The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-05-04
COMMERCIAL AND FINANCIAL.
n1r. BoutwelI's Policy.

From the ". 7. Financial Chronicle.
There are two leading features of i'm
portance in the policy which Mr., Bout
we'll says he shall pursue. The first
has to do with the sales of gold, the
second with the currency balance he
will keep on hand. AS to the sales OF
the coin received for customs, it is his
intention to refrain from sudden capri
cious uncertain changes of plan. Other
things being equal he will sell every
week about the amount required to
keep the coin balance at about the same
level. When the coin receipts are
heavy he will sell more, and when they
are light he will sell less. In no one
week, however, will he place more than
a million of gold on the market, and II
the interest disbursements are heavy
he may have very little to sell at all.
Still, as we understand him, some
sales will be made every week except
the bids happen to be so low that
he deems it not for the interest of
the government to accept them.
Now this arrangement as we said Is a
very satisfactory one. There is nothing
irregular or spaSmodiC aboutit. twill
produce no arrangement or disturbance
either in the money market or in the
movements of business. Had such a
policy been followed steadily out dur
ing the last three or four years it is safe
to say that the losses of many millions
of dollars would have been saved to our
commercial and manufacturing indus
try. The secrecy, the mystery, the har.
RAISING uncertainty which have been
deemed a necessary part of the Treasu-
ry policy, is now given up, and that
publicity for which the country has
been waiting is now happily Inaugural
ted. This is one of many reasons we
would cite why our commercial and
financial men are looking forward with
much of hope and confidence to the re-
suits and operations of the administra-
tion of Mr.. Boutwell,.
But this confidence regards still more
the other part of the Secretary's policy
which refers to the mlschievous hoard
ing of idle greenbacks in the Treasury.
We are approaching that season OF the
year when currency accumulates In
New York, the great mercantile and
monetary centre of the country. Still
the South has been absorbing a vast
amount of greenbacks only a part of
which have come back here. Forty or
fifty millions have been drawn into the
more active circulating channels of
Southern industry where a large part
will remain. This large sum taken
from the North by the South will make
greenbacks more secarce here this sum-
mer than In former years. Hence the
importance of the Rnowldge that Mr..
Boutwell, will not, as Mr.. McCulloch
ulu hOI6 IMAM OuCe uuElu& LIS C4Oa4u6
year OF Office, ,deplete suddenly the chan
nels of the circulation by locking up
green nbacks in the vaults of the1Treas-
ury. a depletion of the green backs
from the banks to the extent of four or
five millions ut a critical moment, will
suffice to fill an easy money market
with convulsion, CONSERVATION and
spasm. No trouble from this source Is
to be apprehended under Mr.. Boutwell's
management, and this fear being re-
moved, there is more confidence in
business circles. Such are some of the
reasons for the rise in Government
bonds which was developed during Mr..
Boutwells brief visit to New York on
Thursday. This advance was ascribed
to the expectation that Mr.. Boutwell,
would buy up some of the gold bearing
bonds for the sinking fund. But this
supposition, as we showed last week, is
not we'll founded. The chief cause un-
doubtedly must be sought in the gen.
eral confidence which has been resusci-
tated by the sound, conservative, eau
tious policy which the Treasury is ex-
pected TO pursue as to the currency bal
ance and the sales of gold.