
only reduce prices still lower, but pro-
duce a complete stagnation OF trade.