The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-08-21
me noHrHLY REvIEW.
Dssa H,-ry cErri a OAIo~zlEefny lpA
TME GOLD PRENIuM.


The gold premium GxhlbltS decided
weakness. The decline from iS7, At
the dAlS OF our last AdVICes. 10 lS8k To-
day, and the continued weakness OF the
market even ~ the reduced hgpFO, are
due, 10 = large extent, 70 the disAp.
pOlnimeut Of expectations based upon
the course Of Our foreign trade, For
soms months past, there has been evil
dRnily large. OIceaa In the importS OF
The country over itB exports; and Gov
eTnmsnt statistics lost ltsusd show this
course Of our foreign trade 70 have re-
suited In a balance BgainSt rs Of 81, ,0OO.-
900 10 gold, for the hscAl year ending
June 30th, 1859: adding 70 which, say
St5 900. 90, Tor interest due our secuFl.
ties held abroad, We should have
total Indebtedness uncovered by eL'
ports Of produce or specie OF over
tl60 900, 900 In gold. The fact OF our
foreign exchanges having taken such
an irTegu 81 and apparently threatening
course naturally induced the eEpeGtAs
ton Of an pnubuAlly heavy export OF
specie daring the summer mouths; but,
80 far from this anticipation being 70.
allied, the whole shipment Of specie
from this port from January lSt to
August lith. has amounted to only
$2l ,2O0, 900, against SG3 2O0. 900 for tue
corresponding period Of 1865 This very
unexpected result has demonstrated
that the exports OF bonds and other Sc
curltles, within the past twelve months
have lar exceeded the esumAtes or
even what we supposed possible.
Tho low rates Of interest 10 Europe
and the high rates obtainAble here,
have Induced an extensive borrowing
BY New York capitalists abroad and
these loans have for the time being, set
OF our accrulng indebtedness. The
disappointment Of these calculations OF
q heavy shipment OF specie has left the
market tree 10 respond to influences
which have q legitimate tendency to
depTesB the premium while. under the
circumstances, the supply OF gold on
the market has naturally increased, the
amount Of gold deposited in the TrsA-
suFy against Certificates being, on
August /, $50, 700, 900. against 81, 400.
700 IT the same date Of last yRaF. The
improving condition Of the national
finances has very naturally encouraged
the expectation Of \ more or less per-
mRnsnI reduction Ia the premium. Tbs
revenues have largely increased, not
from the imposition Of heavier taxes
but from amUrs faithful collection, and
from the Improved condition Of trade
while the expenditures have been
materially curtAiled the result being
n very large surplus In the Treasury,
which the Government has no
alternative but to employ In the
purchase OF 30 much OF the pub.
lie debt; and the consequent i'm.
provemGnt In the public credit hnds Il
corresponding expression Ia the reduc.
tion Of the gold premium. At present,
the crop prospects, are In favor OF our
being able to export n much greater
value Of produce than last year. The
grain harVests OF Europe, according 10
the latest accounts are deficient; while
ours ID likely TO leave us an unusually
liberal surplus. the stock OF cotton
throughout the world Is very low; and
yet the Southern crop now gives reA.
SonAble promise, the picking season
proving favorable, OF n yield Of 22f TO 3
millions Of bales. Aud while our ex.
ports, for the next year, promise thus
well, our current Imports are upon
about the same scale rs year ago.
The inference, from present Indications,
therefore, is that our foreign trade
movement, for the next few months, 10
likely to be regulated upon a more
conservative basis than during tho past
fiscal year.
U. 8. BONDS.
United States Bonds have, within the
last few days, shown q decided weak.
ness, prices having declined 2Ha3 per
cent. The fall appears TO have been
leas the result OF any question rs to the
legitimate tendency OF the large pur.
chAses Of the Treasury to improve the
public, than OF thu expectations OF a
class OF large holders Ms TO the CourSs 0f
the money market during the fall
months. The banks have been FREQ
sellers, partly because the rise In prices
offered good profit on their bonds,and
partly because the wants Of their Gus.
toners were likely TO call for the money
realized; and insurance companies aud
savings banks have sold u portion OF
their bonds from similar motives. In
prospect Of the usual fall activity In
money, dealers also are indisposed to
carry any large amounts OF stock. AT
the same time, State and Railroad
Bonds which now generally rule
lower than three years ago, come In
competition with governments Rt the
advanced prices; and some holders are
beginning TO eIchanHe the latter for the
former. New railroad enterprises,
many OF which promise early success,
are placing their bonds upon the mar.
ket In large amounts; and as these obli..
cations afford SalO per cent interest
upon the price at which they are mar
keted, With good security, many inves.
tors are taking them In exchange for
national bonds, These are the princi
pal influences operating, at present, to
check the upward tendency In Govern
ments; how far the continued purchases
OF the Treasury may hereafter counter.
act these tendencies must depend prin-
cIpally upon the course Of the money
market, Of the gold premium, and OF
the London and Frankfort markets.