The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-12-23
CuAMERClAL ANu flAANCIAl,.
THE FIHANC1AL sIrUArIoN.
Som Henry Cesos & Co.'S Monthly Circular
GOVERNMENT SECURITIES,

ROm Henry Geaos & Co.'S Monthly Circular.
GOVERNMENT SECURITIES.
Government Securities are, at the
moment, unsettled and their future
course IN surrounded with some uucer.
lainty. Should Congress authoriZs the
continuance OF Secretary Boutwelrs
purchase OF Bonds, at the rate OF $lOO,.
200, 900 per annun, 1t ls reasonable TO
suppose that the market will exhibit
considerable hrmness, and the gold
value OF Bonds will be enhanced:
whether their price In currency would
proportionally advance must depend
upon the course Of the gold premium.
II In not improbable, however, that a
strong pressure may be raised In Con.
gress In favor OF UGH reduction In
taxation as would limit the ability
OF the Secretary TO buy Bonds;
In which event, one important slim.
ulus 10 prices would be weaken.
cd. Another element OF uncertainty
arises from the diversity OF measures
for reducing the interest upon the debt
aud from the possibility that, after a
renewed discussion Of this difficult
problem, nothing practicable may be
accomplished during the present ses.
sion OF Congress. At present, the for.
eign mafketa for our securities show
considerable 6rmuesa. The recon.
mendAtlonB In the Presldent's message
In favor Of q return TO specie payments,
and the Allustons In Secretary Bout
Wells report In favor oil refunding the
six per cent debt have had favorabl
bearing upon the public credit In Eu-
rope; perhaps, however, The full effect
OF these documents has already been
realized; and II is probable that, while
the late advance In bonds abroad may
be retained. yet Investors there will
await further action by Congress In the
premises. tif F
THE GOLD PREMIUM.
The Gold Premium continues low,
and shows no present tendency 10 react
10 higher figures. The market Ia little
lnterfered with by speculative opera.
lions; and the present price may, there.
fore, be regarded as about representing
lie natural value Of gold, under ex.
istIng conditions. The present low
premium cannot by any means be at
trlbuted exoluslvely 10 the general
policy Of the Treasury; although that
cause has materially cont ributed 10 the
decline. For some months past, the
foreign, movements In merchandise,
produce and specie have assumed q
more conservative course, calculated TO
result iu an accumulation OF gold at
home. EE ~ q,
The refusal OF the Secretary Of the
Treasury 90 sell coin below 1873 has held
In check the downward tendency grow
log OF this immense supply preas.
Ing upon the market; but II the Secre-
tary continues his sales At the late rate,
It IL questionable whether any action
on his part, designed TO arrest the fall,
In the premium will be OF much avail,
The large amount supplied by the
Treasury sales, at q period when no
gold ls required for export, unnatural
ly depresses the price, and lays the ba-
sis for an extreme speculative advance
when the period comes roud for the re-
vlvRl Of shipments to foreign ports,
when the Government would find itself
unable 10 counteract the movement OF
combinations to force up the price,